What they are doing makes no sense from a business point of view. If you hold a mortgage you want people to pay it off, you don’t want the property. What these banks are doing makes no sense at all unless there is an undisclosed bonus for foreclosures in their system.
A foreclosure is a money loser if you hold the note, I know because my Mother sold two properties and held the mortgage herself. I dealt with both of them, and there was never a point at which we wanted the mortgage to default.
]]>