The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: MulhollandDrive who wrote (85137)	8/14/2007 10:25:40 AM
From: Tradelite	Read Replies (1) of 306849

<<quoted an 8% fixed rate on the loan 2 weeks ago, he's been informed the rate is now 13%!!>> Rates like that must not be too uncommon right now. Foreclosure notice seen in today's paper: Original loan being foreclosed: $750,000 with an initial annual interest rate of 9.25 percent dated April 2006. Terms of sale: All cash. A deposit of $75,000 or 10 percent of sale price, whichever is lower, required at time of sale before bidding will be closed. Balance of the purchase price, with interest at the rate of 12.25 percent per annum from sale date to the date said funds are received in the office of the Substitute Trustee, will be due within 15 days of sale. In the event the property is purchased by someone other than the noteholder and settlement is delayed for any reason, there shall be no abatement of interest caused by the delay.

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