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As a Realtor, I get lots of questions about foreclosures in today's housing market.
Someone whose logic I respect proposed an alternative to foreclosures which made sense.
The foreclosure process takes a while and costs a lot. Once the home is taken, the mortgagor cleans up and makes repairs, and eventually puts it back on the market, typically finally selling it far below what the owner owed on it.
If the mortgagor is going to lose money on the sale anyway, why not just offer it to the owner at a reduced price?
In the owner, there is a buyer who loves and wants the house; no foreclosure, repair, cleaning or marketing required.
The bank is saved the time and money of foreclosure and resale. The owner is saved the embarrassment of foreclosure and keeps their home. The number of foreclosures drops drastically, improving the economy. It seems to be a win-win situation.
Of course, this solution came from a nonexpert, just a logical, thinking layperson.
I'm sure lenders and their attorneys could put forth many reasons why this approach would not work.
Maybe they will answer in The Times, and I can explain to my questioner.
Dave Casper
Oakwood