I was told by a realtor friend that the banks don't like to foreclose
because then the bad asset moves to some other category and it makes the
bank look bad in audits or whatever, so they just let them ride without
moving on the foreclosure. I don't know how that all works, but it
sorta makes sense.
--R
On 2/3/15 5:38 AM, Dan Penoff via Mercedes wrote:
We know a former neighbor who was in her foreclosed home for over five years.
She moved out and her ex-husband moved in a couple of months ago. The bank
still hasn't foreclosed on them.
I get giddy thinking of what I could do with five years of no house payments.
Dan
Sent from my iPad
On Feb 2, 2015, at 5:52 PM, Rick Knoble via Mercedes <mercedes@okiebenz.com>
wrote:
Original Message
From: Dan Penoff via Mercedes
Sent: Monday, February 2, 2015 4:36 PM
To: Mercedes List
Reply To: Dan Penoff
Subject: Re: [MBZ] Secret message for Dan
Yabbut the worst part is that >things like mortgage interest, a >pretty decent
deduction, is >trending down as I pay off my >house. Yet - as I get older I make
>more money
Almost seems designed that way...
I’ve got some credit card balances >I’m thinking about taking a >second mortgage out
for to cut >the interest cost and make the >interest deductible….
Mortgage interest deduction is a scam. On every dollar in interest you pay, you
deduct 28 cents from your tax bill. The only ones making out are the banks.
Spend a dollar, get 28 cents back. Better odds at a casino.
Pay the house off, and be done.
OR
Rent it out, buy a multi-million dollar mansion, don't make a payment, and wait
to see if the bank ever throws you out. I have read a lot of stories about
banks not foreclosing for various reasons.
Rick
Sent from my BlackBerry Z10
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