[kiryandil]

The mortgage of the deceased owner is probably heavily underwater, with a large underwater HELOC second in back of it. Bank of scAmerica is probably carrying the loan(s) on their books at 100% good money instead of the financial bloodbath that it really is.

If they sell it for its true worth, they'll have to take the loss ON THE BOOKS, instead of keeping the charade going.

[dawn53]

That explanation makes sense...we’re in Florida and a lot of folks are underwater...BIGTIME!

We bought a foreclosure a couple years ago, it had sold for $236K in 2006, we paid a little over a third of that. Anyone who bought a house in Florida from about 2005-2008 is probably underwater (even if they did it right, 20 percent down, etc.)