Real Estate and foreclosure thread

[Someone_else]

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.

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.

 

[Fatrat]

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.

 

[searcher]

 

[searcher]

Rising Home Insurance Premiums Are Eating Into Home Values in Disaster-Prone Areas New York Times

 

[searcher]

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................

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

Montgomery County Man Pleads Guilty to Election Fraud Offenses

www.justice.gov

 

[Voodoo]

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.

 

[searcher]