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Repo Condo - Bank deserved to take hit

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Terrel L. Shields

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Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The Condo next door to my helper was vacated by the owner who lost her job weeks after buying it in Mar of 2007. I was feeling kinda sorry for her over it until we tried to find the bank because my redheaded buddy wanted to buy it..I thought, maybe she filed bankruptcy and I could find it that way.

Logged into the pacer system and found that indeed she had filed Chapter 7....in 2005 and settled it in 2006. She bought the condo exact one year and three weeks after closing the bankruptcy.

Say what? What stupid bank loaned money to someone fresh out of bankruptcy? Whatda they expect? Further, it is the most expensive condo on that phase because the condo had a fire in 2005 and the interior had to be gutted and completely rebuilt. How did it get the valuation it did? Obviously, she couldn't have had much cash reserve since it appears to have been a 100% loan.

And the gov is now going to bail out foolish banks for dumb decisions??
 
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