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Strategies & Market Trends : Turnarund Investing

NOVS 0.0666

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Aug 1 5:00 PM EST

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From: bankbuyer	4/26/2012 1:05:20 PM
	of 1876

Novastar- "poster child of toxic lending" This home is a 3 bedrooms and 2 baths home. It is listed at 1,978 square feet. This is a current short sale or pre-foreclosure (depending on how you see it). Let us look at what got this home in trouble: Good old Novastar (poster child of toxic mortgage lending) made $1,000,000 in loans on a 3 bedroom home. The notice of default was only filed in May of 2009 and the original Novastar loans were made in 2006. So it took about 3 years for payments to be missed. The current short sale price is $949,000. Even an FHA insured loan won’t help you here. Anybody have a $200,000 down payment and looking to spend nearly a million dollars for a 3 bedroom home? From $147,000 to $1 million all in one city. That covers much of the food chain."

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