Buying a Las Vegas Foreclosures for $20k

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ibcruzin posted on 2 Dec 2009 08:11 AM

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Hi I live in Las Vegas and so many people around here are living mortgage and rent free they have applied for loan mods or just stopped paying back in 2008 and the banks are not even starting the foreclosure process because the FED bought the mortgage so it's no skin off the banks nose if the peopel just stay in there or if a vacant property just sits vacant. Recently I talked to a gentalman that bought a 3 bedroom 2 bath house for $40k and I think with 10,000 vacant homes and enough water to last only another 10-20 years with the current population here homes shouldn't be worth much more than a few thousand dollars.

I stopped paying my credit cards because they already got paid in advance from TARP funds (Bank of America and JP Morgan Chase) and other people are not paying their bills. So I'm planning to take the $16k I owe on credit cards and instead of sending payments into the zombie banks that would keep me on a tread mill I'm just going to save to purchase a house with no financing.

If I save diligently I'll have maybe $20k by the end of the year to purchase a home with and given the current outlook most of these empty houses will still be empty and it seems like there are so many more foreclosures that are not starting because the FED has stepped in front of the banks and taken ownership of the mortgage by creating their own money to pay banks with. They say the banks paid back the TARP funds they received inexchange for their mortgages but how could they give their mortgages away and have found all the money to pay those mortgages off? The FED is providing unlimited zero interest or near zero interest loans to banks to trick people into borrowing and get on the hamster wheel without all the lending home values would return to what people could afford by saving. I doubt many people will ever pay off the new mortgages and many people are not even paying now. It's a crime they are stealing from some of us to let others live rent free many people that own multiple speculaton properties are renting the properties and keeping the rent and not paying the mortgages then the renters get evicted when foreclosure finally happens and the owner put nothing down and collected rent the whole time. My credit is goign to be wrecked because what's the reason to pay almost $20k in credit card debt to save my credit score if the banks have already been paid by the government and I can take that same $20k and buy a place with no payments. I hope values go down and housing gets more affordable then everyone in America can breathe easier except those that don't work and thought they were going to sell a house and retire while someone else borrowed all that money for a home and is making payments to finance their retirement.