Real Estate and foreclosure thread

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Casey Jones said:
As has been discussed to death, it makes no sense in reality - hundreds of thousands in increased interest cost, to drop payments a few hundred dollars.
Click to expand...
It seems like the worst case of marrying a rental with no legal way of leaving before the 50 years are up. When I was in the home loan game, 15 years was my absolute maximum. Anything longer was just fucking stupid.
 
Time to hunt up another home insurance company, or decide if I want to be uninsured, I own the place free and clear...insurance companies suck.
 

Landlord Phil Pulley transferred ownership of West Philly apartments days before suspected arson, records show​

Two days before an apartment complex once hailed as a shining example of Philadelphia’s urban renewal went up in flames, its owner, embattled city landlord Phil Pulley, transferred the vacant property to a New York investment firm.

Federal investigators are treating the fire as arson.

The property’s new owner, Aureus Special Asset Management, which records show is linked to investors in South Korea and Saudi Arabia, is now demolishing the West Philadelphia structure, known as Admiral Court.

Earlier this year, Pulley faced a $29.4 million foreclosure over unpaid debts linked to a fizzled redevelopment of Admiral Court and an adjacent complex, Dorsett Court. Instead of seeing investors foreclose on the property, he agreed to transfer both apartment complexes to his lenders.

More:

https://www.msn.com/en-us/money/rea...son-records-show/ar-AA1R2kd5?ocid=socialshare

Phil is quite the character................

therealdeal.com

Fannie Mae sues embattled Philly landlord’s affiliates for $60M

Philadelphia landlord Philip Pulley is facing a Fannie Mae suit, charges of voter fraud and accusations of being a slumlord.
therealdeal.com

www.justice.gov

Montgomery County Man Pleads Guilty to Election Fraud Offenses

www.justice.gov www.justice.gov
 
Transferring the assets to the lender has been one of the methods these guys are using to hide losses. Also for lots of private equity deals they just call it Payments in Kind. Well, I think that's slightly different but another similar procedure.
 

Properties around Temple U weren’t selling — until a real estate agent nearly doubled the asking prices​

It’s no secret that times are tough for landlords around Temple University.

An eight-bedroom rowhouse on 1734 N. Gratz Street, for example, languished on the real estate market after being listed for sale, like many dormlike apartments left in the wake of a rental boom that fizzled amid declining student enrollment.

The property went up for sale in April 2024 for $475,000 — $40,000 less than the owner had paid two years prior. It sat on the market for one year with no takers.

Then real estate agent Patrick C. Fay got involved.

In April 2025, the Gratz Street rowhouse was relisted for $875,000. The very same day, it was listed as a pending sale, with Fay representing the buyer, according to real estate data from the Realtors Multiple Listing Service.

More:

https://www.msn.com/en-us/money/rea...he-asking-prices/ar-AA1SdqqC?ocid=socialshare
 
Ya know what scares me in all this? The volatility. That a place that's affordable now, can be ridiculously overpriced in a couple of years.

Or that a place overpriced a few years back, is now in pricing freefall.

That makes planning impossible.

Example: I moved to Montana twelve years ago. I was pleasantly surprised to find rents about 20-percent below what I'd seen in Cleveland and Indianapolis. Less than I paid in Eau Claire, just prior. (Buying wasn't an option at that point in my life).

Great. I'm likin' it. Except, the hoardes marching over the mountains, coming to invade, caused rents and home prices to quadruple in those twelve years.

Florida. I was down to the Orlando area (Kissimmee) in early 2022. The RV park I was at was downright cheap - and beautiful, with a friendly clientele of regular snowbirds. Hey, I'm gonna like wintering here...

Except the very next season, their monthly rates DOUBLED. From $750/month, to $1400. That put it far out of my budget.

So. Now, Florida rents are falling. What, people are gonna again move down there, and then, as NYC collapses, AGAIN be priced out of shelter? And, the DeSantis government is not forever. We forget, it was a short 25 years ago, when Jebster Shrub was Goobernor. And then, who? Charlie Crist (I always read the name, "christ", as in, oh, Christ..)?

To say nothing of their local-government problem. And HOAs-Gone-Wild.

AND, Gotham, to the north, is about to have another explosive-vomiting session, barfing out populations as a Moslem Communist with zero real-world-life experience, gets ready to relearn what has been tried dozens of times in the past.

So...no...I'll not go to Florida at this point. I'd love to winter there. I'd love to win the Lotto, too - but it ain't happening.
 

Squatter locks out homeowner and calls it a “peaceful, hostile takeover”​

FOX 5 Atlanta reporter Denise Dillon opens her recent report with a detail that makes every homeowner with a vacant property wince: the house had been on the market for months, and the owner thought it was simply sitting there, waiting for a buyer. Instead, Dillon says the homeowner learned a stranger had moved in without permission and without paying a dime.

It happened in Marietta, at a home on Twin Brooks Court, and the owner, Adriana Ward, told Dillon she was stunned by how quickly it unfolded. One day it was a listing. The next, it was a lockout.

And then came the line that turned the whole situation from “creepy” into “how is this even real?” Dillon reports the man inside claimed squatter rights and called the whole thing a “peaceful hostile takeover.”

Over on the real estate YouTube channel Flux City, developer Edward “Eddy” Carrington takes Dillon’s reporting and zooms in on the part that bothers him most: the alleged squatter didn’t get hauled out for trespassing or squatting.

More:

https://www.msn.com/en-us/news/worl...hostile-takeover/ar-AA1StZll?ocid=socialshare
 

The Zombie Debts Making Wall Street Rich | Bloomberg Investigates​

Dec 17, 2025
A hidden housing crisis is sweeping the US as debt collectors revive forgotten mortgages to seize homes. Bloomberg reporters uncover how outdated laws and predatory tactics have left millions at risk.


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