Gotta love this outfit, who suck in folks (call 'em the "targets") who can't pay their mortgages, promising that they'll "work for you" to save their house.
Then they find investors who'll pay "pennies on the dollar" to the target's lender, going behind their back to take their house.
Nice.
Get ready America for an army of blood suckers - probably made up of newly unemployed real estate industrial complex members, who'll make commissions on the way up, and on the way down, and that's how the game works.
Here's what they say on their homepage:
We work with your lender to make your loan work with you! We may be able to STOP foreclosure, get your loan re-instated, or get your loan modified to fit your current situation. We are loan negotiation specialists, and we work for YOU - the borrower!
Then on the flipside, here's what they say under "We negotiate your short sale" section on the same site (duh!):
Many property owners OWE…much more than their property is worth. Most investors find these owners and make a HUGE mistake – they say NO THANKS!!! Now you can buy over-mortgaged properties for pennies on the dollar. We will work FOR YOU. We negotiate with the lender, and get them to accept your low, low offer. You buy the property for a fraction of it’s value and pocket the profit! It’s that simple. We do all the work for you, so you can go find more great deals.
August 02, 2006
Putting screwed homeowners together with the folks that want to screw them - now that's the American way!
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21 comments:
technically they're correct - they work "for you" the person about to lose your house, at the same time they work "for you" the person trying to take their house.
because both parties are paying them! Note they didn't say "we work for your best interests". Nope, they just work "for you"
kinda like realtors worked "for you" to get you the best deal regardless of their commission
I wonder if they can be sued for misrepresenation (aka "lying scumbag") on account of the domain name:
"www.wesaveyourhouse.com"
If this kind of "arrangement" takes off then the prices will plunge far faster than in Japan.
Also, the balance sheets of the banks will crater much faster than in Japan.
Say hello to Helicopter Ben.
Hey now that you think about it, isn't a Fed bailout the same as the banks pleading for a "short sale" on their soon to be worthless assets?
we'll surely see all that "asset bubble inflation" oozing into "inflation inflation" when that happens.
this is fuc&ing sick, that's what this is
Check out the Fredericksburg, VA online newspaper, where lots of D.C workers live, and you'll find agents from common names such as RE/MAX advertising to help...
http://www.fredericksburg.com/
Classifieds/searchReport?catgroup=144
I'm glad I saved the RE/MAX ad, looks like they don't have it up now, but I do...
http://smhbn.blogspot.com/
2006/07/remax-predators.html
Ur madre has long urls...
http://tinyurl.com/jfqc5
2 tirllions already printed and waiting on the sideline to save banks, freddie, etc. Injection will probably start by october, when a new war front is opened with I-ran (u-ran, we all-ran for I-ran)
The "WeSaveYourHouse" part only applies if they get the loan modified so that the homeowner can keep making the payments. As an investor who has tried to help those in foreclosure, my experience has been that this rarely happens. Homeowners see this stuff and think they are going to get a miracle. They rarely get what they were hoping for.
The most frequent question I get from these people is, "Will I be able to keep my house?" The only reasonable way an investor can do this, without trying to defraud the homeowner, is to believe that the homeowner's financial distress is temporary. For example, if the homeowner is in trouble with the bank because he/she was unemployed for a while, but is now going to start a new job soon, that's a situation where something can conceivably be worked out. In my personal experience, I have not seen a single instance where the homeowner could be placed in a situation to keep the home.
Some wonder if I can buy the house while they rent. Some investors have defrauded the homeowner by allowing them to do this, then slipping some language in the contract that makes the monthly rental payment skyrocket. The renter (former homeowner) can't make the payments, he/she gets evicted, and now the investor has the house and all of the equity that may have come with it. Keep in mind that this is often a situation where the investor has made up the late payments and is still making the payments in a mortgage that is still in the former homeowner's name.
I always give them the bad news -- no, they can't stay in the house -- no, they can't rent from me and they shouldn't rent from any investor if they know what's good for them. I don't get many deals that way, but at least I can sleep at night, and I actually get testimonials from those who I helped escape from foreclosure. To me, it's not about saving the house for them, but about keeping them out of foreclosure.
"for a fraction of it’s value"
the calling card of every real estate bottom-feeding moron: sticking the apostrophe in "its" when they are using the possessive form, taking it out when they mean "it is".
Out here in this (should be kept and always) rural reaches of Norther Virginia, these crappy K. Hovnanian homes that were built in 2004 - 2005 aren't selling. One on the market started at 875K, reduced to 825K, is now 780K. Renters are still living in it. Good Luck. The house next door has been reduced from 725k to 675k to now at 649k. Good luck. And at the top of the hill new k.hovnanian houses starting from the low 500k. Good luck. When you buy crap, you own crap.
As I sit on my 12 acres with a tiny house bought at 150k in 2003.
And down the street there are k. hovnanian homes owned by some poor slob that are now in forclosure. TTTOOOO BBBBAAAADDDD.
The Americna way is happenind all over the place. The screw is tighting and I can hear the squealing.
Guys, I’m all set if I get laid off during the next downturn.
Thanks to the downpayment which I didn’t use on an overpriced property, and the fact that my landlord has absolutely no pricing power over me (my rents have been flat for years and will continue to be so during the next renewal period), and that RE mortgages in my area average 2x that of rent, I have three years of rent money (in revolving CDs) saved for the downturn. I don’t even need to touch the brokerage and multicurrency accounts.
And thanks to my perfect on time payment history, I get VIP treatment as far as the management company fixing stuff quickly which breaks in my apartment (sinks, tiles, fixtures, AC ducts) for both retention and since they don’t want me to complain to the housing board, which could get me around 6 months of free rent.
I’m sure I can find a job within two (nevermind three) years and even if the full time job market goes soft, I can consult part-time to put some extra cash in the bank and food on the table.
Ok, so where’s all this benefit from being a homeowner? All I see is a bunch of people on the verge of being foreclosed on within a few months of getting laid off whereas I can actually look forward to some time off, though I’d prefer to bring home a paycheck. And if I decide not to pay rent, I still get six months of free housing (though an irate/fuming landlord) whereas how many times does “the check’s in the mail” excuse work on mortgage lenders before they throw you out on the streets? I say two months and the gag’s up.
Wanna bet the bloodsuckers are all republicans?
>Ok, so where’s all this benefit from being a homeowner?
It depends on when you bought your home. If you bought at pre-bubble prices and refinanced at a low fixed interest rate, you would have a good chance of having overhead (a mortgage + property tax + insurance payment) that is low enough to compare to a rental rate. Plus, you have the actual property :-)
Said: Plus, you have the actual property :-)
Answer: You never truly own that property, because what happens if you don't pay the property taxes? Who takes it away?
BRAHAHHAHAHAA!!!!
I got no problem with this because it is IDIOTS who they are taking the house from in the first place.
"Plus, you have the actual property"
Well, I believe the key is in having enough cash in the bank to be able to go a year or so, during periods of joblessness, without depending upon home equity to get through the rough waters.
Many homeowners think that equity is free and can be tapped for any purpose.
Home owner or renter, unless the property is paid for (and then you still need money for taxes, utilities, upkeep etc) if the economy implodes and you don't have a job what does it matter how cheap it is?
Even if you have savings if you don't have a job you'll exhaust your income long before you expire unless you are say 80 years old.
What is the worst we can end up being? Zimbabwei or Beirut, but hey, even there life goes on!
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