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The Masked Tulip

Foreclosures Dog Even Wealthiest Home Buyers

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Instead, here in the UK we are throwing money at people to buy a house.

Jumbo borrowers who went into foreclosure a few years ago are learning the hard way: You can’t go home again.

Affluent home buyers attempting to get back into real estate after defaulting on their home loan are finding that few lenders are willing to work with them. Those that do often impose long waiting periods, higher down payments and higher interest rates.

Since spring, lenders say they have increasingly been hearing from would-be buyers who went through foreclosure. “We get the calls routinely,” says Al Engel, executive vice president at Valley National Bank, based in Wayne, N.J.

Callers include self-employed borrowers whose income dropped during the recession, causing them to fall behind on their mortgages, but who have since financially recovered. Also affected are borrowers who walked away from their homes after their values plummeted and owed more on their mortgage than the house was worth. Now that home values have stopped falling in most housing markets, they want back in.

http://www.marketwatch.com/story/foreclosures-dog-even-wealthiest-home-buyers-2013-10-18

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You gradually run out of people who are credit worthy enough to lend to. One of the strange quirks of irresponsible banking!

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You gradually run out of people who are credit worthy enough to lend to. One of the strange quirks of irresponsible banking!

In case the banks are somehow trying to frighten people into not defaulting....

Insisting that these people have to pay cash might have an unforeseen effect.

Perhaps these are some of the few people willing to buy? And they might buy for cash.

That will only ensure lower prices. Good. And the original people have hopefully learnt a lesson and will not overextend or use credit much.

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US foreclosures at a 6 year low, but still, they've taken some action against debtors who got themselves into situations where they couldn't meet their repayments.

Rather than SMI and all sorts of tricks on the UK side, for the reckless, MEWers, the majority of which given pathetic blanket excuses by just about everyone that the over-indebted "just wanted a home" "tricked by media/what parents told them about house prices doubling ever few years" "not their fault for taking liar loans" "didn't know house prices could fall" ect ect, to keep them in superior position.

Followed by policies like HTB for future generations to keep it going, overpaying, and continuing to outbid more prudent people, and keep prices going up for older owners, and the original big mortgage debtors.

Olympic golden boy Ryan Locte's parents lose home to foreclosure

17 January 2014

...The Lochtes, who have five children, were first sued by CitiMortgage in 2012. The bank has claimed they took a loan for $258,000 in 2007 which was due to be repaid at a rate of $1,609.58 a month.

However, according to court documents first obtained by RadarOnline, the couple stopped making mortgage payments in 2011 and owed more than $242,000.

The judge signed an order in favor of the bank for around $300,000.

The bank is yet to put the suburban home up for auction. The Florida property is nestled among trees and, as might be expected, comes with a swimming pool.

According to RealtyTrac, the Lochtes have two mortgages on their Brookside Drive home. The first mortgage was issued in February 2007 by Bestway Mortgage Company for $258,000. In May 2007, Wachovia Bank (which was taken over by Wells Fargo in 2008) issued a second loan for $169,500.

http://www.huntingtonnews.net/40463

From what I can tell... Last Sold: Mar 1996 for $135,000

http://homes.yahoo.c...ebc6ced818.html

http://www.siliconin...&batchtype=Next

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Sadly, I think not. This is an old thread.

Same thing happened to me yesterday, I saw his avatar on a thread and thought he's back but again, an old thread :(

I wish he would come back.

Edited by Solitaire

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Sadly, I think not. This is an old thread.

Same thing happened to me yesterday, I saw his avatar on a thread and thought he's back but again, an old thread :(

I wish he would come back.

Shame, i thought he had re-appeared.

Come back TMT all is forgiven.

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