Lots of foreclosure expenses
CR has a previously unpublished on the blog post by Tanta that lists foreclosure expenses, or at least that is what got my attention.
In the example the property is sold for 8% less then the mortgage but other expenses bring the loss to 40%.
I am looking in the article and there is 12% commission included in the sale, $8400 on an $80k sale. That's outrageous and seems like gross mismanagement to me.