Your stories about people taking advantage of this situation

trrenter_IHB

trrenter_IHB

New member
The longer this continues to go on the closer this hits to home. What I am seeing is not the stories you hear on the news but I am seeing people knowingly taking advantage of this. In recent days I have heard two such stories.



The first one is a person that because of personal reasons can't afford their home anymore. They tried to rent the home out but that didn't work out and they can no longer afford the house. They were renting a place and recently announced that they are moving back to the primary residence. When asked why they said the house is being foreclosed on I haven't made a payment in 3 months and I don't intend to pay anymore, I am just too upside down. So I am moving back in so I don't have to pay any rent. We are going to save the money up then buy a house in the same neighborhood under my fiancee's name. She has great credit and we werent' together when I bought my house.



The second story was one that truly ticked me off. These people were acquaintance's of ours for years. Didn't know them very well but they had the best of everything. Single parent with three cars, took trips oversees 3-4 times a year, month long vacations to Europe, the best of everthing. The parent was an RE agent and evidently made all her money refinancing her home. The crack RE agent didn't see this coming and after living rent free for 15-18 months(this is aproximate based on when we first heard they were "moving", they finally lost the home. No worries she now was able to qualify for HUD housing and she gets all the low income assistance at school etc. The parent got to keep all the property she bought with that and had a hell of a time. We subsidize the loss and now she gets goverment assistance until the Market turns around and she can start making money again.



I wish the main stream media would pick up stories like these.
 
[quote author="trrenter" date=1236124560]The longer this continues to go on the closer this hits to home. What I am seeing is not the stories you hear on the news but I am seeing people knowingly taking advantage of this. In recent days I have heard two such stories.



The first one is a person that because of personal reasons can't afford their home anymore. They tried to rent the home out but that didn't work out and they can no longer afford the house. They were renting a place and recently announced that they are moving back to the primary residence. When asked why they said the house is being foreclosed on I haven't made a payment in 3 months and I don't intend to pay anymore, I am just too upside down. So I am moving back in so I don't have to pay any rent. We are going to save the money up then buy a house in the same neighborhood under my fiancee's name. She has great credit and we werent' together when I bought my house.



The second story was one that truly ticked me off. These people were acquaintance's of ours for years. Didn't know them very well but they had the best of everything. Single parent with three cars, took trips oversees 3-4 times a year, month long vacations to Europe, the best of everthing. The parent was an RE agent and evidently made all her money refinancing her home. The crack RE agent didn't see this coming and after living rent free for 15-18 months(this is aproximate based on when we first heard they were "moving", they finally lost the home. No worries she now was able to qualify for HUD housing and she gets all the low income assistance at school etc. The parent got to keep all the property she bought with that and had a hell of a time. We subsidize the loss and now she gets goverment assistance until the Market turns around and she can start making money again.



I wish the main stream media would pick up stories like these.</blockquote>


And I wish people would stop voting for politicians who are willing to spend my and your tax dollars on this crap. The American voter is getting exactly what they voted for.
 
The system allowed them to take advantage of it on the way up.



Now they are gaming the system on the way down.



I recognized what they are doing early on, and elected to not particpate because I thought it unethical.



The moron is me for not playing the game to maximize my expectation. I could of walked with $500K+ had I done "the wrong thing" and followed the crowd - with the expectation to walk when it went bad. I guess my payoff is in karma bucks. Working in Special Assets did bad things to my sense of morality.



<img src="http://64.19.142.12/www.irvinehousingblog.comm/images/uploads/2009feblate/lemmings.jpg" alt="" />
 
[quote author="awgee" date=1236128017][quote author="trrenter" date=1236124560]The longer this continues to go on the closer this hits to home. What I am seeing is not the stories you hear on the news but I am seeing people knowingly taking advantage of this. In recent days I have heard two such stories.



The first one is a person that because of personal reasons can't afford their home anymore. They tried to rent the home out but that didn't work out and they can no longer afford the house. They were renting a place and recently announced that they are moving back to the primary residence. When asked why they said the house is being foreclosed on I haven't made a payment in 3 months and I don't intend to pay anymore, I am just too upside down. So I am moving back in so I don't have to pay any rent. We are going to save the money up then buy a house in the same neighborhood under my fiancee's name. She has great credit and we werent' together when I bought my house.



The second story was one that truly ticked me off. These people were acquaintance's of ours for years. Didn't know them very well but they had the best of everything. Single parent with three cars, took trips oversees 3-4 times a year, month long vacations to Europe, the best of everthing. The parent was an RE agent and evidently made all her money refinancing her home. The crack RE agent didn't see this coming and after living rent free for 15-18 months(this is aproximate based on when we first heard they were "moving", they finally lost the home. No worries she now was able to qualify for HUD housing and she gets all the low income assistance at school etc. The parent got to keep all the property she bought with that and had a hell of a time. We subsidize the loss and now she gets goverment assistance until the Market turns around and she can start making money again.



I wish the main stream media would pick up stories like these.</blockquote>


And I wish people would stop voting for politicians who are willing to spend my and your tax dollars on this crap. The American voter is getting exactly what they voted for.</blockquote>


Well... what are you saying... I mean we don't have HOPE but we sure do have CHANGE!!!



CHANGE!!! H... AND CHANGE!!!



BTW...I have started to refer to friends and colleagues as comrades.....its catching on.
 
[quote author="optimusprime" date=1236138768]



BTW...I have started to refer to friends and colleagues as comrades.....its catching on.</blockquote>




My russian sister-in-law is VERY sensitive to things like that. But she's not happy to be supporting this....

