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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Stoctrash who wrote (168618)	12/3/2008 11:45:53 AM
From: MulhollandDrive	Respond to of 306849

These are the stories I hear from CA. One guy told me he knew one Mex family that did that by selling the house back and forth between them. I'm not saying whites & purples didn't do it also, but the illegals really milked that. When some got caught they just took off back to Mex with a pile full of $$$$ from the cashout refi or HELOC....as the house now sits as REO. was told a very similar story just over the thanksgiving weekend at a friend's house...he works in RE (almost all short sales) and he told us about a guy who bot a house, got an inflated appraisal, and within a couple of months, got another appraisal which was ridiculous allowing him to cash out over $200K, (this kind of 'appreciation' in just a few months, mind you) bot a bunch of toys, boat, cars, etc, stopped making payments, skipped tow........RE agent he finally located the guy's wife (did some googling and was able to find her because of an unusual name), and she actually gave him the guy's phone number... long story short the guy moved to nevada, he's a COP and the bank is finally working out the short sale now that he's been located the thing is the guy didn't commit any fraud (unless he paid off a couple of appraisers, which the RE friend believes he probaby did, but nobody plans to do an investigation, waste of time) so he just took advantage of the insane lending practices, took the money and ran....(RE agent wouldn't give the name of the bank, but it's a big one).... i'm sure this sort of thing happened over and over, one woman i spoke with cashed out re-fied her home in colorado, then took the cash and bot 2 houses here, plus a fourth in another state, i looked at one of the homes she is trying to sell here, she's pretty desperate to unload, since she and her husband has 4 mortgages going, and while she has lowered the prices, she still makes statements like 'if i don't get "this" price, i'm not selling" (guess she believes that since she's an 'inwestor' <g>).....that usually translates into she needs a certain price to avoid having to bring cash to the settlement table....i wish her good luck<gg> ps.. are you referring to the 'encore' commercial with wynn 'sitting' on top of the building? i saw the first one yesterday....be interesting to check out their sales....maybe TH should look into them....he expressed an interest in vegas some months back <g>