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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (63145)	6/24/1999 1:33:00 PM
From: benwood	Read Replies (2) \| Respond to of 132070

The housing market talk reminds me of my friends who purchased a home in Phoenix around fall 1990, after Phoenix had regional employment problems (DOD downsizing I think, and overbuilding) and had a real-estate collapse. When they closed, the people selling the home had to add a $17000 personal check to the deal, and that was for a house that was "only" $127k. Ouch! Many people, of course, quit claim deeded their homes when that decline hit. And this was before the 125% mortgages were in vogue.

To: Knighty Tin who wrote (63145)	6/24/1999 5:07:00 PM
From: JBW	Read Replies (1) \| Respond to of 132070

Mike, The thing to do is incorporate in Nevada. Then you put the debt under the corporation and walk away. SOMEONE I KNOW DID THIS. 125% LOAN THEN DEFAULT. tHE WORST PART IS THE SECOND NEVER EVEN ACKNOWLEDGED THE DEFAULT. tHE FIRST FORECLOSED. oNE MONTH LATER THE MARKET TURNED AND THE SPEC BUYER MADE $70,000. ON THE HOUSE. nICE IF YOU CAN DO IT. tHESE LENDERS ARE NUTS AND THE TAXPAYERS ARE GOING TO EAT THE LOSSES. Whoops! Got the caps key stuck again. DUH! JBW