buy and bail

Asked by sarah, Los Angeles, CA Wed Oct 28, 2009

what is it?

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Tara-Nicholle…, Agent, Alameda, CA
Sun Jan 10, 2010
It's a violation to the lender on the existing mortgage, not the new lender, to my knowledge.
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sarah, , Los Angeles, CA
Wed Jan 6, 2010
how is that a violation to new lender?
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Tara-Nicholle…, Agent, Alameda, CA
Tue Jan 5, 2010
Buy and bail is when a current homeowner buys a home at today's favorable pricing, fully intending to abandon their current home to foreclosure after they close escrow and move into the new home.

Bad news, unethical and a violation of the buyer's agreement to their current mortgage lender.
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James Gordon…, Agent, Hamilton, OH
Wed Oct 28, 2009
That's what you do when you buy a used boat!

No it is when you purchase a property with the intention of not paying on the note for the property you currenty own. The lenders have cracked down on this and most require you to have an equity possition in your current home with a recent appraisal to be able to get a loan on your second property.

It is also short for buy and bail out.
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