Call me stupid, but I don't get the whole foreclosure thing. I don't mean how people lose their homes to their lenders because they can't make the payments. That's basic.
What I don't get is why banks will go to the expense of kicking a body out of the house and then be saddled with an empty property that is the target for vandalism and squatters and all that. I mean, are they getting such a great tax break for losing on their investment that it's worth having a home sit there empty, with grass growing as high as an elephant's eye (we have two in our neighborhood that finally got mowed by the homeowner's association)? And in the meantime, there's a family somewhere that's lost their home. Sheesh, let them live in there for $5 a month as long as they mow the grass!