Yes, it’s true that my prior landlord defaulted on his mortgage. He also defaulted on about 7 other mortgages, all serially refinanced at 100% LTV (and often more) with the proceeds used to buy more rental properties until the game came to an end.
As for my specific property, he has been holding up the foreclosure process through legal tactics. But given the amount he owes vs. what the home is worth (including the amount in arrears he owes almost double what zillow says the home is worth) there is no way he is getting the home back.
It is a sure REO, yet along with many other of his and others’ sure REOs it hasn’t even hit the market yet. So I ask you: how exactly is this a sign of the bottom?
There is just no data to justify that this is the bottom. Instead of snooping about my personal information, maybe you can research this: how is this the bottom with homes still overpriced, 13 months of inventory on the market, and huge amount of REOs in the pipeline?
