Let's work this before someone passes a law

[RLLD 4,230]

This is too easy....

[The Moz 69]

This is too easy....

 

 

MY buddy's brother in law got totally taken by soemthing just like this !

 

NO joke - he and his family were litterally put out on the street by this exact scam. He tried to report it but was told he would be guilty of criminal activity as well if he did.

 

He was recruited similar fashion. Was told by this guy he would give him 10 K to take out a loan on a house and the house would then be sold quickly and they would make 1/2 or the house payments for him untill it was sold. when it was sold he would share in the " huge " profits.

 

After about 2 months guess what they stopped paying half of the mortgage and since the house was in his name he was totally focked. had to declare bankrupt , bank took over the house and since it was a forcloure they sold it dirt cheap and the guy owed the remainder. That was on thing he was pissed about as he offered to sell it himself to get as much as he could for - bank pretty much fock off. he ended up owing like 150 K on a house that wasn't even his.. Since bankruptcy laws were changed I think couldn't declare how he wanted to. Had to sell his house and everyhitng to put on what he owed.

 

This scam looks great I guess if your a a total heartless fock ! or if you follow the WWSD philosophy ( what would swerski do )

[G-in O-town 0]

This is too easy....

 

 

Now I know your joking for you've been preaching the Real Estate Collapse. This is a real thing that has been happening for the past few years especially when prices were at the top end. I have seen this with a home for sale 800K in the MLS and sold for 1.3 mil and the difference went back to the buyer. There were even seminars floating around on how to use someone else's credit to do this.

We had a couple in our neighborhood who took the seminar and did this exact thing in our neighborhood twice. One home was bought and sold 3 times this way, and that 1.3mil home above it was a home they bought. Need less to say they are crooks.....

This is just another factor into the whole current real estate mess.

[RLLD 4,230]

Now I know your joking for you've been preaching the Real Estate Collapse. This is a real thing that has been happening for the past few years especially when prices were at the top end. I have seen this with a home for sale 800K in the MLS and sold for 1.3 mil and the difference went back to the buyer. There were even seminars floating around on how to use someone else's credit to do this.

We had a couple in our neighborhood who took the seminar and did this exact thing in our neighborhood twice. One home was bought and sold 3 times this way, and that 1.3mil home above it was a home they bought. Need less to say they are crooks.....

This is just another factor into the whole current real estate mess.

 

Yeah, i am goofin....

 

This is the scam that helped to drive house prices through the roof, and caused them to lose their objective, or intrinsic, value.

 

I know people who own homes, many here at FTT, are clinging white-knuckled to the notion that their perceived home values are a result of supply and demand. This is simply not true, their perceived home values are the result of widespread fraud.

 

Until people accept that they have been had, and house prices drop by about 40%, things are going to get dicey in the near future.

[surferskin 30]

you need some new material.

[The Moz 69]

Yeah, i am goofin....

 

This is the scam that helped to drive house prices through the roof, and caused them to lose their objective, or intrinsic, value.

 

I know people who own homes, many here at FTT, are clinging white-knuckled to the notion that their perceived home values are a result of supply and demand. This is simply not true, their perceived home values are the result of widespread fraud.

 

Until people accept that they have been had, and house prices drop by about 40%, things are going to get dicey in the near future.

 

explain a little further ? Your saying just becasue my house appraises for 310 it's really only worth abut 200 And the reason it appraises for 310 is becasue a bunch POS's are focking workign the system !

 

Bastards !

[RLLD 4,230]

explain a little further ? Your saying just becasue my house appraises for 310 it's really only worth abut 200 And the reason it appraises for 310 is becasue a bunch POS's are focking workign the system !

 

Bastards !

 

Peripherally, yes.

 

Housing values began to grow with the speculation resulting from low interest rates. Greenspan lowered rates to pull the nation out of a recession.

 

What then transpired is that specualtion and fraud drove house prices up. There is a historical relationship between salaries, rents and mortgages and all the sudden that relationship was twisted all to hell.

