Reply #89: tear 'em down and let the lot go to the lender [View All]

[Lance_Boyle]

If they can't pay what they contracted to pay to own the house, then HELL NO they don't get to stay in the house and pay whatever they feel like. That's not how contracts work. Nor should the lender who forecloses be permitted to sit on the house forever waiting for unrealistic returns. Give the foreclosing lender 6 months to move the house, then if it hasn't sold, let the local fire department practice on it. All of a sudden there's a brand new lot there, owned by the original lender. Who can decide what to take for it when someone else decides to build on it.