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Rising foreclosures hurt Island as nation recovers
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2013 Sep 30, 12:18am 696 views 2 comments
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1
Bigsby
2013 Oct 3, 12:58am
Bigsby
2013 Oct 3, 12:58am
Shocking stuff, especially that bit where it says prices have only risen around 20% since they hit bottom at the beginning of 2012.
2
Shaman
2013 Oct 3, 1:08am
Shaman
2013 Oct 3, 1:08am
The example case in the article didnt make sense to me. If they had a mortgage of $289k, how was their payment $3200? Assuming they got Mexican rates of maybe 9-11%, this may make sense. But why then was the modified mortgage also so high? Seems to me that the bank wants to push them out of there. A mortgage of 280k should go for about 1400/month at 4%, add taxes and insurance (at 1 mil rate) and you should be around $1900 at most.
Hmm, what am I missing here?
Woohoo!
http://www.newsday.com/classifieds/real-estate/rising-foreclosures-hurt-island-as-nation-recovers-1.6159638?source=Patrick.net
#housing