Mad Scientist
Feels Good!
- Sep 15, 2008
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They have insurance against foreclosure on the house and in many cases, multiple insurance policies. So the bank makes even more money if you are foreclosed on plus they have the house!And what exactly does BoA hope to gain by foreclosing?valued at $133,464, though they owe about $177,000.
On top of that they get you to lie about what you make so they can give you a bigger loan. They get the appraiser to inflate the value of the house so they can get a bigger commissions and fees.
You see that it is to their advantage to put you into a mortgage that you can't possibly afford?