The owner of the house I’m renting gave me notice that the house is going on foreclosure and terminated my lease. She gave me my deposit back and I stopped paying rent. She wants me to move out. If she’s not gonna own the house anymore, do I have to move out? Can i wait till the foreclosure finishes and the bank tells me to move?
I know i am naive and not a financial whiz, but if we are going to be buying subprime mortgages at lets say 50 cents on the dollar, couldnt we refinance peoples houses at lets say 60 cents on the dollar. They get to keep their homes, the foreclosure rate does not go up, home values do not go down and the government gets to make a 20 percent profit. What all am i missing?
I know i am naive and not a financial whiz, but if we are going to be buying subprime mortgages at lets say 50 cents on the dollar, couldnt we refinance peoples houses at lets say 60 cents on the dollar. They get to keep their homes, the foreclosure rate does not go up, home values do not go down and the government gets to make a 20 percent profit. What all am i missing?