What Happens When the Bank Repossesses a House?
In the last two years millions of American families have lost their homes to banks or other lending institutions. These homes are said to be in foreclosure because the homeowner could no longer afford to pay their mortgage loan. As the economy continues to sputter and the unemployment rate rises, millions of other families are in danger of losing their homes. According to recent estimates, as many as eight million families may lose their homes over the next four years. These are numbers that simply boggle the mind and Washington has no comprehensive plan to deal with the ongoing crisis. Contrary to popular belief, banks do not enjoy owning homes. There are a myriad of costs associated with keeping homes, which include maintenance, repairs and costs associated with selling the homes. Because most large banks have huge inventories of repossessed homes and these homes are a liability, the banks are desperate to sell them and are currently offering them at deep discounts to their true mark
