forclosures up 97%

[Clammer]

All of what said is true ;;
lenders not paying attention // buyers / not knowing what they were getting into >>>>>>>>> but the fraud ..was/is the killer ..

they had/have >.mortgage brokers/ apprasiers & agents that were using different so.called buyers with 100% mortgages selling properties at 2 to 2.5 times what they were worth >>> money going back to the so called buyer .. thet never made a payment . just the 150000 K cash & screwed ;;

there are 966 multi families for sale in Providence right this minute / most are in the battle zone / majority are stripped / 95 % are fireclosures ... ya spend 1/2 ya day checking these properties for squatters ;;
Sell >> ya I,ve got a couple pending ;

2 family >. 56K
2 3 families 70K each

&&&& the list goes on ;;

but there are some deals & good ones mixed in ;;

Ocean front / the guy paid 1,200000 in june of 2006 >. stayed there without making a payment .. until the end of sept >.. then leased it >.
never made a payment / had a nice summer vacation & then was getting 2222 per month for a winter rental ;;

I have a nother .. nice /r/R / colonial .built in 2006 >> buyer paid 300k .. I,ve got it listed for 235K

I have a log house coming in >. no price yet >> house ,poo, cabana , two shed , 2/garage with a full game room on top >. pool table / bar/ etc .. plus acre,s ;;

had one poor kid that had a 1005 loan .. a 80 & a 20 >>> his girl left him & he couldn,t make the payments ..so he B/B,s to make the 80% payment & fell behind on the 20 % ;;
The 20% lender foreclosed on him >> F #$%^&* kid had no clue >:

&&&&&&&&&&& there is alot more ><><><

[spence]

Originally Posted by Clammer

they had/have >.mortgage brokers/ apprasiers & agents that were using different so.called buyers with 100% mortgages selling properties at 2 to 2.5 times what they were worth >>> money going back to the so called buyer .. thet never made a payment . just the 150000 K cash & screwed

The owner of the house next to my mother in law (Ft. Lauderdale) was indicted for doing this. They had made 10+Million working a racket with some other people in the business.

-spence

[Raven]

it totally justifies what i said origionally

that these news people on TV thinking and or saying

that this refund is gonna bail everyone out is

pure bullsheet it's outragious!!!!!

[justplugit]

Originally Posted by Clammer

had one poor kid that had a 1005 loan .. a 80 & a 20 >>> his girl left him & he couldn't make the payments ..

In the 60's you could only get a mortgage based on 1 household member's salary. Protected the bank and the mortgagee.

Rule of thumb was you could only afford spending 25% of your salary on the mortgage.

Then when most women entered the workforce they opened it to 2 salaries, which is great, till times get tough and 1 looses a job or gets sick. (