I found this blog a couple weeks ago http://iamfacingforeclosure.com/ and have been following it daily. Its reality tv on the internet. This 24 year old managed to get over $200k in unsecured credit and nearly $2 mil in mortgages without any assets or a job. How is this possible? Their are people with jobs and get rejected for much smaller mortgages.
How is it possible to get into so much debt...
- Thread starter BarneyFife
- Start date
A few newspapers wrote articles about him and people that post on his blog have confirmed that he does have mortgages for the properties. I don't think its fake.
I can see the webpage now. "Due to circumstances beyond my control, I have been the victim of a financial downturn. Please donate much $$$, any help is appreciated!"
mugs
Lifer
- Apr 29, 2003
- 48,920
- 46
- 91
Is there any reason to believe this would have any positive effect: http://www.healthfree.com/incurables_program_hydrotherapy.html
Seems more harmful than good, and it has a lot of health buzzwords, so right off the bat that makes me think it's BS.
(That was one of his goals for last year - to do that every day)
Seems more harmful than good, and it has a lot of health buzzwords, so right off the bat that makes me think it's BS.
(That was one of his goals for last year - to do that every day)
This is some young kid that got greedy. He sold his condo after he quit his job and made 30k. He then went to all those how to buy a house with nothing down type deals. Mind you if its so good/easy then why are THEY not doing it instead of telling you how.
After that he got loans, bought houses, could not pay, does not know how to fix them or even how to handle contractors, etc...
And I agree with mugs "I hope nobody donates any money to that tard."!!!!
Heres the story...
http://www.usatoday.com/money/economy/h...ng/2006-10-22-young-flipper-usat_x.htm
After that he got loans, bought houses, could not pay, does not know how to fix them or even how to handle contractors, etc...
And I agree with mugs "I hope nobody donates any money to that tard."!!!!
Heres the story...
http://www.usatoday.com/money/economy/h...ng/2006-10-22-young-flipper-usat_x.htm
Yep!!!
And the REAL dumb thing is, he admittied he lied and when they come for him they will convict on his own words. Let alone he admits it, but he did a full press story on how he lied/broke the law.
Even if you lie on your application, can't the banks run background checks and make you document your income?
Read the link I posted above. You will see that so many houses are being bought/flipped that banks don;t check on almost 75% of them now. That and the banks got greedy as well.
"In California, 75% of purchase loans this year have little or no documentation of income, up from 34% in 2000, First American LoanPerformancesays."
LOL @ this idiot. I thought this was common knowledge?
OHSSS NOESSSSS HIS SECRET IS OUT!
:laugh::laugh::laugh::laugh::laugh:
Wow. And after all that he ends with:
"There might be some other possibilities in the works right now for some additional real estate deals that would be completely aboveboard and allow me to make some money."
This dude is insanely optimistic, which is usually good. Probably not so good if it's mostly false hope. It seems to me that his debt is increasing faster than any money he can make.
dullard
Elite Member
- May 21, 2001
- 26,066
- 4,712
- 126
There are so many multiple problems there. He admits his. I wish that these two groups would both realize their problems in these transactions:
(A) banks and
(B) the people telling him the homes were worth $100k more than the selling price.
It takes more than one person to make these specific bad deals close. This is the whole reason I started my housing thread. To point out that housing prices don't always go up.
Pessimism = anticapating bad things -> can mean preparing the for the worst -> when bad things happen, they aren't bad at all and if good things happen you are very happy.
Pessimism for the win. Pessimism DOESN'T have to mean negativity. From the dictionary: "the tendency to see, anticipate, or emphasize only bad or undesirable outcomes, results, conditions, problems, etc". The tendency to anticipate bad outcomes. Hmm, if you can anticipate them, you can prepare for them. No where does it say you must have a negative attitude. People just often falsely associate pessimism with negativity.
The reverse is true for optimism: "tendency to look on the more favorable side of events or conditions and to expect the most favorable outcome". If you only expect the favorable outcomes, you really aren't putting enough effort into preventing the unfavorable ones.
I've been called the world's most pessimistic person and the world's most optimistic person. Why? I'm a pessimist who is always happy. I'm always prepared for the bad stuff, so bad things never do much harm. The rest of the time things turn out so well that I'm just almost always very happy. People confuse happiness with optimism and unhappiness with pessimism.
(A) banks and
(B) the people telling him the homes were worth $100k more than the selling price.
It takes more than one person to make these specific bad deals close. This is the whole reason I started my housing thread. To point out that housing prices don't always go up.
Optimism = not anticipating bad things -> not preparing for the worst -> when bad things happen, they are horribly bad.
Pessimism = anticapating bad things -> can mean preparing the for the worst -> when bad things happen, they aren't bad at all and if good things happen you are very happy.
Pessimism for the win. Pessimism DOESN'T have to mean negativity. From the dictionary: "the tendency to see, anticipate, or emphasize only bad or undesirable outcomes, results, conditions, problems, etc". The tendency to anticipate bad outcomes. Hmm, if you can anticipate them, you can prepare for them. No where does it say you must have a negative attitude. People just often falsely associate pessimism with negativity.
The reverse is true for optimism: "tendency to look on the more favorable side of events or conditions and to expect the most favorable outcome". If you only expect the favorable outcomes, you really aren't putting enough effort into preventing the unfavorable ones.
I've been called the world's most pessimistic person and the world's most optimistic person. Why? I'm a pessimist who is always happy. I'm always prepared for the bad stuff, so bad things never do much harm. The rest of the time things turn out so well that I'm just almost always very happy. People confuse happiness with optimism and unhappiness with pessimism.
CrackRabbit
Lifer
- Mar 30, 2001
- 16,642
- 62
- 91
Suddenly I don't feel so bad about the debt I have been trying to beat down. 
I was stupid with my money, but no where near that stupid.
I was stupid with my money, but no where near that stupid.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
I knew before I even got to Marlin1975's post that this guy must have committed fraud in order to get those mortgages.
The big issue is not necessarily that he incorrectly stated his income, but that he lied about his intention to occupy the homes. That's a federal crime, and he could (and should IMO) face serious legal consequences. Loan programs for investment properties are significantly different than those for owner-occupied properties, and he almost certainly would not have been able to buy the homes had he not committed that fraud.
Dullard, banks DO NOT tell people that homes are worth more than they actually are, or encourage people to buy homes for more than they are worth. I've explained this to you in the past, and I do not wish to go over it again. Brokers, realtors, and appraisers do not work for the lenders, and lenders actively work to protect themselves from this type of fraud. Unfortunately, they can't stop them all, nor can they predict market trends, nor should they be expected to. There comes a point when the buyer has to be responsible for something.
The big issue is not necessarily that he incorrectly stated his income, but that he lied about his intention to occupy the homes. That's a federal crime, and he could (and should IMO) face serious legal consequences. Loan programs for investment properties are significantly different than those for owner-occupied properties, and he almost certainly would not have been able to buy the homes had he not committed that fraud.
Dullard, banks DO NOT tell people that homes are worth more than they actually are, or encourage people to buy homes for more than they are worth. I've explained this to you in the past, and I do not wish to go over it again. Brokers, realtors, and appraisers do not work for the lenders, and lenders actively work to protect themselves from this type of fraud. Unfortunately, they can't stop them all, nor can they predict market trends, nor should they be expected to. There comes a point when the buyer has to be responsible for something.
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