How is the market in Temecula/Murrieta?

[bearishgurl]

[quote=briansd1]You may not like the situation, but it is what it is.

BG, here’s an article for you to get all riled-up about. Be careful because God is involved also.

5 years in a million dollar house without making a payment.
http://www.washingtonpost.com/local/a-million-dollar-mortgage-goes-unpaid-for-years-while-couple-fights-foreclosure/2012/03/01/gIQAb4DBpR_story.html

[/quote]

brian wouldn’t you agree that 99% of the 1350+ comments in the Washington Post online re: this article echo my sentiments? I’m not alone in how I feel about these types of “pea-brain” deadbeats who, ostensibly, never made a mortgage payment since day one.

I carefully noted the expensive furnishings inside their mcmansion and now understand why these home-debtors are in bankruptcy, lol …. they bought them with loose credit (likely no-payments until [insert year] store credit) in combination with their good looks and heavy prayer.

This only works for so long … I’m noticing also that it’s stressful for them to keep moving their sh!t in and out of storage whenever the threat of eviction looms.

Wonder if they’re paying their storage bill??

[Arraya]

http://money.cnn.com/2012/02/23/real_estate/million_dollar_foreclosures/index.htm
Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.

But with a recovery in the housing market still years away, foreclosure has turned out to be a worthwhile option after all. Saddled with bloated mortgages after a long run up in property values, many high-end homeowners have chosen to pursue a “strategic default.” Even though they can afford the monthly mortgage payments, they still decide to walk away from their home because they owe more on the property than it is worth.

[bearishgurl]

The Ritters have kept the sheriff at bay by repeatedly filing for bankruptcy and by exploiting changes in Maryland’s laws designed to help delinquent homeowners avoid foreclosure.

Those efforts to protect homeowners have transformed Maryland’s foreclosure process from one of the country’s shortest to one of the longest. It now takes on average 634 days to complete a foreclosure in Maryland, compared with 132 days in Virginia.

(emphasis added)

http://www.washingtonpost.com/local/a-million-dollar-mortgage-goes-unpaid-for-years-while-couple-fights-foreclosure/2012/03/01/gIQAb4DBpR_story.html

Homedebtor deadbeats in CA are faring at least as well as those in MD. Even though the law in CA provides for a 111 or 141-day foreclosure from the first of the original month of default to trustee’s sale (plus a 3 business day perfection of a filed trustee’s deed), in more than a few instances I have seen lenders on CA properties take 900+ days to foreclose, allowing the delinquent trustor to squat all of that time … and then “pay” the homedebtor/squatter $3000 to leave the property free of debris and broom-swept after foreclosure!

Yes, 30 mos of free “squatting” and then walking $$ to boot! You may be asking, where do I sign up for that? Well, I can’t advise you except to forget the “MERS-lost-it” argument (tried, done and failed in CA). If your 1st TD and note alone renders you underwater and its current servicer is B of A, Chase or WF, you might give stiffing your lender a try!

Good luck, make sure you have storage units at the ready and keep your storage bill paid!

[bearishgurl]

[quote=Arraya]
http://money.cnn.com/2012/02/23/real_estate/million_dollar_foreclosures/index.htm

Five years after the housing bubble burst, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country — and many of them are doing so voluntarily.

But with a recovery in the housing market still years away, foreclosure has turned out to be a worthwhile option after all. Saddled with bloated mortgages after a long run up in property values, many high-end homeowners have chosen to pursue a “strategic default.” Even though they can afford the monthly mortgage payments, they still decide to walk away from their home because they owe more on the property than it is worth.[/quote]

Arraya, I am hoping the IRS will bring back the requirement for issuing Form 1098 to reflect the amount of lender loss (upon resale of an REO) as “phantom income” to ALL defaulters beginning 2013. Since a good portion of them now appear to be the “well-employed” and “rich” “strategic defaulter,” they can think twice if they really want to be on the hook for income taxes on their lender’s losses of $300K+ incurred upon resale (as a direct result of the cash they already extracted from the property).

[scaredyclassic]

When will the peyote bubble start?

[briansd1]

[quote=bearishgurl]
brian wouldn’t you agree that 99% of the 1350+ comments in the Washington Post online re: this article echo my sentiments? I’m not alone in how I feel about these types of “pea-brain” deadbeats who, ostensibly, never made a mortgage payment since day one.
[/quote]

I only read Piggington comments.

Remember though, just because you’re angry about something doesn’t mean that it’s not reality.

[Author]

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