Saturday, January 05, 2008

Mortgage Foreclosures 2007. by Geniusofdespair

Speaking of buyers "who were either not qualified, not judicious, or just plain caught up in the speculative frenzy" (see post below) here is a foreclosure I have never seen before - one with two balloons! The property was purchased for $205,000 by Nubia in March 2006. She never owned a home before and her paycheck was being garnished by Asset Acceptance when she got 100% financing. She got two mortgages in spite of the Judgment. Both Mortgages have balloon riders on them! The first mortgage was for $164,000 with an adjustable rate which could go up to 15.440% The second mortgage was for $41,000 and had a balloon with a separate loan number. Foreclosure amount was $178,475.71. The second $41,000 mortgage was not included in the foreclosure. The foreclosure amount is due by February 6, 2008. I have a feeling this will not get paid by Nubia who put nothing down. And, the purchase prices seems over-priced for the neighborhood.

Note the chart at left. The foreclosures in 2007 total 23,543 (sans December) which is almost 3 times the foreclosures that occurred in 2005.

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