Homestead mailing list

[Clansgian AT wmconnect.com]

> >James, the magnitude of the foreclosure economy is so great that banks, 
> lenders, owners of notes, owners of bundles of notes, etc., are still 
> striving for a standard model of how to deal with huge numbers of borrowers 
> who 
> are upside-down on their mortgages

This may tend to explain it.  The house was sold to the foreclosed 'owner' 
in 2000 when real estate (at least here) was beginning to suffer from 
exuberance.  The house and three acres was probably worth about $60K or so 
then 
but was bought for $94K.  In 2006 the owner fell for the old 'cash coming out 
of the faucets and light sockets' ploy during the feeding frenzy and 
borrowed $60K based on an appraisal of $160K.

A month ago the property directly across the road, house + barn and 27 
acres, sold for $50K.  By this time the foreclosed house must not only be 
upside 
down but fathoms below the surface!</HTML>