Quote:
Originally Posted by oceanbreeze
I know.  We live in AZ where the builders got greedy and expected an influx of CA residents to come rolling in, in return the locals bought up the houses expected to turn a huge profit, CA didn't come, homeowners can't afford 2 mortgages, now have to rent it out, way below what they originally paid for the house. Common get rich greed at work.  |
Here, they had a rash of people buying condos with the intention of quickly flipping them. They just did a story on a local couple that mortgaged their house to the hilt in order to purchase 4 condos at pre-construction prices.
Condos were finished just as the housing slump hit. No buyers, unable to use their house as an ATM anymore. They are in the process of losing everything.
Their home value has dropped way below their mortgage. Lenders won't work with them.
Its sad, but these are educated adults who saw a chance to make a quick buck.