This guy worked the program nicely – his first NOD was filed in April, 2008
By the time this got foreclosed in May, 2012, the back payments, penalty fees, and negative amortization added up to more than $250,000:
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In the coming years books will be written about the housing crisis and maybe then it will be explained why banks went after some people right away and others were allowed to live rent free for years. It has been almost five years since this mess started and most banks STILL do not have a standard formula for dealing with this.
Wow, just wow! Who knew? *Sarcasm* Crime does pay–especially in RE land…
In the end, it all comes down to ice cream!
The banks and our government are perpetrating the largest fraud the world has ever seen. All the financial wizardry that has occurred over the last twenty to thirty years is coming to a head and it’s not going to be pretty. They may be able to inflate their way for survival, but the social destruction is gonna hurt. Got popcorn?
At this rate, I’ll have my house (that I just bought) paid off about the time the crash ends.
Honest living has its problems as well…