Quote:
Originally Posted by Sean
Wonder how many home owners are guilty of the same; i.e. doctoring their paperwork to attain financing?
Seriously most companies want to foreclose on your home.
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Mortgage companies are not in the business of foreclosing. They lose money everytime unless there is about 40% equity in the house. This rarely if ever happens. Most people owe 80 to 100% of the value of their homes. That being said there is more blame on the lender side to be sure for this mess. They relaxed the guidelines too much and Wallstreet was eager for the business.