Wednesday, November 17, 2010

Now this takes some guts (or lack of brains)

This guy is letting his house go into foreclosure because his bank erroneously charged him a $25 fee and refused to refund it. If he can buy his house back at auction for less than what he owes, he'll come out ahead.

Not sure if he fully understands what he's doing though. He seems to think that at the foreclosure, it will automatically become owned by the bank and then he can buy it back as a REO property. Does he not realize that when it is at auction, anyone can buy it? It only becomes an REO if no one buys it at auction. And if he intends to buy it himself at auction, does he realize that when you buy a house at auction, you need to pay for it in full?

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