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wsmb1
22 Posts |
 Posted - 05/09/2008 : 6:22:07 PM
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21 years in the business, so folks I've seen it all.
I'm a hard money lender, so for those of you who think that we sit back and collect payments all day and eat bon bons.
I inspected a property that we foreclosed on this week. What a mess, we offered her 1000 to get out and clean out her stuff. I arrived with a buyer in tow, she was crying, her daughter was crying, the property was trashed. Thankfully, my buyer is a pro, so he'll take care of the mess,
off to the second foreclosure of the week, and we decided to rent the property back to the borrowers. She was crying and couldn't believe that she was signing a lease. Then while she was crying, a call comes in on the cell ph and a borrower that was given her final notice is crying about how her son stole her mortgage money.
I've eaten my sushi, drank my wine and now will take a sleeping pill. We are renting properties and fending off warehouse lenders at every turn. I tell you one thing, I'd rather be a broker hawking an FHA loan then dealing with this disaster.
best to all |
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j_mahaska
293 Posts |
Posted - 05/09/2008 : 6:42:05 PM
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I hear ya. It really can get to you after some time. Hopefully you can see the good in things.
Best! |
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lunarhamster
3125 Posts |
Posted - 05/09/2008 : 6:54:42 PM
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| Hey Johnny, how's the cattle? |
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ritabradley01
2021 Posts |
Posted - 05/09/2008 : 7:11:13 PM
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Sounds like a sad day for a lot of people. I've been in bad financial positions in the past and I like to think it's made me a stronger person. I hope those folks lives will improve soon.
Careful with those sleeping pills. |
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rtrefflich
2634 Posts |
Posted - 05/09/2008 : 7:12:54 PM
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| If you can't evict someone or foreclose on them you shouldn't be in the business. I had to do a tough eviction and I just paid the attorney to do it because I didn't want to be there when the sheriff showed up. Guy still calls me saying how horrible I am because his little daughter was kicked out of her house and tells me he never hopes the same happens to my kids, I just tell him that it won't because I will make sure to pay my rent. |
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racerx
11048 Posts |
Posted - 05/09/2008 : 7:15:51 PM
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quote:
Originally posted by rtrefflich
If you can't evict someone or foreclose on them you shouldn't be in the business. I had to do a tough eviction and I just paid the attorney to do it because I didn't want to be there when the sheriff showed up. Guy still calls me saying how horrible I am because his little daughter was kicked out of her house and tells me he never hopes the same happens to my kids, I just tell him that it won't because I will make sure to pay my rent.
Why was it a tough eviction for you? What was it that made it tough? |
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KHufford
4869 Posts |
Posted - 05/09/2008 : 7:18:14 PM
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Interesting to hear from someone "in the trenches" Come back and tell some more when you can, Its crazy to hear these stories and realize its real people being affected not just numbers on CNN.
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j_mahaska
293 Posts |
Posted - 05/09/2008 : 7:41:21 PM
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quote:
Originally posted by lunarhamster
Hey Johnny, how's the cattle?
Good. I just married one |
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lunarhamster
3125 Posts |
Posted - 05/09/2008 : 8:08:03 PM
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quote:
Originally posted by j_mahaska
quote:
Originally posted by lunarhamster
Hey Johnny, how's the cattle?
Good. I just married one
When are you going on your honey mooooooooon? |
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wsmb1
22 Posts |
Posted - 05/10/2008 : 09:28:10 AM
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Interestingly enough the foreclosures we've done are to people who have been in their homes for years. One guy wants me to take over his property and rent it back to him. He's been in there since 1994. He's in construction, which is death down here in S. FL. You may as well be in the horse and buggy business.
Thankfully we lent at 50-60% of value, which in todays terms puts us at 80%, so not too bad, but add that 15% to foreclose and our nut is at 95% of value with no buyers in sight. best to all. |
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