-bix
 
<img src="http://americanfrontporch.files.wordpress.com/2009/02/socialism1.jpg" alt="" />



Workers of the world unite! Death to... Hey wait a sec, where am I going to find proletarians in Irvine?!
 
I think it is the direct responsibility of every IHBer to shun, ridicule and shame every acquaintance who is taking advantage of the system. Who knows you might be the only conscience voice in their lives! These people got to know that there are people who are really ticked off at their actions and their adverse consequences. It should be made clear that you do not and will not continue to associate with professing ?criminals?; their lack of character and integrity will also be known to other acquaintances, mutual friends and family members. Much like registered sex offenders, if they plan on staying in the neighborhood; it will be our collective goal to identify and extricate them from the community.
 
hello to all. i am new and have been reading the info on this site for a few months. Just found some time to register and participate :) just getting use to this. my wife and i decided not to particpate in the crazy market and bought a small cheap condo back in 2002. after a few years as the prices started to go up really crazy, my wife was like "do you think we messed up" i knew we didnt, and this current situation with the economy/real estate exceeds what i ever imagined and the scary thing is that it has just started.in short, we are looking but not in a rush. i have been looking at homes in irvine (sierra) - just dont like mello roos, sunday went to look at homes in yorba linda (vista del verde)(i liked the ironwood tuscan) and other parts within long beach and palos verdes. i look forward to chatting with you all.
 
[quote author="freedomCM" date=1236223159]did you shun them on the way up when they were ATMing their house?</blockquote>


They shunned us.



We didn't 'get it'. We weren't 'risktakers'. We were bitter because we missed the boat. We were afraid to grab the brass ring.
 
my wife and i would laugh as we saw all these dumb people using the house as an atm to buy a 50k or 80k car thinking that somehow it would all work out. is there a story for "horror/dumb stories" i know people in oc that bought 100k cars at the peak and cant even afford to maintain them. morgage people that went from a reg job paying 50k to 150k overnight, bought a big home, 100k car and now have nothing and in some cases live at home.
 
[quote author="momopi" date=1236184820]

Workers of the world unite! Death to... Hey wait a sec, where am I going to find proletarians in Irvine?!</blockquote>


In the attached housing.
 
its amazing how many people out there think they can make a buck without hard work and being smart. i have been working 80hrs a week for the last 10yrs and work saturdays while people i know (friends of friends) thoght they had it figured out (doing mortgages) and waking up at 10am while their dumb friends (me) wakes up at 5am to do a full day. yeah, i'm the dumb one LOL.
 
Advantage taken by family member. Brother B asks brother A to co-sign loan for $1mil home. Brother B subsequently takes equity line out to fund vacations, time share, etc. Since funds are running dry, the same brother maxes out a credit card belonging to brother A. Now, brother A is stuck paying for mortgage, equity line, and credit card to protect his own credit.
 
Being in import/export I benefited from these HELOC people, saw many of those customers come thru the door bragging about their property appreciation.



What I would be worried about, is if say, someone bought 2-3 properties option-arm, HELOC'd the hell out of them, gave the money to relatives overseas, or heck, buy gold bullion and stash it in a bank vault. Then, walk away from the payments and file a BK7. You can easily end up with >$500k in CASH.



Next, spend time to clean up the credit report, and within 2-3 years have a FICO > 700.



Now thats something to think about because you can get away with this so easily.
 
[quote author="frugalwithclass" date=1236251816]hello to all. i am new and have been reading the info on this site for a few months. Just found some time to register and participate :) just getting use to this. my wife and i decided not to particpate in the crazy market and bought a small cheap condo back in 2002. after a few years as the prices started to go up really crazy, my wife was like "do you think we messed up" i knew we didnt, and this current situation with the economy/real estate exceeds what i ever imagined and the scary thing is that it has just started.in short, we are looking but not in a rush. i have been looking at homes in irvine (sierra) - just dont like mello roos, sunday went to look at homes in yorba linda (vista del verde)(i liked the ironwood tuscan) and other parts within long beach and palos verdes. i look forward to chatting with you all.</blockquote>
BTW: Welcome to the IHB.



It's a good thing you didn't buy between then and now... just wait it out like many of us.
 
[quote author="Tunnel" date=1236733153]Advantage taken by family member. Brother B asks brother A to co-sign loan for $1mil home. Brother B subsequently takes equity line out to fund vacations, time share, etc. Since funds are running dry, the same brother maxes out a credit card belonging to brother A. Now, brother A is stuck paying for mortgage, equity line, and credit card to protect his own credit.</blockquote>


Brother A doesn't sound too smart (or maybe just too nice).
 
I met one of my apartment neighbors recently. She was telling me how she was living in another state when a friend called her up and said to come out to Orange County where she can process loans and make some money. She has no education and was making well over a hundred grand per year. She is now out of work and collecting unemployment. Apparently her unemployment has been stalled lately and she's unhappy about their lack of efficiency. She's bummed the party is over but seemed to relish in talking about the good old party days. Our conversation wound down because she had to get to the unemployment office. I was standing next to a table where she had her things. She asked me to hand her her purse - it was a nice LV bag. :long:
 
Peoples attitudes seem to be proof that a persons "house" is nothing more then an investment.



If it goes up they want to keep it if it goes down they want to jettison it. Evidently a friend of a freind just came into extra spending money. They are no longer paying their mortgage. They instead went on a trip to Vegas last weekend. They can't afford their underwater home and they can't sell it so they will just stay and not pay.



Yep lets bail them out.



I want a renters bailout. If a renter cannot pay their rent I want the government to come in and lower my rent to something I can afford. If I can't pay even after that I want to be able to stay for 8-18 months rent free. Whatever the average foreclosure time is at the time should be fair.



Equal rights for renters!!!
 
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