My neighbor owns a restaurant franchise with 20 restaurants. He is a multi millionaire.
He found a 900K mortgage on his house that was maybe worth 600K if that.
The house is across the street from me vacant for 3 years because he dumped it, they foreclosed on it and his wife bought another home bigger and better for 385K a mile down the road.
That is the majority of the problem as the 900K represents 4 of the unqualified buyers in total dollars of foreclosed mortgages. Go to California and up north the % is about 7 or 8 to 1.
He found a 900K mortgage on his house that was maybe worth 600K if that.
The house is across the street from me vacant for 3 years because he dumped it, they foreclosed on it and his wife bought another home bigger and better for 385K a mile down the road.
That is the majority of the problem as the 900K represents 4 of the unqualified buyers in total dollars of foreclosed mortgages. Go to California and up north the % is about 7 or 8 to 1.