Investors defaulting to make money
Some NY investors go into foreclosure on purpose August 03, 2009 04:30PM By Alex Ulam
From the August issue: For most homeowners, foreclosure is like a fatal illness that starts
with losing control of their finances and ends with a sickening feeling
when the bank finally seizes the property. Post-foreclosure, a
homeowner's credit rating gets trashed and he can be in financial
purgatory for years, making it nearly impossible to buy or rent
property. But while foreclosure typically spells disaster for homeowners, for
some New York City investors, it may actually be a good business
decision.
Indeed, foreclosure doesn't have to be a money-losing proposition,
especially for the small-time investor who borrowed money to buy
townhouses or condominiums, according to Augustine Diji, a
Manhattan-based lawyer who helps investors drag out the foreclosure
process for as long as possible.
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Comments
Anonymous
Dear Investor, We are one of many companies assigned to let "your" renters know that you've foreclosed on the property, but are still collecting the rent that makes your choice to walk away a 'GOOD BUSINESS DECISION." Your renters, to whom you did not disclose this decision/scenario, paid a deposit; have paid rent, and get a knock on the door- often, a child answers with their mother/father. They are told that eviction is forthcoming. Never mind that the kids are in school, never mind that you've lied for months (they wondered about the numerous odd notices coming)- somehow, CON ARTIST/LIAR that you are, you've convinced them that it's all a big mistake. Hope you're able to convince the Attorney General of that, as well, because that's exactly where a report on you is going- and I'd encourage ALL participants in the foreclosure process to do the same. Good luck with that, dirtbags.
Comment #1 Posted By: Anonymous 08/05/09