guardian.co.uk/business/2010 … reclosures
US homeowners flock to Florida event in desperate bid to save properties
Monday 30 August 2010
Andrew Clark in Palm Beach, Florida
More than 20,000 American mortgagees to hit Palm Beach as Naca’s five-day mortgage modification marathon gets under way
In the pre-dawn darkness of a steamy night of sub-tropical rain, a queue of anxious, soggy people snakes around the palm trees outside a cavernous Florida convention centre. Some have erected camp beds or makeshift tents. All clutch sheaves of mortgage documents.
Welcome to America’s biggest jamboree of delinquent borrowers. For five days, the Neighbourhood Assistance Corporation of America (Naca), a not-for-profit organisation, is working round the clock to help homeowners hang on to their houses. More than 12,000 people have signed up in advance and more than 20,000 are expected to turn up, travelling from as far afield as California, Georgia and Maryland.
“It’s either feed your kids or pay your mortgage,” says Omayra Delgado, a 33-year-old special education teacher whose Miami house has slumped in value from $160,000 (£103,000) to $60,000. “My home is in foreclosure. I’m trying to keep it.”
These guys are from the states ( more northern and eastern) where you may not post the keys back. The majority of states have ‘recourse’ mortgages where you remain liable for the mortgage debt and where you have no choice but to ask for a modification ( writeoff)
What gets me every time is the value. $60K is only €46K, we have a long way to go yet - there ain’t too many shoeboxes in the west or Ireland at €50K yet.
Fixed that for ya.
But be patient.
You’ll prob be able to get a field with a famine cottage (no PP of course).
Being sold in and around 50k…
The fact that they are selling agricultural land (owing to not havin any PP) really highlights the surreal nature of valuations in the Irish property world
There you go. It’s a wreck. Needs complete refurbishment and there is a farm yard adjacent.
From the ad :
In need of total renovation - poor condition at present
Viewing recommended to appreciate property condition
No really, you have to see it. Its in bits.
Jaysus, that’s gas !
€2k worth of new UPVC windows in a €50k wreck.