[quote=briansd1]…But overall, I think that the BofA deal is win-win for the bank and homeowners who are underwater. Up to $30,000 is reasonable compared to the cost to foreclose, manage, maintain and resell the properties.[/quote]
They’re not even paying anywhere NEAR $30K for garden-variety conforming mortgages. The maximum of $30K would probably kick in on a non-performing “super-conforming” or jumbo product. I see most “eligible” borrowers in SD likely getting letters offering them $12K to $20K (+ $3K “walking money”).
For those that “cashed out,” ESP repeatedly, I see the foreclosure in process being expedited or foreclosure looming in the near horizon.
