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foreclosure

Discussion in 'Money & Finance Forum' started by magnus, Jun 13, 2008.

Page 7 of 10
  1. Aug 7, 2008 at 1:12 PM #61
    Freakshow

    Freakshow Fuck you guys.

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    They don't have 4 mortgages. No way. What they've done is refi'd over and over. Each time sucking out the equity. They probably got an appraisal to stretch the value this last time, got a stated subprime loan and took out more equity. Now the ARM has jumped and they don't have the credit OR equity to refi.

    Appraiser probably gave them a value of say $200,000, but in reality the home is only worth $175,000.
     
  2. Aug 7, 2008 at 1:13 PM #62
    wolfpac

    wolfpac Full Access Member

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    I have heard of a 3rd mortgage but never a 4th. Doesnt mean they couldn't find someone to do it 2-3 years ago.
     
  3. Aug 7, 2008 at 1:27 PM #63
    jbghostrat

    jbghostrat Full Access Member

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    I don't know, i just go by what he tells me. At one time he said the house was worth over $300,000 and some. I think the last one he did, he did it over the internet and they didn't really ask much and he got the loan.

    He said he has filled out all the paper work and tried to refinance but he doesn't qualify and he's out of all options.
     
  4. Aug 7, 2008 at 1:31 PM #64
    VA49er

    VA49er Full Access Member

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    I'd stop doing that.
     
  5. Aug 7, 2008 at 1:37 PM #65
    jbghostrat

    jbghostrat Full Access Member

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    yeah, i know.
     
  6. Aug 7, 2008 at 1:42 PM #66
    Freakshow

    Freakshow Fuck you guys.

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    Unless they owe more than the home's worth, he should try and go FHA.
     
  7. Aug 7, 2008 at 1:47 PM #67
    jbghostrat

    jbghostrat Full Access Member

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    yes, they owe more than the house is worth.

    My mom's husband is a shopaholic freak! We always wondered where they got the money for how they were living and now we know.
     
  8. Aug 7, 2008 at 2:15 PM #68
    Southern_Yankee

    Southern_Yankee Full Access Member

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    carelessly discarded cigarettes have been known to cause house fires... :curtain:
     
  9. Aug 7, 2008 at 2:21 PM #69
    jazzbluescat

    jazzbluescat superstar...yo.

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    He sounds like a leach, user. Don't let him near your mom's accounts, etc.
     
  10. Aug 7, 2008 at 2:22 PM #70
    wolfpac

    wolfpac Full Access Member

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    Until the insurance agency dicovers that and you are left with a mortgage with no house and a lot. :tt2:
     
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