OT: Explosives in Escondido

[enron_by_the_sea]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. Too bad for for Homecomings Financial though, lol.[/quote]

Hmm. We have heard about underwater homeowners burning down the property. This might be taking it to the new level (just kidding :))

[Eugene]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.

[Eugene]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.

[Eugene]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.

[Eugene]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.

[Eugene]

[quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.

[ybitz]

[quote=Eugene][quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.[/quote]

Is it still recourse loan if he didn’t cash out during the refi?

[ybitz]

[quote=Eugene][quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.[/quote]

Is it still recourse loan if he didn’t cash out during the refi?

[ybitz]

[quote=Eugene][quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.[/quote]

Is it still recourse loan if he didn’t cash out during the refi?

[ybitz]

[quote=Eugene][quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.[/quote]

Is it still recourse loan if he didn’t cash out during the refi?

[ybitz]

[quote=Eugene][quote=TemekuT]Don’t cry crocodile tears for this “owner”. Property was purchased with zero down in 2005 with 80/20 loans and refinanced in 2006 with closing costs added – piggybacked again with 88/12 loans. Surprisingly no cash was extracted. “Buyer” put nothing into the property and has lost nothing as there is probably a snowball’s chance in hell that the property is worth what was paid for it. [/quote]

Look at it this way. He is now an owner of half an acre of nearly worthless land adjacent to the 15 freeway, and he has $500k of recourse loans on that land.[/quote]

Is it still recourse loan if he didn’t cash out during the refi?

[bearishgurl]

[quote=ybitz]Is it still recourse loan if he didn’t cash out during the refi?[/quote]

Yes, both the 1st and 2nd.

[bearishgurl]

[quote=ybitz]Is it still recourse loan if he didn’t cash out during the refi?[/quote]

Yes, both the 1st and 2nd.

[bearishgurl]

[quote=ybitz]Is it still recourse loan if he didn’t cash out during the refi?[/quote]

Yes, both the 1st and 2nd.

[bearishgurl]

[quote=ybitz]Is it still recourse loan if he didn’t cash out during the refi?[/quote]

Yes, both the 1st and 2nd.

[Author]

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