This is the first one I’ve seen with homeowners who got foreclosed, and then got their house back with a new loan. In this case, the new mortgage was for the entire amount due, including $100,000+ extra for neg-am and back payments.
Their original Countrywide loan was $686,550 in March, 2005, and the new loan was $804,220:
If they could or did save the nonpayment money, they’ll probably make it. If not, it’s back on the street in how many months?
It would probably depend on how sweet the terms were on the new loan.
$804,220 x 4% interest-only = $2,680 per month, which is about what a house like that would rent for in the neighborhood, if not more.
“off ramp estates”, lol.
considering these builders should be building for sub $50/sf, if they bought the raw land right (or perhaps it was contributed to a JV???) then they will do fine even at $200/sf.
The only difference between Grand Theft and a Legal Fee is a Law Degree. . . -Anon.
Rest Assured, someone is getting bent over on this deal. Probably taxpayers in the en. (no pun intended).
That El Camino was as sweet as the Peregrine hovering over its lunch! Also, let’s not forget all the friends going up the freeway that want to stop by and use the restroom.
Why has Shadash not posted on this topic yet??!!