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Old 09-02-2008, 09:25 PM
 
315 posts, read 348,565 times
Reputation: 54

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I am sure this scheme has happened before the bubble burst.
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Old 09-03-2008, 12:52 AM
 
158 posts, read 404,700 times
Reputation: 112
Default Strange posting...

Quote:
Originally Posted by bentlebee View Post
I hope they go after all of them....they are making it worse for others who have good intentions and for the one in the article who claims to be a good Christian.....well that isn't how good Christians should act...that is more the same as what is preached in Obama's church and has nothing to do with what Christianity is all about...just another scam artist!

great article! thanks for posting this.
could you restate or clarify your comment about Obama's church? Not clear to anyone else what the relationship to the OP is.....
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Old 09-03-2008, 06:02 AM
 
5,458 posts, read 6,703,426 times
Reputation: 1814
Quote:
Originally Posted by SoCal Bottom Rider View Post
I am sure there are still quite a few peeps that have that 30% equity, prestine credit and cash in hand (DP) to make this move. They see the house across town, same as theirs they bought at the peak, but for a fraction of the cost. The lender has no clue these 'A paper' borrowers will be walking shortly on their old bank.
Nor would the new lender care. Once the borrower stops paying on the old loan and gets foreclosed on, their debt to income looks much more favorable. All of that cash that was going to pay for two houses now only has to pay for one. This is good news for the new lender.

Of course if the new lender is the same company as the old lender, the math changes a bit.
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Old 09-03-2008, 06:24 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,585,456 times
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I don't know anyone that would walk away from over 30% equity.
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Old 09-03-2008, 06:25 AM
 
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,585,456 times
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Quote:
Originally Posted by SoCal Bottom Rider View Post
I am sure this scheme has happened before the bubble burst.
I agree but I'm not understanding your point?
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Old 09-03-2008, 09:48 AM
 
Location: TX
742 posts, read 2,064,261 times
Reputation: 296
Quote:
Originally Posted by SoCal Bottom Rider View Post
I am sure this scheme has happened before the bubble burst.
My aunt is a good example. She bought 8 eight properties at ARM. Three months back, 4 were defaulted in a span of 30 days. With more (defaults) to come.
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Old 09-03-2008, 10:24 AM
 
Location: Windsor, Vero Beach, FL
897 posts, read 2,821,128 times
Reputation: 474
Quote:
Originally Posted by phoenix_talons View Post
My aunt is a good example. She bought 8 eight properties at ARM. Three months back, 4 were defaulted in a span of 30 days. With more (defaults) to come.
Oh, bad Auntie.

Can you find a listing of foreclosures in your local newspaper? I would be curious to see how many of these individuals have multiple addresses being foreclosed and to see how widespead of a problem it is.
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Old 09-03-2008, 11:08 AM
 
27,206 posts, read 46,646,405 times
Reputation: 15661
Quote:
Originally Posted by Pugetsoundman View Post
could you restate or clarify your comment about Obama's church? Not clear to anyone else what the relationship to the OP is.....
Sure I can explain it. In the article there is a person who stated he is religous and knew this was not how his religious was standing for, but still did what he did....well Obama's church is preaching hate and that has also nothing to do with religion. For him to sit in a church that is preaching hate while kids are sitting there and not getting it until the media is reporting about it...which took 20 years....well that is IMO such a lck of judgment and the people described in the article are similar...lack of judgment and selfish, and they should be legally held responsible.
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Old 09-03-2008, 01:37 PM
 
Location: TX
742 posts, read 2,064,261 times
Reputation: 296
Quote:
Originally Posted by GeminiGal View Post
Can you find a listing of foreclosures in your local newspaper? I would be curious to see how many of these individuals have multiple addresses being foreclosed and to see how widespead of a problem it is.
They are on the web. I tried Cyberhomes (http://www.cyberhomes.com/default.aspx?refcd=GO349911s_ca_foreclosures&tsacr =go1729612738 - broken link) and found two of her properties listed with "Foreclosed" next to it.
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Old 09-03-2008, 01:46 PM
 
27,206 posts, read 46,646,405 times
Reputation: 15661
Quote:
Originally Posted by phoenix_talons View Post
My aunt is a good example. She bought 8 eight properties at ARM. Three months back, 4 were defaulted in a span of 30 days. With more (defaults) to come.
What is her profession?

Does anyone know how it will affect your credit score if you default on more than 1 home at the time...can you have a minus score....
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