With about $550B in mortgages set to adjust this year, all sectors will have trouble meeting this requirement. Whether the loan is Prime, Alt-A or subprime. Having a high FICO score does not mean you didnt lie about your “stated income”. Most of these loans are 1 to 3 years old, so the odds are good that most are upside down at or at best 0$ equity. Combine this with a recession and the new “Debt Relief Act of 2008” and I think the lenders are going to be owning a lot more realestate this year compared to 2007!
I am shopping in the $1.5M to $2M range of CA, and I have already seen 2 beautiful new homes built in 2005 being foreclosed upon that have been stripped of their high end appliances. One was also stripped of its kitchen cabinets.
One would’ve thought that this only happens in the shittiest of places and homes, but this was a gated community for crying out loud!
I am shopping in the $1.5M to $2M range of CA, and I have already seen 2 beautiful new homes built in 2005 being foreclosed upon that have been stripped of their high end appliances. One was also stripped of its kitchen cabinets.
One would’ve thought that this only happens in the shittiest of places and homes, but this was a gated community for crying out loud!
I am shopping in the $1.5M to $2M range of CA, and I have already seen 2 beautiful new homes built in 2005 being foreclosed upon that have been stripped of their high end appliances. One was also stripped of its kitchen cabinets.
One would’ve thought that this only happens in the shittiest of places and homes, but this was a gated community for crying out loud!
I am shopping in the $1.5M to $2M range of CA, and I have already seen 2 beautiful new homes built in 2005 being foreclosed upon that have been stripped of their high end appliances. One was also stripped of its kitchen cabinets.
One would’ve thought that this only happens in the shittiest of places and homes, but this was a gated community for crying out loud!
I am shopping in the $1.5M to $2M range of CA, and I have already seen 2 beautiful new homes built in 2005 being foreclosed upon that have been stripped of their high end appliances. One was also stripped of its kitchen cabinets.
One would’ve thought that this only happens in the shittiest of places and homes, but this was a gated community for crying out loud!
