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February 18, 2008 at 1:26 PM in reply to: Some Homeless People Turn to Empty Houses for Shelter Amid Nation’s Foreclosure Crisis #154985February 18, 2008 at 1:26 PM in reply to: Some Homeless People Turn to Empty Houses for Shelter Amid Nation’s Foreclosure Crisis #155264
Diego Mamani
ParticipantThis is fairly common at this stage of the cycle. Back in the mid 90s I had friends who got in the business of buying REO properties in the Inland Empire to fix up and quickly flip for a profit.
Unfortunately, they had to fight with squatters who had moved in when the properties were unoccupied. Calling the police was useless: the squatters usually claimed that they were tenants, some even produced fake rental contracts. At that point the cops give up and say that this is an issue for the courts.
February 18, 2008 at 1:26 PM in reply to: Some Homeless People Turn to Empty Houses for Shelter Amid Nation’s Foreclosure Crisis #155271ParticipantThis is fairly common at this stage of the cycle. Back in the mid 90s I had friends who got in the business of buying REO properties in the Inland Empire to fix up and quickly flip for a profit.
Unfortunately, they had to fight with squatters who had moved in when the properties were unoccupied. Calling the police was useless: the squatters usually claimed that they were tenants, some even produced fake rental contracts. At that point the cops give up and say that this is an issue for the courts.
February 18, 2008 at 1:26 PM in reply to: Some Homeless People Turn to Empty Houses for Shelter Amid Nation’s Foreclosure Crisis #155287ParticipantThis is fairly common at this stage of the cycle. Back in the mid 90s I had friends who got in the business of buying REO properties in the Inland Empire to fix up and quickly flip for a profit.
Unfortunately, they had to fight with squatters who had moved in when the properties were unoccupied. Calling the police was useless: the squatters usually claimed that they were tenants, some even produced fake rental contracts. At that point the cops give up and say that this is an issue for the courts.
February 18, 2008 at 1:26 PM in reply to: Some Homeless People Turn to Empty Houses for Shelter Amid Nation’s Foreclosure Crisis #155363ParticipantThis is fairly common at this stage of the cycle. Back in the mid 90s I had friends who got in the business of buying REO properties in the Inland Empire to fix up and quickly flip for a profit.
Unfortunately, they had to fight with squatters who had moved in when the properties were unoccupied. Calling the police was useless: the squatters usually claimed that they were tenants, some even produced fake rental contracts. At that point the cops give up and say that this is an issue for the courts.
ParticipantThis is actually pretty good! It should have wider distribution, as the parties involved in this mess deserve to be shamed!
The cartoon just needs some cleanup (spell ‘tranches,’ ‘Cayman,’ etc. properly) and get rid of the profanity. The cartoons would be funnier if such words are merely implied, not spelled out.
Thanks for sharing!
ParticipantThis is actually pretty good! It should have wider distribution, as the parties involved in this mess deserve to be shamed!
The cartoon just needs some cleanup (spell ‘tranches,’ ‘Cayman,’ etc. properly) and get rid of the profanity. The cartoons would be funnier if such words are merely implied, not spelled out.
Thanks for sharing!
ParticipantThis is actually pretty good! It should have wider distribution, as the parties involved in this mess deserve to be shamed!
The cartoon just needs some cleanup (spell ‘tranches,’ ‘Cayman,’ etc. properly) and get rid of the profanity. The cartoons would be funnier if such words are merely implied, not spelled out.
Thanks for sharing!
ParticipantThis is actually pretty good! It should have wider distribution, as the parties involved in this mess deserve to be shamed!
The cartoon just needs some cleanup (spell ‘tranches,’ ‘Cayman,’ etc. properly) and get rid of the profanity. The cartoons would be funnier if such words are merely implied, not spelled out.
Thanks for sharing!
ParticipantThis is actually pretty good! It should have wider distribution, as the parties involved in this mess deserve to be shamed!
The cartoon just needs some cleanup (spell ‘tranches,’ ‘Cayman,’ etc. properly) and get rid of the profanity. The cartoons would be funnier if such words are merely implied, not spelled out.
Thanks for sharing!
Participant“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
A free option!
Participant“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
A free option!
Participant“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
A free option!
Participant“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
A free option!
Participant“I can’t believe that anyone ever paid 350 for one of those units!”
Well… if a bank gave you the $350K to buy it, with zero down, no income, no job, no assets, no credit history, etc., and a manageable monthly payment (b/c of a teaser interest rate good for the first 2 years), why wouldn’t you buy?
If prices go up, you sell and make a profit with zero down (virtual infinite ROI). If house prices fall, you simply walk away with only a ding to your credit history (which probably wasn’t that good t begin with).
A free option!
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