Foreclosure of the Week: 14A Monroe Street
How’s this for fishy? The house at 14A Monroe Street in Bed Stuy sells for $325,000 in July 2003 and the buyer takes out a $570,000 mortgage at the same time. Two years later, he sells it for $950,000 to a guy who finances $855,000 of the purchase. Now it’s in foreclosure and the bank…
How’s this for fishy? The house at 14A Monroe Street in Bed Stuy sells for $325,000 in July 2003 and the buyer takes out a $570,000 mortgage at the same time. Two years later, he sells it for $950,000 to a guy who finances $855,000 of the purchase. Now it’s in foreclosure and the bank is left holding the bag. That’s what we’d call a cash machine.
14A Monroe Street [PropertyShark] GMAP
I thought you should all know that, on a complete whim, I decided to be infinitely gracious, and take one of those “we can help lower your mortgage” phone calls. My significant other (and now wife…) lost her job a while back, and had to dig deep to survive, and ended up with a high interest rate. We are on the mend, and looking to refinance. We found someone reputable, but I got and took a call. On a whim, I googled his name, and found this posting. Ironically, I had just told him that we were only going to work with someone who was clearly ethical.
While he blathered on in the call (again, this was a “cold call”, I read the article and comments. It was clearly “him”, and I confronted him on article’s claims, and his role. He claimed to know nothing whatsoever, but your comments here clearly struck home with him. The conversation quickly moved to closure and the need to talk some other time.
I will now make this a standard practice if and when I do get one of these calls, and urge everyone to consider a way to continue the practice of (legally, prudently and honestly… ) bring these people and their practices into your blogs, along with amplifying the capability to run searches on people and businesses that have been engaged in ugly, damaging, selfish activities. I, for one, am glad that you did it this time!
This is a such shame this happened. My husband and I with our 2 kids bought on this Monroe st. block a few months ago. We did our homework and lucky our broker/lender was not a crook. We are coming from Tribeca and now we love it here. Its probably the best block in the area. Quiet, friendly neighbors, quick access to trains. It changing for the better day by day.
Also, check all your facts. This in not Bedstuy. Its on the edge of Clinton hill. That’s why these properties are so ridiculously expensive.
Hey Stoner, would you do me a favor and post some pics of your kids, preferably nude.
F*ckwad.
Brownstoner,
What resources do you use to find this stuff out?
Good catch. Thanks. We’ve fixed and re-posted.
Brownstoner, you circled the wrong house it is the house to the left.
2:15, that was funny. We can add the “dorks” moron aka the “zzzzzzzzzzzzzzzz” moron aka the “jumped the shark” moron aka “this site is going downhill” moron, etc.
hey – is 1.46 the slow day moron aka the faded type moron aka the flea market has been cancelled moron?
Who were these buyers and what became of them? Any charges filed?
Any lender should have been very suspicious of the quick turnarounds and rocket blast upward in pricing.
And always 100% mortgaged loans? Another bright flag they missed…