Foreclosed homes are also sold as-is. The process stinks. In the case of ARM mortgages, the bank often goes through this because a balloon payment comes due. T

Foreclosed homes are also sold as-is. The process stinks. In the case of ARM mortgages, the bank often goes through this because a balloon payment comes due. The bank essentially moves from a situation of getting money on their investment to getting nothing simply by forcing people from the home. It’d be better for everyone if the parties involved just renegotiated the deal to keep people in the house and paying their mortgage.