Foreclosures in Las Vegas style

[gverdi]

Unbelievable! This is cover story in Time Magazine.
Excerpt and link (long article) below.

“Boemio specializes in short selling, in a particularly Vegas way. Basically, she finds clients who owe more on their house than the house is worth (and that’s about 60% of homeowners in Las Vegas) and sells them a new house similar to the one they’ve been living in at half the price they paid for their old house. Then she tells them to stop paying the mortgage on their old place until the bank becomes so fed up that it’s willing to let the owner sell the house at a huge loss rather than dragging everyone through foreclosure. Since that takes about nine months, many of the owners even rent out their old house in the interim, pocketing a profit… “It’s greedy. But we’re all doing it. Because why not?” It’s very hard, she says, to suffer as the one honest person in a town of successful con artists.”

http://www.time.com/time/printout/0,8816,1915962,00.html

[bsrsharma]

This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.

This is hilarious:

It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.

Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!

[bsrsharma]

This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.

This is hilarious:

It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.

Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!

[bsrsharma]

This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.

This is hilarious:

It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.

Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!

[bsrsharma]

This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.

This is hilarious:

It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.

Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!

[bsrsharma]

This is happening in California too. I know a couple who bought in bay area and abandoned a home in Fresno.

This is hilarious:

It is lawless right now in the Wild West. There’s even a real estate agent (and the figures and details are slightly changed here to protect him) whose out-of-town investor demanded that the agent find a way to cover some of the losses he was taking on the $60,000 down payment he’d sunk into a house. So the agent created a separate contract, never shown to the bank, that said the new buyer had to purchase a $60,000 Persian carpet from the seller — a check his mortgage company, which was sucking up hundreds of thousands of dollars in losses on the short sale, would never see. When the buyer — who was happy just to get a deal on the house — asked if the Persian carpet was really worth $60,000, the agent looked at him as if he were insane. “I bought it at Wal-Mart,” the agent told him. Now all the friends of the investor who got his $60,000 back are asking the agent to pull the same scam for them. And he’s doing it.

Since all these banks will be taken over by FDIC and FDIC has to borrow eventually from China, it is time the central bankers got their head examined before buying anymore treasuries!

[Casca]

It is impossible to defy the economic laws of gravity indefinitely.

[Casca]

It is impossible to defy the economic laws of gravity indefinitely.

[Casca]

It is impossible to defy the economic laws of gravity indefinitely.

[Casca]

It is impossible to defy the economic laws of gravity indefinitely.

[Casca]

It is impossible to defy the economic laws of gravity indefinitely.

[kev374]

lol, I know someone who has an investment property in vegas that is severely upside down, he stopped making payments and is also renting it out! He plans to drag the issue out with the bank for the maximum amount of time so he can pocket the rent. Unbelievable!

[kev374]

lol, I know someone who has an investment property in vegas that is severely upside down, he stopped making payments and is also renting it out! He plans to drag the issue out with the bank for the maximum amount of time so he can pocket the rent. Unbelievable!

[kev374]

lol, I know someone who has an investment property in vegas that is severely upside down, he stopped making payments and is also renting it out! He plans to drag the issue out with the bank for the maximum amount of time so he can pocket the rent. Unbelievable!

[kev374]

lol, I know someone who has an investment property in vegas that is severely upside down, he stopped making payments and is also renting it out! He plans to drag the issue out with the bank for the maximum amount of time so he can pocket the rent. Unbelievable!

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