Quote:
Originally Posted by Munchkin03
I know why, but shouldn't as much documentation be required? It goes to show that if you didn't have to put any work into getting a mortgage--not saving $$, not maintaining a good credit score, not even giving any proof that you have a job--what's keeping you from walking away? In the case of these people, nothing.
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Out here in Northern Cali, it is a hot mess too. During the time of NINJA loans, people were buying scads of houses. There was a family on my block that bought 3 houses. And this was at the peak of housing in Cali (2006). These houses were 2700-3200 sq feet at 600-800K a pop. Thought they were going to rent them out and get PAID!
You know where this is going right?
Market went to hell in a handbasket. All 3 houses were foreclosed on
When we moved here in August 2006, it was at the point that people were BEGGING us to rent their houses
Yup, folks took out equity loans or got NINJA loans...ain't that a bitch?