I am a partner in a nicely sized Remax agency on the border of Idaho and Oregon. We are a rural area 1 hour nw of Boise. In our area everybody does everything we all sell the whole gamut of real estate from scraper houses to new homes to farms to commercial.
Oooh Lou, yes probably most were behind and foreclosable. However, that doesn't make it ok for the banks to ignore and gloss over the law. Goodness knows the people who lost their homes were held accountable for every little dot on the paper. How many times have people had wages garnished etc and the "notice" given was a certified letter to an address they hadn't been in in years. The "big boys" need to observe the laws just like the "little people".
I LOVE the phrase "zombie loans". I bet we'll see it used a lot.
you are so right, the reason to put a number in is so if there is a spike in the interest rate ie from 5 to 7 and yes those things can happen, your buyer can get out of a contract that isn't in his best interest.
