Foreclosures of the Week
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th…
It looks like the most recent owners stretched too far when they used 95% financing to purchase this charming 4-story brick townhouse at 614 Lafayette Avenue in Bedford Stuyvesant. Now there’s a lien of $701,233 against the property and it will be up for auction on Thursday. The house on the right, 819 East 35th Street in Flatbush, is remarkable because of the small lien; with only $136,158 owed to the bank and the house easily worth a half million bucks, you’d think that foreclosure could have been averted. Both houses go on the block tomorrow at 3 pm at 360 Adams Street, Room 261.
614 Lafayette Avenue [Property Shark] GMAP
819 East 35th Street [Property Shark] GMAP
I recently read about an organization
that helps people from losing their homes due to predatory/subprime loans…
http://www.naca.com
Whether it is put on this site or not,
foreclosures are public record. Is this
the da generation, don’t you get the foreclosure scam. These owners, unless they are the scam artist, don’t make a dime. Penalties, lawyets fees, referee’s fees Nothing is left. Do we all rememver the scandals at the auctions. what exactly do you people read.
Good for you for saying so, the person with the issue with the word glib.
Keep this open dialogue flowing!
On second thoughts, it sounds more like a second hand car salesman’s pitch.
Deal of the week!
Repossed cars ready to drive right off the lot!
All you need is the cash and we’ve got the stash!
And I have issues with the word glib.
I put an offer in on a property that was facing foreclosure and it was rejected. My offer was above the lien amount.
The owner decided to go to auction rather than sell to me and he ended up selling for a higher price at auction. The seller does get to keep anything in excess of the lien but can usually do better by negotiating the lien down with the bank.
By the time it goes to foreclosure there are often so many penalties plus the default interest rate kicks in which could be as high as 25%. So the lien amount can be significantly higher than what the bank actually lent.
The only issue I have is with the glib “Forecloseures of the Week” title.
Makes it sound predatory.
How about a simple “Foreclosures this week” title?
Ok it does not imply that this is only a subset but ppl will soon get the drift
At first the posting of the foreclosures seemed cold and crass to me… but then I started thinking that perhaps the posting serves as a warning
for folks “out there” not to let their dreams exceed their pocketbooks.
You are so right, Anon 12:03. It’s called predatory lending, and it is a huge problem, especially for senior citizens, or anyone who may be house rich and cash poor, and needs money for repairs, emergencies, etc.
Stricter and better enforced laws and education, education, education are the key to not losing a house that you may have spent a lifetime in, and up until you signed for one of these loans, you owned free and clear.