I wonder if any of the readers have dealt with buying bank foreclosures on condos and other properties. There was a foreclosure on a condo in our project that had been in the courts for about two years. It is likely the bank balance exceeded the value of the property, with no payments having been made for a number of years, and the interest rate set at 16% per annum. Recently, I was told the property had been "sold", eventhough there was a very large balance due the bank. It made me wonder if the buyer hadn't approached the bank and the owner with a proposition of bringing the foreclosure to a quick and merciful end, while getting the property at a substantial discount, perhaps with the bank taking a haircut on the loan balance and agreeing not to pursue a deficiency judgment against the debtor, and the seller getting paid something on the side by the buyer, to secure her cooperation?
