Ever gone through foreclosure?

[nick1091]

Originally Posted by mikejet

You can work with the bank to rewrite the loan and it's in both of your favors because the bank doesn't want ANOTHER property they will have to try and sell and you don't want to lose your house. No one gets hurt. You get a fair deal.

Explain to me how the bank does not get hurt by losing $245,000? That was real money that they paid for that house that they will never see again. No, it doesn't hurt as much as if they had to foreclose and try to resell themselves, but it's still the bank taking it in the shorts.