Thread: Illegal aliens learn to play the cash-out re-fi game

From - W.C. Varones Blog

Posted by W.C. Varones at 12:49 PM

Illegal aliens learn to play the cash-out re-fi game

They want to return to Mexico due to stricter immigration enforcement and a weakening economy. They know their homes are never going to sell in this market. What to do? Cash-out re-fi and stick it to the stupid lender!

Adrian, a 34-year-old undocumented immigrant from Sonora, plans to move back to Mexico as soon as he can sell a 2-acre tract he owns in Tonopah. "Yes, we are desperate to leave the moment I sell my property," said Adrian, who rents a house in Goodyear. He asked that his last name not be used because of his immigration status.

Adrian said his sister also is selling her house with plans to return to Mexico. He knows other undocumented immigrants who are refinancing their houses and getting cash out so they can return right away rather than waiting for their houses to sell.

The lenders, of course, deserve it. They knowingly lent money to borrowers who cannot legally earn any income in this country! What did they expect?

http://wcvarones.blogspot.com/

THEY DESERVE IT. THEY THOUGHT THEY WERE LENDING TO IDIOTS. BUT IT ONLY TOOK ONE SMART PERSON....AND THEN THE WORD GOT AROUND. AND THERE ARE TONS OF THOSE THAT THEY WILL LOSE. OF COURSE THEY CAN TAKE THE HOUSES, BUT CAN THEY SELL THEM? IN THE LONG RUN THEY CAN SELL THEM....BUT IN THE MEAN TIME THEY HAVE INVENTORY. BECAUSE THERE ARE ALSO ALL THE LOANS FOR THOSE WHO WILL DEFAULT BECAUSE THEY CANT MAKE THE INCREASED PAYMENT. AND THEY CANT SELL LIKE THEY THOUGHT THEY WOULD BE ABLE TO.

It's almost worth it just to encourage them to leave. On the other hand, in my area, prices have dropped and the market is so bad due to oversaturation of housing inventory that even those who didn't use their home as an ATM are often 'upside down' and couldn't sell if they had to.

It's almost worth it just to encourage them to leave. On the other hand, in my area, prices have dropped and the market is so bad due to oversaturation of housing inventory that even those who didn't use their home as an ATM are often 'upside down' and couldn't sell if they had to.

THIS IS THE ONLY REASON I AM NOT ENJOYING WATCHING THIS HAPPEN. I KNOW MANY RESPONSIBLE AND INNOCENT HOME OWNERS ARE BEING HURT BY THIS.

Nice huh? And the even worse part about this is that so many of these homes were bought by means of document fraud and many, many of these lenders knew it right from the start. Rather than be out of their $$$ they will probably start going after the people whose information was fraudulently used to get the loans in the first place!!!

THEY CAN TRY TO GO AFTER THE VICTIMS OF ID FRAUD, BUT I DONT THINK THEY WILL GET VERY FAR. AND SOME OF THESE PEOPLE DIDNT EVEN USE FRAUD BECAUSE THEY DIDNT HAVE TO. THE LENDERS WERE LENDING TO PEOPLE WITHOUT DOCUMENTATION....BASED SOLELY ON THEIR WORD.

THEY FIGURED IF THEY DIDNT PAY THEY COULD JUST TAKE THE HOUSE AND SELL AT A PROFIT. BUT NOW THAT THE HOUSING MARKET HAS GONE ALL CRASHY CRASHY, THEY WILL BE STUCK WITH SOME INVENTORY FOR AWHILE.

AND I WOULD LAUGH TILL I BUSTED EXCEPT FOR THE INNOCENT THAT ARE BEING HURT BY THIS. AND I AM SURE THERE WERE AT LEAST SOME ID FRAUD CASES, SO THOSE VICTIMS WILL HAVE TO GO THROUGH STRAIGHTENING THEIR RECORDS OUT. WHAT A PAIN.

I can't wait to see how this all shakes out - but it will take at least two more years in my area. I read where even industrial and office is overbuilt to the tune of 4-10 years at current rates of in-migration. What will happen when bunches of folks leave? Already on my drive, I see all the vacancy and 'available' and 'for sale' and 'for rent' signs.

I agree that I enjoy seeing this happen to the Anti-Aerican illegal loving lenders. The only problem I have is our we taxpayers going to end up bailing these lenders out?

I love seeing all the greedy mortgage lenders get shafted by the illegals.

But I'll bet they go crying to Bush, and he bails them out.

i just heard on fox news that later this morning king jorge is going to anounce he is going to steal more of the middle classes tax dollars and give it to the subprime illegal crowd... what are the odds of a mexican truck hitting him before he steals more tax money?