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

Civic Self Defense Resources

by gmoke - Sep 19
1 comment

2034

by Frank Schnittger - Sep 10
5 comments

Labour grows up?

by Frank Schnittger - Aug 27
57 comments

Recent Diaries

Civic Self Defense Resources

by gmoke - Sep 19
1 comment

Faux Accompli

by Cat - Sep 14
5 comments

2034

by Frank Schnittger - Sep 10
5 comments

The Focus Group

by THE Twank - Aug 31
10 comments

Labour grows up?

by Frank Schnittger - Aug 27
57 comments

Exhibit 1

by Cat - Aug 22
22 comments

EU Position Papers

by Cat - Aug 22
24 comments

PACER

by Cat - Aug 18
5 comments

More Diaries...

Occasional Series