From the August issue: For most homeowners, foreclosure is like a fatal illness that starts
with losing control of their finances and ends with a sickening feeling
when the bank finally seizes the property. Post-foreclosure, a
homeowner’s credit rating gets trashed and he can be in financial
purgatory for years, making it nearly impossible to buy or rent
property. But while foreclosure typically spells disaster for homeowners, for
some New York City investors, it may actually be a good business
decision.
Indeed, foreclosure doesn’t have to be a money-losing proposition,
especially for the small-time investor who borrowed money to buy
townhouses or condominiums, according to Augustine Diji, a
Manhattan-based lawyer who helps investors drag out the foreclosure
process for as long as possible. [more]