The Ultimate Post
May 7th, 2008
by IrvineRenter
The Ultimate Sin -- Ozzy Osbourne
What would be the ultimate post we could do at the Irvine Housing Blog? We have been getting a great deal of attention lately for our posts on HELOC abuse, and our post on Monday showing the $500,000 loss was also very well received. This is only one way you can top what we have done to date: combine the two. Today's featured property is the new pinnacle. We are raising the bar. Today, we have a property where the owner took out over $1,000,000 in a series of small refinances and general HELOC abuse, and now the lender who has taken back the property is looking at a $650,000 loss.
It does make me wonder... How can I get a lender to give me $1,000,000 that I don't have to pay back?
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REO
