All Forum Posts by: James Harkness

I think that the current state of the global economy (especially the economy in the United States) is a cause for concern for many. We can certainly point out a lot of commonalities between the United States' economy and that of Greece. I am currently reading the book, "House of Cards". It is about the history of Bear Stearns and how it went under. Extremely good read and very interesting. Also provides a lot of insight as to why the economy is the way it is today.

It is the general fear and insecurity that the people feel and propagate that is really hindering a recovery. As long as people do not have any confidence in the economy/credit markets, there will be no recovery. I recommend the book. It opened my eyes to a lot.

The other thing about the commerical problem that is interesting is that it isn't necessarily the customer's ability to make a monthly payment that will cause the default. Many commercial notes have balloons. And while the customer will have no problem continuing to make regular monthly payments, they cannot come up with the balloon payment because the credit markets will not provide refinance funds.

Rich,

I read that the number of commercial defaults in the next year and a half is scheduled to exceed 1.4 trillion... not 1.4 billion. In the commercial world, 1.4 billion isn't really all that much.

"Whether you think that you can or you think that you can't, you're right." Henry Ford (I think)

The newest blackberry bold (9500 or 9700 I cant remember) is incredible. I used to have an iphone, but I am not a fan of touch screens. This blackberry has every capability that I could ever need. Love it.

I think that is your best bet, and try to ask around when you talk to them to see what exactly is happening/what they are trying to accomplish.

I am not an attorney so take this for what it is worth.

It sounds to me like you should respond to the attorney who sent you the notice, and explain to them the situation. It sounds to me like something may have been recorded wrong.

If something comes of it like they are going to go after you for that debt, you are going to need to contact your lawyer and figure out what options you have.

Most people don't look at their personal residences the same way that they look at investment properties. If you really want somewhere to live for yourself, you need to ask yourself what it is worth to you. Is it worth 135k to you?

On the other hand, securing 203k financing right now is very difficult, and will likely make it difficult to buy an REO. If the bank sees that you are making an offer contingent of qualifying for a 203k loan, they will likely consider other offers first, even if they are lower than yours.

Good luck to you.

So you are looking for a straw buyer...

It has nothing to do with the bankruptcy. It has everything to do with the foreclosure. Jon explained it perfectly. The borrower cannot benefit from a short sale or a foreclosure. Allowing a borrower to continue living in a property after a foreclosure sale at a lower monthly payment than what they pay currently is certainly a benefit to the borrower.