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<blockquote data-quote="CUZ" data-source="post: 499102" data-attributes="member: 4301"><p>Hey, I agree there's folks out there that do exactly what you're talking about, but the case I'm referring to went something like this. The buyers were salt of the earth type who had made payments like clockwork for about 10 years. Then one month something happened and they got distracted and didn't make their payment and then noticed it the next payment date. They sent in a check with both payments and got a letter of foreclosure back. The only way they could get the guy to not completely repossess the property was to pay him what the property had appreciated in those 10 years. It cost them an extra $10 or $15 Thousand. If the property value had depreciated in those 10 years he would have just charged them a late payment penalty of 5% or 10% of their payment.</p><p> </p><p>There's good and bad on both sides, that's why I said to be careful.</p></blockquote><p></p>
[QUOTE="CUZ, post: 499102, member: 4301"] Hey, I agree there's folks out there that do exactly what you're talking about, but the case I'm referring to went something like this. The buyers were salt of the earth type who had made payments like clockwork for about 10 years. Then one month something happened and they got distracted and didn't make their payment and then noticed it the next payment date. They sent in a check with both payments and got a letter of foreclosure back. The only way they could get the guy to not completely repossess the property was to pay him what the property had appreciated in those 10 years. It cost them an extra $10 or $15 Thousand. If the property value had depreciated in those 10 years he would have just charged them a late payment penalty of 5% or 10% of their payment. There's good and bad on both sides, that's why I said to be careful. [/QUOTE]
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