Quote:
Originally Posted by Hatterasguy
Remember defualts only represent like a fraction of a percentage of all the subprime loans made. Also most ARM's have reset by now.
I know Realtytrac.com is a big site that our local paper quotes a lot for foreclosures. They are full of ****! They claim 160 in my city, BS. I signed up for Realtytrac for 2 weeks and looked into 6 "foreclosures". 4 had no notice in the town records at all of "Lis Pendis", one was a foreclosure, and the other just had List Pendis filled but the owners fixed it.
Those websites don't count foreclosures. They count Lis Pendis badly, which is BS because that doesn't mean they are going into foreclosure.
Now short sales I'll give you that, their are a ton of short sales out their and they are a PITA.
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Lis Pendens actually.
All that means is there is a suit pending against the property in question.
My buddies and I go out to the Records office in Riverhead and scan all the deeds'n titles. If it's back taxes or a mortgage default one can occasionally step in and satisfy the lender while offering a very reasonable amount to the "occupant" who is usually in debt up to their ass.