Do you know anyone who has been foreclosed on? - Page 3 - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

MikeWaters · 09-30-2008, 12:45 AM

My house never appreciated while your houses were doubling in price. That's why my area is probably relatively healthier.

creekster · 09-30-2008, 12:51 AM

Quote:

Originally Posted by MikeWaters

My house never appreciated while your houses were doubling in price. That's why my area is probably relatively healthier.

Do you mean it NEVER apprecaited or just didn't appreciate much? If it didn't apprecaite at all, I think you may have other issues.

MikeWaters · 09-30-2008, 01:06 AM

Quote:

Originally Posted by creekster

Do you mean it NEVER apprecaited or just didn't appreciate much? If it didn't apprecaite at all, I think you may have other issues.

slight exaggeration. In 6 years it has appreciated 15%. That's less than inflation. So maybe not an exaggeration.

RC Vikings · 09-30-2008, 02:58 PM

I know of several homes in the SLC/Utah county area. A Lawrence Skinner out of SLC used peoples credit here in the Rexburg area and bought multiple homes down there. He would take the equity out, give the person who he used for credit anywhere from 15,000 to 50,000 dollars per home and would take the rest. He did this with a promise of making all the payments and then selling the home in a year of two and making more money. Of course this all fell apart and those around here looking for an easy buck or two are getting hounded by creditors and worried what lies ahead for them. Several of the homes have been in foreclosure and others have gone through a short sale. I have about four friends that got involved in this and know of several other people that did it also. I guess about 75 homes are involved with just this one guy down there and their was several guys doing it. Greed is a killer every time.

MikeWaters · 09-30-2008, 03:01 PM

Quote:

Originally Posted by RC Vikings

I know of several homes in the SLC/Utah county area. A Lawrence Skinner out of SLC used peoples credit here in the Rexburg area and bought homes multiple homes down there. He would take the equity out, give the person who he used for credit anywhere from 15,000 to 50,000 dollars per home and would take the rest. He did this with a promise of making all the payments and then selling the home in a year of two and making more money. Of course this all fell apart and those around here looking for an easy buck or two are getting hounded by creditors and worried what lies ahead for them. Several of the homes have been in foreclosure and others have gone through a short sale. I have about four friends that got involved in this and know of several other people that did it also. I guess about 75 homes are involved with just this one guy down there and their was several guys doing it. Greed is a killer every time.

Maybe I should write out a check for $5000 to help these people out. That's the American way. Take a risk, and if you fall, govt. saves your ass at my expense.

myboynoah · 09-30-2008, 03:57 PM

Quote:

Originally Posted by RC Vikings

I know of several homes in the SLC/Utah county area. A Lawrence Skinner out of SLC used peoples credit here in the Rexburg area and bought multiple homes down there. He would take the equity out, give the person who he used for credit anywhere from 15,000 to 50,000 dollars per home and would take the rest. He did this with a promise of making all the payments and then selling the home in a year of two and making more money. Of course this all fell apart and those around here looking for an easy buck or two are getting hounded by creditors and worried what lies ahead for them. Several of the homes have been in foreclosure and others have gone through a short sale. I have about four friends that got involved in this and know of several other people that did it also. I guess about 75 homes are involved with just this one guy down there and their was several guys doing it. Greed is a killer every time.

That is an amazing story. Amazing in that Mr. Skinner thought up this scheme to become a small-scale "corporate raider". Amazing in that, lacking his own credit (I assume) he was able to persuade others to lend him their good names. And really amazing that people bought into it. It stunk from the beginning. Didn't they see that?

Levin · 09-30-2008, 04:02 PM

I know of one in Alpine, Utah.

RedHeadGal · 10-01-2008, 03:43 PM

yes, my dad lost his house to foreclosure. but he CERTAINLY was not in the category of people who are being disparaged for buying beyond their means. I wonder what the purchase price was for a house in Montana in 1975? In other words, he may be an anomaly (maybe not), but for him, it's so much more complicated.

09-30-2008, 02:58 PM	#24
RC Vikings Senior Member Join Date: Apr 2006 Location: Rexburg, Idaho Posts: 2,236	I know of several homes in the SLC/Utah county area. A Lawrence Skinner out of SLC used peoples credit here in the Rexburg area and bought multiple homes down there. He would take the equity out, give the person who he used for credit anywhere from 15,000 to 50,000 dollars per home and would take the rest. He did this with a promise of making all the payments and then selling the home in a year of two and making more money. Of course this all fell apart and those around here looking for an easy buck or two are getting hounded by creditors and worried what lies ahead for them. Several of the homes have been in foreclosure and others have gone through a short sale. I have about four friends that got involved in this and know of several other people that did it also. I guess about 75 homes are involved with just this one guy down there and their was several guys doing it. Greed is a killer every time. __________________ "I always rode to my limit. If I won by three minutes, that's because I couldn't make four." Eddy Merckx Last edited by RC Vikings; 09-30-2008 at 03:05 PM.

09-30-2008, 04:02 PM	#27
Levin Senior Member Join Date: Mar 2008 Posts: 1,484	I know of one in Alpine, Utah. __________________ "Now I say that I know the meaning of my life: 'To live for God, for my soul.' And this meaning, in spite of its clearness, is mysterious and marvelous. Such is the meaning of all existence." Levin, Anna Karenina, Part 8, Chapter 12

09-30-2008, 12:45 AM	#21
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	My house never appreciated while your houses were doubling in price. That's why my area is probably relatively healthier.

10-01-2008, 03:43 PM	#28
RedHeadGal Senior Member Join Date: Nov 2007 Location: DC Posts: 995	yes, my dad lost his house to foreclosure. but he CERTAINLY was not in the category of people who are being disparaged for buying beyond their means. I wonder what the purchase price was for a house in Montana in 1975? In other words, he may be an anomaly (maybe not), but for him, it's so much more complicated.