Desperate Homeowners Resort to Buy and Bail Tactic
June 11, 2008
In the latest twist thats hitting the real estate and mortgage industry, a new tactic is being utilized by some desperate home owners – the buy and bail. Many home owners across the country are upside down equity-wise in their home. So now, in the areas hardest hit by depreciating values, some are going with the “buy and bail”. The basics of the technique are quite simple: a home owner goes out while they still have good credit, & purchases a new home (usually at a drastically reduced price due to the depressed real estate market) – then they allow their original home to go into foreclosure. Some are calling it mortgage fraud. Others are calling it a legitimate way of getting out from under a losing situation due to the mortgage industries inflexibility in trying to assist persons in keeping their homes and to continue making their payments.Pokémon: Jirachi – Wish Maker
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