Old 12-11-2008, 02:22 PM
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Join Date: Jan 2005
Location: Cape Cod
Posts: 12,725
Default Re: Free home, no really, it's free (Florida squatters)

ScarabChris - 12/10/2008 4:54 PMJesus.....what next? So these people actually think its ok to move into the home of someone that was thrown out on the street? And for free? They have no mre right to be there than the guy that was foreclosed on to begin with.I have thought about this foreclosure thing. Why don't the banks work with people better? Cut the mortgage payment in half for a while so people can keep their homes. No....instead they kick them out and let the house sit empty where the bank loses even more money. Not to mention having a bunch of neglected vacant homes in the neighborhood brings down the rest of the property values even more.There is a house 2 doors down from me that was foreclosed on. Here is the scoop. This guy buys it at an inflated price, somehow gets the apraiser to go a long. He gets the seller to go along and greases him with 20K cash at closing.Now...the new owner has an extra 30K cash from the purchase and instantly rents the house out to a nice family...nice people. They are paying the owner $2,500.00 a month. Sounds like a great price for a 400K house. Here is why. The owner never even made one mortgage payment. Plus the tenants were paying him 2500 a month for 6 months. The bank finally forecloses and the police come to kick the owner out, except its not the owner, its the tenants that have been paying. The bank has some (not much) compassion and gives them 30 days to leave.Now...why the hell wouldn't the bank allow the renters to stay and continue to pay the 2500 directly to the bank? Then in a couple of years if they made timely payments offer the renters a mortgage. Sounds so easy and it would eliminate another family on the street and another empty home. I swear the people that run these mortgage companies are idiots.
I have been watching the same thing happen up here only It starts with an Illegal purchasing at about 190 Then they say they have to return home But they have a buyer at 260 same scenario They sell again at 325 Now you have a POS house that the bank lent 325k to a bunch of Illegals who spanked them hard and we get to bail them out Awesome isn't it
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