Facing Default, Some Walk Out on New Homes

Posted under Housing Bubble, Real Estate, Recession, Short sales

The same sorts of loans that drove the real estate boom are now changing the nature of homeownership and foreclosure, giving borrowers incentives to walk away.
http://www.nytimes.com/2008/02/29/us/29walks.html?_r=1&oref=slogin

The bad lending practices of the past few years are now playing out in large numbers of foreclosures. (Thanks to George Chong for bringing this article to my attention.)

If you know anyone in this situation, it’s likely that we can buy that person’s house and keep the foreclosure from happening. We’re working on doing this for someone in California right now. We’ll negotiate with the bank to see if we can buy the house for that 50% discount BEFORE the the house is scheduled to go to the bank auction, preventing the auction from ever happening.

Give me a call sometime. God bless!

Darren
405-501-0676