|
The part that I don't understand the most about all of this is the fact that the banks will generally lose money on repossessions. In the past, the financial institutions would actually wait until the last minute before repossessing property because they knew they would have to sell it at a loss. Now their losses are even greater due to the market being flooded with so many properties.
One would think the banks would rather re-adjust the mortgage and keep an owner paying a smaller note for a longer time rather than seize the property and just let it sit there.
|