nettie

Equity Stripping: The Housing Bubble Dupes Again

I have thought that the recent housing market distresses of each individual is horrible to say the least.I feel sorry for people who are losing their homes. I was also a victim of what we in washington call equity skimming.On the other hand I also watch the market for forclosures in my area. Not to scam ANYONE,but to buy a distressed piece of property that I can afford as aposed to an extreme mark up created by greedy home builders all over the contry. I would never offer to take over a deed to help someone save their home, but I have no choice but to offer someone in distress to save their credit by selling me the home for what is owed as apposed to the exorbitant listing price the person in arrears is trying to sell their home for. they know what they have done to themselves now by them taking a subprime mortgage. they know they now could stand to lose everything. they know that the housing market is bad and yet these same victims you are discribing,are trying to make $150,000 profit on a house they know they could lose in a few months as apposed to saving their already tarnished credit and starting over.