[quote=SD Realtor]Of course. What are you surprised by this? It has been going on for the past 3 years.
Wake up.[/quote]
Duh.
It doesn’t make it right. The laws in CA protect the lenders from these great losses. The lenders are choosing instead to fvck themselves at all of our expenses while these cunning “deadbeat homedebtors” are driving and vacationing with their “former pseudo-equity” and then later aided in “debt-forgiveness” by SS agents and attorneys.
It’s absolutely disgusting to the rest of us who have always lived within our means and whose home values have taken a nosedive … more than the “millenium-boom crash” of ’07/’08 warranted.
I don’t buy that SS’s are typically sold at market value. I believe they are sold 20-45% off the current market value, regardless of condition.
Why should the rest of our properties somehow be suddenly “worth” 1999-2002 prices today? Does that “make sense” to you? How do YOU think this “over-correction” happened??
Hint: It wasn’t due to REO’s which were fixed up and resold at market value.
