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Real Estate & Property Law

: The Home Equity Theft Reporter

"Buy & Bail" Activities By "Underwater" Homeowners Continue, Despite Beefed Up Fannie, Freddie Mortgage Lending Underwriting Standards

By r morris

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Bloomberg News reports:Harvey Collier, a mortgage broker in Fort Lauderdale, Florida, says he gets as many as 10 calls a month from people planning to default on their loans. The twist: They first want financing to buy another home.Real estate professionals call it ?buy and bail,? acquiring a new house before the buyer?s credit rating is ruined by walking away from the old one because it?s ?

Full post as published by The Home Equity Theft Reporter on August 13, 2010 (boomark / email).

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