AgentMortgage

Real estate ‘deadbeats’ stay but don’t pay

Some lenders look the other way

The real estate event of the summer
Connect with other top producing agents at Connect SF, Aug 7-11, 2017

My wife's sister's husband's family lives in a condominium on Florida's Gold Coast in which they are no longer making any mortgage payments. "How does that happen," my wife asked me. As always, I turned to experts to find out. I'll begin by saying my brother-in-law's brother, sister and mother, as a group, are not the most financially astute people in the world. Their story begins with my brother-in-law's mother who owned free and clear a Florida condominium, but the unit needed considerable repair after being pounded into submission by a series of hurricanes that hit the state a few years back. Instead of getting the condo immediately fixed and ready for occupancy, her children decided instead to move in with her and buy a new, bigger condo with one of those cheap, specious mortgages offered to folks with little or no credit, which neither my brother-in-law's sister nor her brother had.Now, it's a few years later and they can't afford to pay the ever-increasing...