Posted by Shoshana/AZ (shoshana) on March 26, 2007, 8:36 pm, in reply to "Shoshanna" 207.200.116.198
It could be that the owners in the neighborhood were investors flipping houses, they were the last ones in the chain and got caught with their pants down. It happened over and over in my neighborhood. Yes, as a notary I have talked to many a loan officer whose actions bordered on being criminal. That is why I became a loan officer. Here in AZ, there is much fraud and things are getting very tight. Before too long LO's are going to have to be licensed here and will also need CE credits in order to renew their license. The law already passed the Assembly and has gone to the Senate.
--Previous Message-- : "But not all of them were : crooked" : : You are correct. : : My apologies! : : I shouldn't have inferred that all : lenders and brokers etc. . . in : the Sub-Prime business are bad. : : Sometimes, Sub-Prime loans are the : only : choices many people have. : : However, the Sub-Prime brokers and : lenders that I have personally met : (and : wanted me to work with them) and : others : whom reputation I know, are anything : but : nice. : : These folks are Extremely shrewd, : aggressive and take advantage of : those in need and/or too trusting. : : But then, this description could fit : many in the real estate and mortgage : industries, as well as other fields : (especially politics). : : However, It is just so astounding to : have : seen, all those homeowners : simultaneously : trying to sell their properties, : back-to- : back-to-back. . . : : : Pam : : : : : : --Previous Message-- : Pam, please don't jump to conclusions : regarding Subprime lenders. Maybe they : were just greedy investors out to : "make a killing". That's : exactly what drove up the prices here : in AZ! Many people are suffering for : that now. : I am certainly not a fan of Subprime : lenders. But not all of them were : crooked. : JMHO : --Previous Message-- : I was in a particular city today : (one of my service areas), and it : was astonishing to see so VERY : many "For Sale" signs. On : one street : alone I counted approximately twelve : homes! : : I was in that area about ten days : ago. : Although there were the usual : "For Sale" : signs sprinkled about, it was nothing : like I saw today. : : On just about every block, there were : three or more signs. What makes this : particularly interesting, is that : many of : these properties were also marked : "just : reduced" or "priced for : quick sale". : : I know this area very well and : remember : a few years ago, when it was a : seller's : delight! During that time, many of : these : homes, (in my opinion) though very : nice, : were price Much too high. : : Now it seems as though these home : can't : even be given away! : : Though I do not have proof (without : actually researching the county : recorder's office), I suspect many of : these homeowners are victims of the : Sub-prime lending and/or : "creative : financing" fallout. : : I wonder how many of these Sub-Prime : Lenders and Mortgage Brokers are : having : to face the same situation? Probably : zero : (if that much). : : [And yes, I know that many of these : lenders etc. . .are : "closing-shop", but : I am very sure, that THEIR : residential : properties (for which they are : actually : living) are not facing foreclosure.] : : It is really a disheartening time for : many. : : : Pam : : : : : : : : : : :