Report shows strategic defaults increasing

[1stimebuy]

When I looked at the loan history of the houses that I considered buying, I noticed something disturbing.

It’s quite rare that the owners lose money in the process – more often, it’s the banks that are losing 100K’s or 200K’s but not the owners. In each cases, the original owner simply took out the home equity loan equaling the amount of their down payment (or more) before foreclosure.

I used to think these morons are taking 500K loan – but their action is consistently smart. And I grow concerned as I wonder how much of our economy was fueled by these kind of money. It must have been quite an effect.

[jpinpb]

[quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.

[jpinpb]

[quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.

[jpinpb]

[quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.

[jpinpb]

[quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.

[jpinpb]

[quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.

[sdrealtor]

I had a great little listing in Clairemont. The seller had full recourse loans and we negotiated a reasonable settlement for him (about $7,000 on a $100,000 loan) and he could have been done with it. He decided to walk away and roll his dice instead of getting a full release for the $7000. That was over 18 months ago. The house still sits vacant and there has been no NOD filed. I dont see a ton of these out there but I do see some.

[sdrealtor]

I had a great little listing in Clairemont. The seller had full recourse loans and we negotiated a reasonable settlement for him (about $7,000 on a $100,000 loan) and he could have been done with it. He decided to walk away and roll his dice instead of getting a full release for the $7000. That was over 18 months ago. The house still sits vacant and there has been no NOD filed. I dont see a ton of these out there but I do see some.

[sdrealtor]

I had a great little listing in Clairemont. The seller had full recourse loans and we negotiated a reasonable settlement for him (about $7,000 on a $100,000 loan) and he could have been done with it. He decided to walk away and roll his dice instead of getting a full release for the $7000. That was over 18 months ago. The house still sits vacant and there has been no NOD filed. I dont see a ton of these out there but I do see some.

[sdrealtor]

I had a great little listing in Clairemont. The seller had full recourse loans and we negotiated a reasonable settlement for him (about $7,000 on a $100,000 loan) and he could have been done with it. He decided to walk away and roll his dice instead of getting a full release for the $7000. That was over 18 months ago. The house still sits vacant and there has been no NOD filed. I dont see a ton of these out there but I do see some.

[sdrealtor]

I had a great little listing in Clairemont. The seller had full recourse loans and we negotiated a reasonable settlement for him (about $7,000 on a $100,000 loan) and he could have been done with it. He decided to walk away and roll his dice instead of getting a full release for the $7000. That was over 18 months ago. The house still sits vacant and there has been no NOD filed. I dont see a ton of these out there but I do see some.

[briansd1]

[quote=jpinpb][quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.[/quote]

20 months of living for free is nothing to sneeze at considering that most first time buyers buy with hardly any skin in the game.

Going on 2 years of free housing is a huge windfall that few would pass up if they had the option.

[briansd1]

[quote=jpinpb][quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.[/quote]

20 months of living for free is nothing to sneeze at considering that most first time buyers buy with hardly any skin in the game.

Going on 2 years of free housing is a huge windfall that few would pass up if they had the option.

[briansd1]

[quote=jpinpb][quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.[/quote]

20 months of living for free is nothing to sneeze at considering that most first time buyers buy with hardly any skin in the game.

Going on 2 years of free housing is a huge windfall that few would pass up if they had the option.

[briansd1]

[quote=jpinpb][quote=BillS78]
Now it’s 20 months later and still no NOD. [/quote]

When I talk about people living for free not paying their mortgage and not receiving NODs, they think it’s an rare, isolated incident.[/quote]

20 months of living for free is nothing to sneeze at considering that most first time buyers buy with hardly any skin in the game.

Going on 2 years of free housing is a huge windfall that few would pass up if they had the option.

[Author]

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