Asa Phelps: I can't possibly care what happens to a real-estate speculator who gambled and lost.
AbbeySomeone: Clever and so crazy they might get away with it.
Ambivalence: How do you deed a house to someone when the bank holds the deed (due to holding lien on the house).
St_Francis_P: Asa Phelps: I can't possibly care what happens to a real-estate speculator who gambled and lost.I'm having a bit of trouble getting worked up, myself. Getting in bed with a shady firm like this makes me even less sympathetic.
kronicfeld: Ambivalence: How do you deed a house to someone when the bank holds the deed (due to holding lien on the house).The bank doesn't "hold the deed." The deed is recorded in land records. You can deed away the house all you want. You just run the risk of the bank finding out and accelerating your loan for violating the terms of the loan contract that forbids transferring your interest in the house. And the purchaser runs the risk that he's on the hook for not honoring the lien of record.
atomic-age: St_Francis_P: Asa Phelps: I can't possibly care what happens to a real-estate speculator who gambled and lost.I'm having a bit of trouble getting worked up, myself. Getting in bed with a shady firm like this makes me even less sympathetic.I kind of want everyone involved shot into the sun, myself.
Benevolent Misanthrope: So, why would anyone do this? I mean, I'm no financial genius, and even I can see that this relies on a shaky legal footing of a default judgement - which, as several have pointed out, is easy enough to overturn once the lender figures it out. Who the fark thinks this is a good idea?
Snarcoleptic_Hoosier: FTA I still have a little apprehension, but you have to be a gambler in real estate. You go out on a limb sometimes," said Lowe, who owes about $367,000 to her lender. "Sometimes it works. Sometimes it doesn't."NO YOU F-ING DON'T! YOU BUY REAL ESTATE BECAUSE IT HAS LOCATIONAL VALUE OR COMMERCIAL DEVELOPMENT POTENTIAL OR OUT OF A DESIRE TO LIVE IN A FIXED SPOT
King Something: Benevolent Misanthrope: Who the fark thinks this is a good idea?...Florida...
czetie: ...Unfortunately for Shady, I suspect that they will discover about six months from now that almost all of those default judgments it is relying on will get challenged and overturned, at which point I suspect that the principals abscond with the "processing fees" leaving the deeds nominally owned by a defunct and bankrupt shell company..
flemardo: So novel I remember it from about 20 years ago.
Ishidan: Snarcoleptic_Hoosier: FTA I still have a little apprehension, but you have to be a gambler in real estate. You go out on a limb sometimes," said Lowe, who owes about $367,000 to her lender. "Sometimes it works. Sometimes it doesn't."NO YOU F-ING DON'T! YOU BUY REAL ESTATE BECAUSE IT HAS LOCATIONAL VALUE OR COMMERCIAL DEVELOPMENT POTENTIAL OR OUT OF A DESIRE TO LIVE IN A FIXED SPOTHow quaint...buying an object because you want the object, not "as an investment"...
H31N0US: The savvy 78-year-old played her hand well for years in the home-buying game, picking up properties in California and Key West to rent to kids in college and bartenders serving drinks on Duval Street.But she got caught with a 10 percent interest-only loan on her gated Valencia Isles home, which is now worth hundreds of thousands of dollars less than the $571,000 she paid in 2003.Looks like she made plenty of money, lost on this one deal, could afford to pay it off but doesn't want to.fark her.
SpiderQueenDemon: I bought my first house not too long ago. It had been a foreclosure, I got a great interest rate and the home is my biggest investment.And yet, I will probably die before the house is sold again.See, I treat houses the way I treat the battered, beloved old car in my garage. 'Investing' in the sense that you hope to sell something for more than you paid for it, is stupid when it comes to cars, because cars depreciate. The weird thing I noticed, though, between 2007 and 2011, was that the asking price for cars the same age and condition as mine went way up. Cash for Clunkers had a hand in that, as did the recession, the credit crunch, and the overwhelming shadiness of buy-here-pay-here lots making Craigslist look like a better deal. The twin brothers of the car I paid $300 plus tag and title fees for in 2007, and by that I mean same make, model, condition and general mileage range, are going for $3,000 now.Thing is, I'll be damned if I'll sell that car after I poured my heart and soul into making it my own. I hand-sewed those seat covers, I took off and re-shaped those fenders and I rebuilt that engine to be as flawless as I could. This scar on my arm is from welding the exhaust and there's a thousand of my fingerprints everywhere from the engine bay to the brake lines to the stock radio I took out, fixed and re-installed. I've put sweat, blood and learning into that car, and I'm a better person for the work I put into it.What's more, it's within a short while of qualifying for vintage plates, and if I can protect it, care for it and keep it going, I will have an investment in terms of 'I bought something and now it is WORTH more,' that makes $3,000 look like the cat litter bill. I'll still have the use of the car while I wait for the value to go up, which is worth whatever I'm not paying to some finance company for a new one. I only have $300 and various parts and materials in it (I treat time working on cars as 'learning' time, so the value I get out equals ...
SpiderQueenDemon: It's "why in God's name didn't anyone in finance, banking, real estate or government listen to THEIR grandmas before getting everyone into this awful mess?"
WhoIsNotInMyKitchen: If only there was less regulation stifling enterprising job creators like this company. Im sure the free markets are enough to police this kind of behaviour and bring more prosperity to ALL Americans.Vote Romney 2012.
Chameleon: This looks like a terrible, terrible idea. On the other hand:"They are preying on the disorganization of the banks themselves and their inability to be organized enough to respond to the complaints in order to avoid a default," said Ice, a foreclosure defense attorney. "It takes advantage of the sheer magnitude of foreclosure cases."If I'm too busy to pay my mortgage the bank isn't going to cut me any slack. Why should we give the banks any leeway if they can't be arsed to reply to a lawsuit in due time?
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