BoatBanter.com - View Single Post - There's just nothing quite like capitalism

Reginald P. Smithers III[_9_]

wrote:
On Jan 31, 11:33 am, HK wrote:
wrote:
On Thu, 31 Jan 2008 06:27:41 -0500, HK wrote:
Good. They ought to be stuck, but good.
the problem is that a lot of them really don't have much money in the
game and they just walked away leaving that long list of banks holding
useless paper and a house they can't sell. The 60 minutes piece
pointed out these loans were consolidated so many times it is hard to
figure out exactly who actually does own any given house in
forclosure. As I said before, big builders were getting huge blocks of
money from fund operators and they lent it out through their in house
mortgage company. The fund holds all the paper but the individual
investors have a hard time sorting them out when the fund fails.
Sure it is a problem, but the multi-house buying speculators should pay
a penalty in addition losing the little bit of money they "invested" in
hopes of using borrowed money to make a killing. Perhaps that penalty
will merely be being forced into personal bankruptcy.
I imagine that is where a lot of them are heading but if they were
smart enough to pay off one of the houses Florida law will let them
keep it.
Don't they actually have to be living in the house, or can you
"homestead" an investment house in Florida?- Hide quoted text -

- Show quoted text -

Uh, oh..... another lobster boating.
You've said you had property in Florida, then that you were left a
condo, and you don't know the Homestead Exemption rules???/

Harry used to tell us he was renting his home outside of Jax and let
some people who lost their homes to hurricanes to stay free of charge.

He is a good guy, but he should keep up with the homestead laws.