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Old 05-14-2010, 03:43 PM
 
Location: The Miami Of Canada
1,043 posts, read 3,719,605 times
Reputation: 290

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Quote:
Originally Posted by crystalys View Post
The actual address is 2014 N. Mitchell St., Phoenix, AZ 85006. The owners are Jean and Danny Kuehn like they said on the 60 Minutes show. And according to the assessor's website, as of today there is no notice of foreclosure sale recorded yet. Also, according to my estimate, comparables are selling in the $105,000 to $115,000 range in that area, not the $85,000 mentioned on the show. But it's still a huge loss either way.

Well, inquiring minds wanted to know.
Good investigating! Thanks!
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Old 05-14-2010, 03:44 PM
 
Location: The Miami Of Canada
1,043 posts, read 3,719,605 times
Reputation: 290
Quote:
Originally Posted by crystalys View Post
Yes, that was the selling price of the home. But if you look further at the Recorder's website, they also took out a second (HELOC) and a "note" at the same time. So their debt was well over the 400k mark. From that information I can only assume that the property appraised at that time for above $400k which is insane!
I thought they said that they were 500K in debt? And yeah, that appraiser was too generous!
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Old 05-14-2010, 10:34 PM
AZM
 
95 posts, read 300,552 times
Reputation: 126
Quote:
Originally Posted by FunkyPioneer View Post
Screw the banks, they took billions of our tax dollars to save their butts. Thats my money that they took. I say walk away and let em burn! Burn baby Burn!

The Great Fall of Arizona: Mortgages: Walking Away
Unlike the deadbeats that are walking away from their mortgages the banks have to pay the government back for the loans and some of the banks did not want or need the loans but they were mandated to take them. Many banks have paid back the loans. Dirt bags should at least be charged tax on the amount of the mortgage they walked away from.
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Old 05-14-2010, 10:37 PM
 
278 posts, read 622,887 times
Reputation: 173
Quote:
Originally Posted by las vegas drunk View Post
I feel sorry for anyone who has lost their house because they lost their job, got downsized and now have a lower paying job, etc. The first 2 people profiled on here are downright scumbags. They can easily pay their mortgages but are choosing not to. They have no morals no matter how they try to justify it. However, I do respect the last guy profiled because he did not go the route of the first two.
agreed...it's almost immoral walking away from a commitment...
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Old 05-15-2010, 08:52 AM
 
Location: Anchored in Phoenix
1,942 posts, read 4,570,821 times
Reputation: 1784
They certainly are not people I would take in as friends - those Phoenicians who "walked away." For several years I have listened to some people I personally knew who would be in the quest to buy Phoenix houses because they will only go up in value. I knew even then they were nuts to think that. There are very few people left on this earth with integrity and enough common sense to keep a commitment. I may be old-fashioned about it. But I am proud of my own value to keep my side of the contract. That is why I did not buy any real estate since the 1990s and have been renting. My aim is to buy a coastal home in my native state, California with cash. So I'm driving an inexpensive car I paid for in 2006 and plan to keep that car for at least twelve years.

Quote:
Originally Posted by annie7 View Post
agreed...it's almost immoral walking away from a commitment...
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Old 05-15-2010, 08:55 AM
 
380 posts, read 1,062,885 times
Reputation: 203
I wonder what their PITI is on that debt; maybe 3500+ per month.
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Old 05-15-2010, 01:49 PM
 
295 posts, read 552,835 times
Reputation: 98
Brent White, a Professor of Law at the University of Arizona, released another paper on the strategic foreclosure question. He concluded that in many cases, it is unethical NOT to walk away, if it is family (etc.) who is struggling to survive. It was an interesting read nonetheless.

On the 60 Minutes episode, I think the severity of the walkaways varies from street to street.
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Old 05-15-2010, 02:47 PM
 
380 posts, read 1,062,885 times
Reputation: 203
valid point. It varies, but the musical chair game of being the last to leave could happen virtually anywhere.
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Old 05-20-2010, 03:18 PM
 
419 posts, read 1,525,475 times
Reputation: 172
I'm just trying a short sale since I want to leave my area. I won't foreclose, but I'm giving the bank the option to decide if they'll eat $80K in loss now or potentially more later. Or, perhaps they'll call my bluff, and bet that I'll be able to keep paying them. I can handle the consequences of a well-managed short-sale, but would prefer not to deal with foreclosure.
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Old 05-20-2010, 03:52 PM
 
Location: Southern Arizona
9,601 posts, read 31,704,817 times
Reputation: 11741
Quote:
Originally Posted by las vegas drunk View Post
I feel sorry for anyone who has lost their house because they lost their job, got downsized and now have a lower paying job, etc. The first 2 people profiled on here are downright scumbags. They can easily pay their mortgages but are choosing not to. They have no morals no matter how they try to justify it. However, I do respect the last guy profiled because he did not go the route of the first two.
I could not agree more, LVD . . . ABSOLUTELY DISGUSTING.

Whatever happened to personal responsibility? Would those scumbags feel the same way if their homes had appreciated? Would they have been generous with the profits? . . . HECK NO.

Thank Goodness for KARMA.

Hopefully these irresponsible greedy idiots pay and pay big for their scam in the future.
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