Quote:
Originally Posted by darkcloud
...I've seen what you are talking about. I'm am being neither selfish or immature. I am also not rejoicing in the misery of others. I understand it suck and feel very bad for them, I also see that almost 75% of the properties being foreclosed in my area area 2nd, 3rd or even 4th properties. When the primary house is the foreclosure you can see clear as day that the people should not be living in that house. They clearly overextended and are living well beyond their means.
We've served mansions with brand new Porsche's in the driveway and the people can't pay their electric bill. When they open the door they are clearly not laid off CEO's or anything like that. Sad, Yes but they were the start of their own problem.
My business was created well before this problem ever came up. We just happened to be positioned in the right line of business when this wave came in. We didn't start this business to capitalize on peoples problems nor did we hope for it like you may think. Which there are plenty of businesses that have started up to try and do what we do due to foreclosures.
This is an unfortunate problem for many but to hope things upon me because my business happens to capitalizing off this is wrong as well. I apologize for how I spoke before and didn't mean to sound as cold hearted as I did.
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Meh, no worries. I'm with you on people that have clearly or unnecessarily overextended themselves. Many people did take advantage of easy credit and purposely tried to buy more than they could pay, many with the foolish belief that prices would keep going up.
Many others, however, were dupped by unscrupulous mortgage brokers. There are many honest ones, but I've found a few scamsters along the way. On a rental property I bought, I found a guy was trying to slide a fast one right before close. Pissed me off something fierce, took all my business elsewhere after that. I also see many brokers selling very complex financial instruments to people that clearly don't understand them, and get in over their head. Take the COFI Pay option ARM's. Perfect for me, as my income swings widely from month to month and I'm going to be in the house shorter than the mandated refi window and before the ARM can explode. But, it's a terrible product for joe homeowner trying to own their home, not realizing that they may be recap'ing interest when they thought they were paying down their loan.
As always, buyer beware, if it's too good to be true, it is. But those people speculating up prices with 3rd and 4th homes that are now in foreclosure - fuckem.