Update to Loss in Lincoln Park profiled on May 31, 2008.
The property was purchased in June 2006 for $325,000.
It was 100% financed in June 2006 went into foreclosure 8 months later.
The REO property was originally listed at $185,000 was then reduced to $175,000.
Now it is for sale at $156,000!!!
If it gets the new asking price the lender a hit of $178,360!
The loss is more than the house!