I remember back in 2005 when there were lotteries to buy new construction homes. I was just looking at homes nearby my home and saw a listing of a home that had never been lived in. I did some more digging and noticed that the home was purchased in 2005 by a couple that took title as thier primary residence. The home is still assessed as a primary residence.
As I continued to research I found another home for sale,(literally right next door to the other home) never lived in, bought by the same couple!! You guessed it, as thier primary residence. I guess the "no investors" (seems like ages ago since we heard this term) allowed rule did not apply in this subdivision. They lender of record was one of those subprime companies that qualified you based on whether or not you had a pulse. I am not sure if I should feel bad for these people or assume that thier own greed is coming back to haunt them... What do you think?
Sunstreet Mortgage LLC. Licensed Mortgage Professional - Tucson, AZ
I never feel sorry for stupid people. There is such a thing as Karma. They got what they deserve. What's worse, and I agree with you, is the shady practices of sub-prime lending. You can't cheat the system forever. Someday you have to pay the piper and they day came.
Great observation.
Aug 22, 2009 11:04 AM
Sunstreet Mortgage - Tucson, AZ
You nailed it, subprime shady practices... Hope you have a great weekend. Sandy
Aug 22, 2009 04:13 PM
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!
Sandy, I wonder, too, if the lender of record is still actually LENDING! Like Michael, it's difficult to feel sorry for them.
Aug 22, 2009 05:24 PM
Sunstreet Mortgage - Tucson, AZ
Hi Debe,
No they are toast, right where they belong with the other greedy companies/investors!
Aug 23, 2009 01:41 PM
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