“We need our heroes, but soon there will be no more. Our world will not grow men with the credentials necessary to survive scrutiny.”
-- Jerald Bevens, in a letter to Newsweek --
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-- Jerald Bevens, in a letter to Newsweek --
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See this: http://www.trulia.com/foreclosure/3030347024--Troester-St-Detroit-MI-48205. It's a foreclosed house in Detroit, owned now by the bank, and for sale for $150. It's a nice-looking house, it's been cared for. One assumes that the prior owners were unable to pay the mortgage.
In cases like this, why don't the original owners buy it back for $150? Like I said, the house seems to have been cared for. I understand the concept of "Don't have any money", but $150? Somebody somewhere should be able to come up with a $150 loan.
But you never hear of anyone defaulting and then buying back their home for a song. It just doesn't seem to happen. They have to live somewhere, and renting somewhere else is bound to be more expensive than buying back the house for a one-time $150 payment, closing costs, and the ongoing insurance and taxes - but no more mortgage!
I don't understand.
About the only thing I can figure is that the original owner lost a job, and just dropped the house and moved away.
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