Biggest Defaulters on Mortgages Are the Rich v. More Ruthless

  • Thread starter Thread starter Mejnoon
  • Start date Start date
http://www.nytimes.com/2010/07/09/business/economy/09rich.html?ref=homepage&src=me&pagewanted=print

lol @ Chamillionaire

cliffs: rich are more likey to default
 
Actually, it's the lack of jumbo mortgage products and government sponsored programs for those high balance loans.

/thread
 
I wouldn't consider buying a house to be an investment.




What you're nrabroad
getting is that I was talking about recourse loans.
 
In California, they can't come after you if the loan was to purchase the property. If you refinance and take money out, they can come after you.
 
Or I can pay rent for those 30 years which will increase continuously while my mortgage payment stays the same. I'm nrabroad
saying its a get rich quick investment, but it is the anchor of any personal wealth for most working and middle class families if you dont purchase beyond your means

My mortgage is 4.5 fixed, my overall payment is about 30% more than what I was renting a very small place for and I get the tax benefits on the mortgage interest. Kicker for me was obama giving me 8k to buy, especially considering how substantial that is here in TX compared to home prices.
 
Flipping can still be lucrative under fairly narrow circumstances. Most of the guys doing it successfully are contractors...they can get by on slim margins.

For the most part though, you're exactly right...its time for portfolio building.
 
what in the fuck are you talking about?
Why would a prosecutor have any involvement in this arena?
 
Nrabroad
sure what to tell you it appears all you are doing now is trolling. I even went back and checked an email message I had received from him. (I had asked him to send me a little more information on the subject) He was talking about how it's common for companies to establish large numbers of shell LLCs for each of their new projects. He said he has seen over 100 for a single project before.
 
Yea, the part about default says that it accelerates the entire loan, and that if you don't pay the accelerated amount you are charged default interest, which can range from between 5% and 14% over the original Nrabroad
e rate.
 
Depends on your goals. You can see positive cash flow (significant cash flow in some cases) with very little/no cash in right now in many markets
 
Back
Top