A Mattia Mcintyre of Hannibal, New York was in talks with Citimortgage to refinance her home. She was behind in her payments, but she had not received a Notice of Default. Imagine her surprise when she came home to find that without giving notice, the lender hired a contractor to clean out her house.
Safeguard Properties LLC was hired by Citimortgage to secure the property. I found the following from their website ironic:
At Safeguard, we believe that communication is the key to all areas of success. Without it, we cannot successfully manage the preservation process or our relationships with our clients.
Yep. Better communication would certainly have made for better relationships. It will be interesting to see how this one turns out.
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Twist – im late to read your entry about timing the market (thanks John M), but I wanted to comment in that while your example of what happened to a phoenix buyer not buying in 2007 is compelling, consider the flip side which is my story.
I first started looking to buy in 2001 when prices seemed high. By 2002, prices were going up over 25% a year, and it thus seemed obvious to me that this was a bubble and that I should wait for prices to come back down before I buy, as I assumed that would be “soon”.
You can thus imagine my horror as prices did not come down, but rose another 20% per year for another 3 years til 2005. They finally did start falling in 2006, and I thought I was sitting pretty, and would wait tight as prices came all the way back down to meet me.
Well that didnt happen. Between 2006 and 2008, prices fell a GRAND TOTAL OF 10 PERCENT!!! At the trough, they were at mid 2005 prices, a full 80% higher than the prices I thought were “unsustainable” in 2001.
Even worse, prices rose in 2009, 2010 and 2011 and are now back at peak. Thus as it stands now, I am 10 years older, have paid over 200K in rent, and am now looking to buy a place that is 310K more than it would have been if I had not tried to time the market in 2001/2002.
Sorry but I felt the need to vent. This housing bubble has not only destroyed the lives of the buyers, but some of the nonbuyers as well. The benefits for the 2007 market timer in Phoenix are great and all. Just understand there are others out there like me who simply knew it was a bubble early on, tried to time it, and in not buying, made the single biggest financial mistake of their lives…