Feel like sticking it to your mortgage lender by walking away? I have heard more than a few friends go into rants about how much they hate their banks and how the banks are all evil and “out to get you”. I’m sure you’ve been witness to this kind of anger. These people want to [...]
Entries Tagged as 'turn and burn'
Feel Like Sticking It to Your Mortgage Lender by Walking Away?
December 3rd, 2009 · 7 Comments · Mortgages
Tags: banks·financial problems·homes·lenders·morality·Mortgage·turn and burn·underwater·underwater mortgages·Wall Street
Turn and Burn – a Highly Profitable Foreclosure Strategy
October 13th, 2009 · 1 Comment · Credit Reports, Mortgages
The “turn and burn” a.k.a. “buy and bail” strategy – is a method sometimes used by people whose homes are “underwater”. It is increasingly used by the wealthy with very large mortgages whose homes are worth significantly less than what they owe. This little trick reared its ugly head after the housing market began to [...]
Tags: Buy and Bail·Credit Scores·Economic Meltdown·Good Credit·investment loans·Making Homes Affordable Program·pay with cash·turn and burn
