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Foreclosures up in Fort Worth, TX

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Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The number of foreclosures here has risen over the past two years too, still no where near the late 80s. In almost every case we can attribute it to 125% equity loans. If there is no equity it sure is easy to walk.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
TX does not allow 125% equity loans either! We can do it without inflated equity loans.
 

larryhaskell

Senior Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Nevada
Truth be known, with dishonest LOs and appraisers, the 125% loan is really a misnomer. I'm convinced that many loans could in fact significantly exceed 125%. Of course, when your upside down in your house does it really matter if it's 10%, 25% or even 50%. All you have to do is pack all of your worldly belongings in a U-Haul and skedaddle.
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
You make a good point, Larry. We have appraisals pushed 10-25% high for our 100% equity financing. I can only imagine how bad it is for 125% financing. Why does our profession contribute to this problem?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I have one on my desk, they closed on it in December at $330,000, want more. I looked at the comps, cant figure out how they got $330,00 in the first place - $295,000 at first blush.

Oh, well. It's torpedo time again.

Roger
 
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