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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Ozark place
  • Date: Mon, 24 May 2010 13:13:37 EDT



> >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>




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