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| Economy |
| Atlas, Err.... Shrugs? |
| 2010-10-14 |
| Evicted Family Breaks Into Their Former House Lawyers V's Banksters, place your bets. One of the long-shot outcomes of the current foreclosure mess could be a chaotic scenario in which people fight to get their foreclosed homes back. Enter the Earl family in Simi Valley, Calif. Over the weekend, Jim and Danielle Earl reportedly took their nine children, ages 9-23, and a locksmith and broke into the six-bedroom house they used to call home. The move was recommended by their lawyer, according to a story on Aol's HousingWatch.com. Police officers were on hand when the Earls changed the locks Saturday but did not intervene, the Ventura County Star reports. The Earls paid $500,000 for the house in 2001 and then refinanced to pull out cash. They fell behind on their mortgage and at the time of their eviction they owed about $880,000 on a no-interest mortgage. Investors at Conejo Capital bought the house for $697,000 at a lender's trustee sale and put $40,000 of work into a remodel, replacing carpeting and appliances, as well as upgrading the kitchen. They flipped it to new buyers for $800,000. Those buyers were supposed to move in this week; those plans are on hold. The Earls claim that they were working with GRP Financial Services to catch up on payments, but discovered a $25,000 difference between what they believed they owed and what the bank said they owed. They then stopped making payments. |
| Posted by:tipper |
| #4 > paid BORROWED $500,000 for the house in 2001 and then refinanced to pull out cash. They fell behind on their mortgage and at the time of their eviction they owed about $880,000 Zero Sympathy as foreclosure is a zero sum game. Somebody gets the house at a discount = GOOD! Unnafordable (price/wage) Houses are the opposite of economic growth. |
| Posted by: Bright Pebbles 2010-10-14 19:38 |
| #3 "paid $500,000 for the house in 2001 and then refinanced to pull out cash" Stop. Right. There. Zero sympathy for them. They brought it on themselves. And they had a no-interest mortgage? Since I pay my mortgage on time, can I have one of those? >:-( |
| Posted by: Barbara Skolaut 2010-10-14 19:02 |
| #2 So the Lawyer recommended that they violate the law (breaking and entering). Don't lawyers get disbarred for that? |
| Posted by: CrazyFool 2010-10-14 18:21 |
| #1 Insanity! Very, very predictable 2nd order effects,(in fact we all read it right here) INSANITY! |
| Posted by: Besoeker 2010-10-14 17:50 |