Why sellers let their house go into foreclosure

[Chip Chronister]

I am dealing with someone who is about to get foreclosed on and then says they will just file bankruptcy, I am offering to pay her note off and then some to move but a couple of years ago the guy down the street bought his for more than I am offering them so they think they should get the same thing and they agreed that it needs 20k of work so by the time I buy it and fix it I am even on the house. I told her why would I buy a house that I am not going to make anything on? And they said they was not going to sell their house that cheap. So my question is why do people do this? I know you can't fix stupid either!

[David Dachtera]

@Chip Chronister,

Some folks are just so bitter over their situation they don't think clearly. There's such a culture of blaming everyone but one's self for one's situation they just need to "show them" to do that to one, even though it's one's own fault. Some folks also get into a similar feeling after job loss, divorce, etc. resulting in foreclosure.

You're right, of course - you can't fix stupid any more than you can fix those bound and determined to trash their credit and their finances. Foreclosure is bad enough, especially when it's avoidable. Adding BK on to top of it is ridiculous - BK doesn't stop foreclosure, it just stalls it temporarily.