Thursday, October 1, 2009

Foreclosure Question & Answer

Last night here in Prince George at the CNC I attended and 'Investor Club' to talk about Foreclosures and the pros and cons. The one question I did not have an answer for (but said I would call a few lawyers and get an answer) was... What does it cost a lender on average to foreclose on someone?

I talked with a few lawyers and they said there really is no average but if you had to put a number on it then lets say $5000. The problem with answering that question is the lawyers meter is ticking away and some foreclosures are done fast and straight forward and others can be very long, drawn out and complicated. So really there is no good answer for this.