Bankruptcy Haunts Borrowers Even After Bankruptcy Clears Credit Reports

[Flamingo]

http://www.homesarkansas.net/v2/news/?p=1822

[mijd]

I especially liked this article. There have been several instances in the county I live in where some creative financing has taken place. Maybe the couple with the question can consider this while pursuing a mortgage elsewhere.

A man purchased a house in 2005 in my community at the height of the housing bubble for 500K. Two years later he loses the home to foreclosure. You can't tell me this didn't drop his fico score down a couple hundred points or show up on his credit report. After final judgement the foreclosing bank mothballs the home, pursumably waiting for home values to increase before listing it for sale. In March 2010, someone buys the house from the bank for 300k without the bank listing the house. A few weeks ago the man who originally lost the home to foreclosure buys the house for the exact same amount (300k) financed by a 100% mortgage from a local bank. So maybe advice to this couple is it's WHO you know and not so much as having a clean credit bureau report.

[spidge]

A few weeks ago the man who originally lost the home to foreclosure buys the house for the exact same amount (300k) financed by a 100% mortgage from a local bank. So maybe advice to this couple is it's WHO you know and not so much as having a clean credit bureau report.

And you wonder how the wealthy stay wealthy.

[jjim120]

A big bank in our area forced a developer, a contractor and a number of other businesses into bankruptcy by acting on false accusations from another lawyer who had been fired by the developer. The big bank's lawyer apparently served as foreclosure attorney for several banks with deep court ties (country club and relatives) and refused to consider that the accusations were lies until he had seized the project and sold it to an insider buddy. turns out that the big bank was going under, the two insiders knew it and knew lawsuits against the bank would be refused by big firm lawyers due to the lack of bank assets to pay off such suits. The insider and the attorney's relatives are making a killing on the backs of hundreds of innocent victims. The rich get richer by owning crooked lawyers.

[Flamingo]

A big bank in our area forced a developer, a contractor and a number of other businesses into bankruptcy by acting on false accusations from another lawyer who had been fired by the developer. The big bank's lawyer apparently served as foreclosure attorney for several banks with deep court ties (country club and relatives) and refused to consider that the accusations were lies until he had seized the project and sold it to an insider buddy. turns out that the big bank was going under, the two insiders knew it and knew lawsuits against the bank would be refused by big firm lawyers due to the lack of bank assets to pay off such suits. The insider and the attorney's relatives are making a killing on the backs of hundreds of innocent victims. The rich get richer by owning crooked lawyers.

No, the rich get richer because they have the money to do things the average person could never afford to do, get, hire, etc. to continue to bring in the bucks. They hire the best because they can afford the best so they get the best of everything, including more property, money, lawyers, accountants and doctors.