If these "distressed mortgage" companies can sell you a house that they foreclosed on for "$199 a month" , why couldnt they just let the people who were living in them before have it for "$199 a month"?
by 
MG1942 Has a Life Penguin
ANSWERS: 10
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Something about the way you just explained it to me honey;)
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Probably the previous owners had a higher mortgage than the one they are offering.
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Those are pictures of the house, After he purchased it for $199 and did all the repairs and landscapeing. You "are not" getting that house you see on the commercial. As it's shown, for 199 bucks. There could be as much as $100,000 in repairs done to the house before he "flipped" it.
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Oh my friend because they will make more money from a new buyer because chances are the old owner has already paid the original amount already. It is much like these used car lots. they rather you not pay it off and fall behind so they can start all over again selling to someone new. Besides the fact that 199.00 will continuously go up year after year and get to the point you will have a hard time paying for it and more likely you will lose it.
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I'm sure I do not know. Seems to me the simplest way to solve the problem. Picture this. The bank refinances the loan for 30 years from today. The payment is now lower so the owner can meet the note and the bank gets to collect interest on the loan for the next 30 years. Win - Win, right? Maybe I'm missing something here. I'm no rocket scientist or economist but it seems pretty simple to me.
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because one they are just trying to recup on what the peeps still owe on property and they probably dont have say like a 3% fixed mortgage rate that makes it dirt cheap you have to have like perfect credit score pretty much for that.
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Where would the fun in that be? Ya gotta punish them for not being able to keep up, no?
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Who knows? They might be;)
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Like me, they still want to make a buck !
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Oh, make sure you read the fine print. $199 won't pay for most cars! And if someone is offering you a home that doesn't need a lot of work for that, you can be SURE that it's on an adjustable rate mortgage loan, and the price WILL go up. If not, be aware that while the price may go up, anyway, the house may need a LOT of work! And, if you're talking about those infomercials where they say you can get a house at a tax auction for $199, while that's true, most of the time, you have to wait, as the current owners will have a certain length of time to pay off what they owe, and you may be left "out in the cold", so to speak - Someone got to use your $199 for that length of time, and even with interest, it's never as much as it would have been to put it in the bank or invest it in a bond or CD. BTW: Here's a page and links that explains some of it: http://www.orangefrogproductions.com/ofp2s_shams_re_buying.shtml , and here's another about some of the infomercial sham artists: http://www.orangefrogproductions.com/ofp2s_shams_biz.shtml (check out those selling "real estate riches!")
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