[quote=bearishgurl][quote=CA renter] . . . Sorry if the resident realtors get offended, but I’ve seen FAR too many fraudulent short sales to think that everything is above board.
BTW, we’re reporting her to the DRE and to the bank/servicer who held the previous mortgage. We are also reporting her to our local congressman, the OCC, and the FBI.
This shit has got to stop.[/quote]
Good for YOU, CAR!! I’m glad to see that someone is blowing the whistle on these common “shenanigans.” I think your complaint to the DRE and bank/servicer might get somewhere but the other entities might prove to be a waste of time/effort.
Ultra-low unjustified recent-sale comps hurt current homeowners who have kept their noses to the grindstone and kept their payments current. I’m one of those “2001 victims” who never refied or took “cash out.” On a cursory check of “recent sold” comps earlier today, it appears that the only thing selling in my “sq ft” range in my zip code are those properties which were sold short or REO’s. Owners who have been “keeping their nose to the grindstone” for 10+ years can’t possibly sell now and even recover their downpayment! The current market is rigged in favor of “crooked” short sales and lenders willing to spend money on rehab just to get a “white elephant” sold.[/quote]
If there is any one “homeowner” group that I do feel sorry for, it’s the ones who bought prior to 2002/2003, using a 20% down payment, and who might not have known there was a bubble. But by 2004, it should have been obvious, and anyone who bought after that and/or who took on massive amounts of debt using their house as collateral does not deserve much sympathy.
