Any money is better than no money, and until the mortgage market recovers, the banks are losing much more than is necessary. Selling for less than half of the mortgage is not a way to make money.
I understand it is not their business, but there are a lot of rental management companies around, and it wouldn’t hurt to stabilize the market a little. Empty units deteriorate rapidly down here, and unmowed lawns hurt the value of everyone in the neighborhood.
]]>At least you had some money in escrow and a little advanced warning. Some people are losing their deposits and rent payments, which they need to get a new place to live.
The banks are being stupid on rental properties, because they could be getting some return on their investment if they just turned them over to a management company, which is better than just foreclosing.
]]>As I type this, the moving company guys are here packing up my worldly goods and tomorrow they will move it all to the new place. It beats having it tossed on to the street like some of my fellow Miami unfortunates.
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