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"Well, she has now lost ALL those properties, including the 3 in the bay area"
Not only did she "give back" ( I love that, give back) what wasn't hers to begin with, Now she gets to deal with the extremely serious ramifications of multiple counts of default, foreclosure and possible mortgage fraud, not to mention the very real possibility of civil suits from former tenants for a variety of things only limited by your imagination or plaintiffs attorney. Valid, legal recourse loans, including bona-fide first and second position mortgage loans on rental, non-owner occupied property unlike strict non-recourse notes on legitamate primary residences can in some/most cases not be 'dischargable' and will follow you and your credit score until paid, Which in this scenario at the very grand annual salary of $ 60K will be never in her lifetime. Any inheritance or windfalls will be seized immediately to pay these debts and their onerous penalties.
Nevermind the IRS if it gets wind and decides to get into the act...
Just change your name and move to San fran freako the Sanctuary City and get a city job...
Well Financial Genius internet cubicle dwelling experts see any way out for this sophisticated real estate investor? Maybe Herr Fuherer Obama can come up with a new bail-out program for late night TV real estate investors gone very, very bad like this one allegedly has.
Call it "Cash for the Clueless Clunkers".
America: Turd World Nation of Nothing and Serial Nobodies
Jeezus, not ONE, one wingnut came out to fight for the poor miserable New dumb and Broke? Man.
I almost hate it when I'm That Right. I had the gloves on, the arena filled and a great cut man in my corner. I had vapo rub on q-tips in both nostrils and blood lust for the ignorant and mentally weak and retarded, especially those 'in finance'. To win by default here is No Fun.
OK. But like a realwhore, I'll be waiting for the next too good to be true unfair fight....
Selah.
pkowen
2009 Nov 4, 2:21am
This was a year ago. This idiot killed his co-workers and part of the story was he had NINETEEN properties that he was now going to default on.
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/19/BATK146S1Q.DTL
"Records show that Wu and his wife, Jie Zheng Wu, went on a property-buying spree starting in 2004."
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/15/MNUC145B4A.DTL
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I just spoke with a friend who knows a "real estate genius", who bought 5 properties outside the bay area, and 3 IN the Bay Area.
All on an income of $60,000 per year!
Well, she has now lost ALL those properties, including the 3 in the bay area.
This is one of those watershed moments I have been waiting for. The genius locals who have leveraged themselves out the wazu are starting to default left and right.
If there are any others out there, that have heard similar stories about these Geniuses in the bay area, please post a note.
Thank you
#housing