Comments on: Foreclosure or Buyer Remorse?

By: Randy Lowell

Randy Lowell — Mon, 22 Oct 2007 23:05:38 +0000

I do not agree with “return the keys to the lender”. You fail to understand that a junior lien hold (a second mortgage) etc, can still come after you for their unpaid balance far after the foreclosure. Sure it is an unsecured lien at that point but “lien dogs” love to go after you. Perhaps a short sale with a negotiated settlement and an agreement not to seek deficiency after the fact would be more in order? I would like to offer this service, refer them too me.

By: Brian Brady

Brian Brady — Thu, 22 Mar 2007 06:25:47 +0000

Rich,

Ardell’s right on this; it’s a return. At least the homeowner can get his furniture out. if it were a rental, their personal property would be padlocked and auctioned off to pay back rent.

First rule of lending…what do YOU have at risk?

By: Rich

Rich — Wed, 14 Mar 2007 19:50:56 +0000

“That’s not a foreclosure. That’s someone who walked into the bank and said, “Here! You can HAVE it BACK!

what else, when they drag you out of the house-will that be a foreclosure?

By: biliruben

biliruben — Wed, 14 Mar 2007 13:29:31 +0000

Could be fraud. Get a inflated appraisal, which is pretty much every appraisal these days, find one of the hooter girls they hired over at Merit to find some time between keggers to give you a 100% loan (well, maybe really 110%). The seller slips you half the profits under the table. Merit goes bankrupt.

Everyone wins! Except the investor who bought the loan, and perhaps the taxpayer, if Congress follows through in bailing out some these clowns with our money.

If you want to see how it works in the OC, here you go:

http://bubbletracking.blogspot.com/2007/02/fraudera-ranch-its-family-affair.html