Tough Workouts

SteveP at 15:17 2009-01-25 said:

Can you believe the old guy in Stuart Florida who, even at a fast sale price had at over 200K in equity? The realtor from vegas is obviously a cash out whor* as she obviously mortgaged her property way beyond it's initial purchase price, and the sad thing is, she pulled the cash out during what was a real estate boom. Being a realtor, she should have used the real estate boom's high commissions to PAY DOWN her debt and BUILD UP her savings. Can you believe the handicapped minister with barely over 2K in monthly income somehow thought he could afford a 280K mortgage? For pete sake, even if he could have negotiated a ZERO percent modification recast over a full 360 months and even with all past due payments fully forgiven, after taxes & insurance his front ratio would be over 50% with less than 1K in residual income. So much for luxuries like food and heat! As for his house he bought for the homeless, how much you want to bet he misrepresented occupancy? Someone should check public records on that property and see if there's a 1-4 family rider to the security instrument. I bet there isn't one.

For the sake of a good economy, they need to foreclose on all these jerks so that their homes can be resold to more responsible home buyers. In doing so, real estate commissions will be paid, loan origination fees will be earned, title policies written, home warranties sold, movers will be hired, new furniture will be purchased, home improvement money will be paid to Lowes, Home Depot as well as paid to painters, tile layers, etc. Not to mention the neighbors will be pleased to have new owners next door that can afford to keep up their homes and keep their lawns mowed. Permalink