The seller did fine. The bank collected interest as much as they could. The distressed home owner is going to be saving money, seems like everyone is making out pretty good ................. except the neighbors and other home owners suffering the downturn because these people couldn't manage their money. It's not the banks fault at all! I agree.
I don't want to be one of them BUT if times get worse, I gotta look out for myself and no one else. Sorry.
I'd rather have hundreds of thousands in cash in 10 years than a paper asset worth 50% less than what I paid..
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