 

The builders starting tweaking their own prices, which is why a number of them are now under federal investigation with only Beazer so far really getting caught.

 

The SEC is now getting into the records of lenders since they also participated in this, and now we learn that they have polluted our AAA-rated investments with their CDO objects.

 

In order for the ratio of mortgages to salaries to return to normal, which removes the need for interest-only and negative amortized loans, house prices will need to fall by mor than 40%......not my number, financial analysts number.

 

This could take a very long time, during which our economy is likely to be ravaged.

[edjr 6,580]

explain a little further ? Your saying just becasue my house appraises for 310 it's really only worth abut 200 And the reason it appraises for 310 is becasue a bunch POS's are focking workign the system !

 

Bastards !

 

 

That's pretty accurate.

 

and don't forget the cities make a killing on higher appraised values.

 

Higher value = more taxes they collect.

[The Moz 69]

That's pretty accurate.

 

and don't forget the cities make a killing on higher appraised values.

 

Higher value = more taxes they collect.

 

 

one great thing about living in NW Indiana ( and having septic/well ) - LOW property taxes - Only paying like 2200 a year on a 300 K home with almost an acre. People in Chicago are paying like 10 K a year

[RLLD 4,230]

one great thing about living in NW Indiana ( and having septic/well ) - LOW property taxes - Only paying like 2200 a year on a 300 K home with almost an acre. People in Chicago are paying like 10 K a year

 

 

The information has been out there for some time, and right now it is truly plentiful. It's absolutely worth reading up on because this is all coming back around to us, and soon.

 

Here is just some of the stuff from today:

 

S&P, Moody's Mask $200 Billion of Subprime Bond Risk

 

It's Not a Subprime Problem

 

U.S. Housing Market Update: Bottom Not in Sight

 

Thousands of Arizonans in danger of losing homes

 

 

Some might be better served by keeping their heads in the sand to be sure.

 

you need some new material.

 

pot/kettle.....

[supermike80 1,907]

The information has been out there for some time, and right now it is truly plentiful. It's absolutely worth reading up on because this is all coming back around to us, and soon.

 

Here is just some of the stuff from today:

 

S&P, Moody's Mask $200 Billion of Subprime Bond Risk

 

It's Not a Subprime Problem

 

U.S. Housing Market Update: Bottom Not in Sight

 

Thousands of Arizonans in danger of losing homes

Some might be better served by keeping their heads in the sand to be sure.

pot/kettle.....

When the "boom" was in full force I used to feel slightly bummed that my house didn't vault in value like many I heard about from friends and family etc. We always got a nice appreciation, steady and slow. Now maybe we are still close to the true value because of that slow rise.

Doesn't matter anyway, we love our home, we can afford it, and we aren't going to sell soon.

[edjr 6,580]

 

 

 

U.S. Housing Market Update: Bottom Not in Sight

 

Thousands of Arizonans in danger of losing homes

 

 

Same link for both.

 

 

I'd like to read the one about no bottom in sight.

 

TIA

[RLLD 4,230]

Same link for both.

I'd like to read the one about no bottom in sight.

 

TIA

 

Apologies.

 

Here you go.

[itsbigmoni 1]

Why would anyone trust somebody with their credit?

 

Why wouldn't anyone say, "If its so easy, why do you need my help." I can't imagine any smart person willing to sign those loan papers and all that.

 

Does the broker just sell himself really well or what? What was your brothers motivation for trusting a stranger?

 

People in the housing market get busted all the time, from loan officers, agents, brokers, all of them. There was a guy my brother went to school with that is serving jail time for fraud now. He was pretty well known because he was 22 and had 2 ferraris and a lambo. Had a bad ass loft in downtown S.F. He was screwing people over and eventually he got caught.

[Let Da Big Dog Eat 40]

That cartoon left out the final chapter of this tale.

 

After bank forecloses home is sold at auction to a bank employee (typically high level) on a sweetheart mortgage for $100K. Employee either lives in the home or sells it within a few months for close to it's actual value of $200K.