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: Elroy Jetson who wrote (213352)	8/3/2009 8:35:48 PM
From: Wyätt Gwyön	Read Replies (1) of 306849

they are offering 2% interest-only? that's only 7K a yr, not bad rent for a 200K house, or even a 100K house, which is what the place is probably worth. think about it from the "homeowner's" perspective. what is to stop the "owner" from doing the mod for 5yrs, then doing a ruthless default? by that time the 200K house down the street could be selling for 100K. the "owner" could then do a ruthless default, wait another year to get kicked out, then go buy the same house for 100K. mortgages in America are so stupid. the odds are so stacked against the lender and now people will just game them all to death.

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