Comments on: Refinanced to Foreclosure http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html like a friend telling you about money ... Wed, 17 Mar 2010 20:48:24 -0500 http://wordpress.org/?v=2.8 hourly 1 By: Monica Key http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html/comment-page-1#comment-2753 Monica Key Sat, 03 Oct 2009 03:25:08 +0000 http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html#comment-2753 I bought my house, and lived in it, making all payments....15 years later I sold it. I had to fix it up prior to the sale, and pay a Realtor to sell it. I wish I had taken out a second mortage equal to the appraised price for my home, and just walked away with that money. I would have made a WHOLE LOT more money, without any of the hassle. I bought my house, and lived in it, making all payments….15 years later I sold it.
I had to fix it up prior to the sale, and pay a Realtor to sell it.

I wish I had taken out a second mortage equal to the appraised price for my home, and just walked away with that money.
I would have made a WHOLE LOT more money, without any of the hassle.

]]> By: jimslade http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html/comment-page-1#comment-1018 jimslade Fri, 10 Oct 2008 21:07:53 +0000 http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html#comment-1018 Agree with your comments. People need to have some personal responsibility. There may be some fraud in some cases, either on the part of lenders or appraisers or both. In this scenario, however, even inflated values and lose lending cannot explain the lack of sound decision making and middle-school level math skills required to manage your own income and expenses. Agree with your comments.
People need to have some personal responsibility.

There may be some fraud in some cases, either on the part of lenders or appraisers or both. In this scenario, however, even inflated values and lose lending cannot explain the lack of sound decision making and middle-school level math skills required to manage your own income and expenses.

]]> By: Chris http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html/comment-page-1#comment-1010 Chris Thu, 09 Oct 2008 15:41:17 +0000 http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html#comment-1010 A fool and their (borrowed) money are soon parted. A fool and their (borrowed) money are soon parted.

]]> By: TFB http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html/comment-page-1#comment-1007 TFB Wed, 08 Oct 2008 16:23:17 +0000 http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html#comment-1007 Ted - Just to be clear, the ~$300k selling price is the post-foreclosure auction price. At the time the loan was taken out, the house probably had an appraised value of over $750k. Ted – Just to be clear, the ~$300k selling price is the post-foreclosure auction price. At the time the loan was taken out, the house probably had an appraised value of over $750k.

]]> By: Ted http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html/comment-page-1#comment-1006 Ted Wed, 08 Oct 2008 15:17:32 +0000 http://thefinancebuff.com/2008/10/refinanced-to-foreclosure.html#comment-1006 You are correct that the lady is an idiot. Houses are not cash machines, they are a place to live. That said there has to be fraud all over the place for the borrowing to exceed 2x the value of the home. Who is responsible for oversight and enforcement? HUD? FBI? At a minimum, there has to be interstate mail fraud by several parties, which is a federal offense. You are correct that the lady is an idiot. Houses are not cash machines, they are a place to live.

That said there has to be fraud all over the place for the borrowing to exceed 2x the value of the home. Who is responsible for oversight and enforcement? HUD? FBI? At a minimum, there has to be interstate mail fraud by several parties, which is a federal offense.

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