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Rent vs Buy in Yorba Linda : Real Estate Advice

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  • Home Buying20
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Activity 2
Sat Jun 15, 2013
Bill Eckler answered:
DATED BUT RELEVANT.....

First banks can do anything until they own the property......Secondly, once the lender has taken possession of the property, placing a renter in place greatly increases the difficulty of actually selling the property. Showing need to be scheduled around the occupants and renters tend not to care about the home's presentation.

This is an example of a good thought only until you understand what is really involved.....

Bill
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Fri Jul 8, 2011
Willy Olsen answered:
Why don't banks just re-negotiate or re-structure their mortgages? If done correctly it would be a win-win situation for all parties. And it's not that difficult. The bank would still have someone paying a mortgage, the bank would not have a vacant home to now try and sell, and overall this would save the lender (bank) a huge amount in costs. There are programs out there for homeowners to try to re-negotiate mortgages, but the banks don't want to have anything to do with them. Banks, and several times the media, have made the distressed homeowner the bad guy.
I work with many Seller Financed properties where only one seller opted to take a property back as a Deed in Lieu of Foreclosure. All the others have worked out alternative financing arrangements with their buyers. All the note holders will still be paid full face value of the note, it may just be delayed a few years. Or have rolled the discounted amount on to the back end of the note to be paid when the economy gets back on it's feet again.
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