Mon, 11 Feb 2013, 6:31am PST
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The real criminal is the "owner". He bought about ten homes at the top of the bubble(five in just this subdivision). He ended up doing shortsales on most of them. The foreclosures were filed against him a year after he bought. Meaning he probably stopped paying the mortgages almost as soon as he bought them. Was he renting these homes this whole time? The man mortgaged a million dollars worth of real estate and then stuck the tax payers with his bad investments. If he rented them out, he stole a several hundred thousand dollars more all of these years.
The deadbeat is the hero, but the young lady doing the same is locked up? The owner finally walked away a year ago. The bank kept stalling on the final foreclosure so they can manipulate supply on the market. If anything, this woman kept the house from getting vandalized or having all of its copper stripped out. She had occupants that kept the ac going and preventing mold. Now the bank just told the world that the home is empty. They will definitely be losing the ac unit and copper pipes now.
I live in Palm Beach County. It is interesting how this story is reported. The reporters didn't do a basic lookup of the owner and his deadbeat flipping ways. Didn't question why the banks file foreclosure and then stall for years. The media talks about the "low inventory" How hot the market is. Well, this story proves the shadow inventory. Proves the banks are stalling. Exposes the deadbeat flippers who had their bad bets paid off by us....