Welcome to the new version of European Tribune. It's just a new layout, so everything should work as before - please report bugs here.
Display:
Your Money - Avoid the Foreclosure Market Until the Dust Settles - NYTimes.com
Todd Phelps and Paul Whitehead didn't think they were last month when they were the winning bidders in a foreclosure auction on the steps of the main Riverside, Calif., county courthouse. They thought they had won the lottery.

For years, they had been living in a rent-controlled apartment in Santa Monica and waiting out the housing bubble in hopes of buying a weekend getaway in the Palm Springs area. And on Sept. 10, they thought they had finally done it, getting a house for $137,000.

Several days later, however, they realized that what they had really bought was a second mortgage from Wachovia on a house that still had an enormous, unpaid primary loan. In other words, they did not own the home free and clear, and the auction company wouldn't give back their $137,000 check.



"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Sat Oct 16th, 2010 at 05:46:40 AM EST
[ Parent ]

Others have rated this comment as follows:

Display:

Top Diaries

Grexit and Propaganda

by Metatone - Jun 29
38 comments

Ready for tomorrow?

by Luis de Sousa - Jun 28
18 comments

Iron Curtain Mark 2

by DoDo - Jun 23
22 comments

End game for Greece?

by Frank Schnittger - Jun 20
352 comments

Welcome to post racial America*

by melvin - Jun 15
60 comments

EU 2014 Greenhouse Gas Emissions

by gmoke - Jun 23
3 comments

On the RhB 4: short lines

by DoDo - Jun 21
4 comments

Recent Diaries

Grexit and Propaganda

by Metatone - Jun 29
38 comments

Ready for tomorrow?

by Luis de Sousa - Jun 28
18 comments

Yap essence of money

by das monde - Jun 26
18 comments

Iron Curtain Mark 2

by DoDo - Jun 23
22 comments

On the RhB 4: short lines

by DoDo - Jun 21
4 comments

End game for Greece?

by Frank Schnittger - Jun 20
352 comments

Welcome to post racial America*

by melvin - Jun 15
60 comments

More Diaries...

Occasional Series