Thursday, February 14, 2008

Dover Townhouse

Here is another example of a bank fully financing the purchase of a house. The case takes place in Dover, NJ -

• Foreclosure• 1 bathrooms
• 3 bedrooms

Here is the background -
  • Purchased Oct. 2005 - $240,000
  • Mortgage Oct. 2005 - $192,000 - ARM with Balloon from WMC Mortgage Corp.
  • Mortgage Oct. 2005 - $48,000 - 15 Year from WMC Mortgage Corp.
  • For Sale on Craigslist for $225000 Townhouse , but For Sale at UbidhomesNJ for 219,000
Another fully financed house selling at a loss. So what did I find out about WMC - lots of info from last spring about downsizing and layoffs. From Oct. 2007 - at -

It’s been reported that WMC Mortgage the wholesale residential subprime and Alt-A Mortgage unit of GE Money, laid off the majority of its staff yesterday.

Tomorrow I will be checking out this Truthaboutmortgage website. Aside from finding these heavily HELOCed houses - it is interesting to see that the parallel with the mortgage companies that loaned the funds are now out of business.

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