Katy McKenna Raymond  
Personal blog of christian writer Katy McKenna Raymond in Kansas City, Missouri

Personal blog of christian
writer & fallible mom
Katy McKenna Raymond
in Kansas City, Missouri


Katy is represented by
Greg Johnson at
WordServe Literary

Read more Katy at
LateBoomer.net

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Buy And Bail, Before It’s Too Late!

I thought I’d heard everything.

I especially thought I’d heard everything about how poor, unfortunate mortgage holders all over the nation have become unwitting victims of predatory lending practices. It’s those greedy bankers, mortgage companies, and various and sundry financial institutions, I tell you! The little guy just can’t catch a break.

Except that, evidently, we can.

If you haven’t heard of “buy-and-bail,” I encourage you to google it. Read articles in the Wall Street Journal and at ABC online. Then go ahead and read articles published by folks in the business of lending money. Tell me what I’m missing, O ye fallible ones!!

Here’s the gist of how you, too, can profit from buy-and-bail, without feeling even an ounce of guilt over your fraudulent behavior, since by now everyone knows that the taxpayer will bail the financial institutions out should you decide to put the screws to them.

Let’s say that in 2006, you purchased a home for $450,000 with no money down. Already, you’ve got a big problem—or then again, not. I guess it depends on how you look at life. Anyway, two years later your house-formerly-known-as-“dream” is now your constant nightmare.

Its value has dropped to $225,000!!! This is completely unacceptable!!! Why, two years into home ownership, you were practically guaranteed that you’d have a ton of equity, even though you didn’t have a single cent of a down payment when you purchased. The nerve!!

Plus, darned if that mortgage you took out didn’t turn out to be an ADJUSTABLE. Now, maybe you didn’t quite realize this at the time, but adjustable is code for UP. So, you’ve found out that your payment is about to jump from an already too high $3300 a month to a deal breaking $4000 a month.

What do you do? What CAN you do? Evidently, plenty.

1. Find a house exactly like yours in a nearby neighborhood. A house that two years ago sold for $450,000, but is now selling for $225,000.

2. Purchase said home, with no money down as per usual.

3. Move your furnishings into said home and immediately after you close on the new place, let your previous home slide into foreclosure.

Bingo! We have a winner! The foreclosure will only hurt your credit for four or five years, but who cares? You won’t need to purchase another home during that time period anyway. In the meantime, the housing market will turn around. You will instantly begin to build equity in your new home, which you got at HALF PRICE.

Why, if you’d waited around for your original house to regain its value, you’d NEVER get ahead. And as we all know, that just wouldn’t be fair.

If it occurs to you to feel bad for all your previous neighbors, who now have one more foreclosed upon home on the block, dragging down their property values, resist the urge to repent. It’s every homeowner for himself!

And as far as the lending institutions go, you can fall into a blissful sleep at night by chanting, “They got what was coming to them. They got what was coming to them….”

We’ve been told that the number one reason folks lose their homes is because of catastrophic medical bills, and in the past, that might very well have been true. That’s the kind of unfortunate situation I wouldn’t wish on my worst enemy.

But now I’m wondering how many McMansions sit empty, bank-owned, and discounted even further than the market warranted because of not only unscrupulous lending practices, but treacherous purchasing practices, as well.

All I know for certain is that whoever thought of this scam has the kind of brilliance I missed out on when God was passing out talents.

Posted by Katy on 10/06/08 at 02:32 PM
Fallible Comments...
  1. Katy, I think the leave your house to the bank is what I would consider bad behavior. 96% of all homeowners in America are on time and uop to date with their mortgages. A measly 4% and the bank betting commodities people have put us in this mess. The real estate market is vital to our economy and this little tantrum will keep things in bad shape longer. If you can by all means buy that other house, but keep yours and use it as an investment. Even in these days of mortgage meltdown, real estate is a very good investment. Sorry for the soap box, but this is my field and it makes me mad when the news makes it sound like millions of people aren't paying when that is NOT true. Just mostly the people who shouldn't have been given a mortgage, or borrowed their equity everytime the values increased. Bad idea. Keep as much equity as possible. Forever. Period
    Posted by Sandi Thompson  on  10/07/08  at  02:48 PM
  2. I encourage it.Read articles in the Wall Street Journal and at ABC online.
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  3. people better think about buying soon. When interest rates go up it may not matter what kind of deal you can get
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  4. If the a person found guilty , court given verdict and punishment , still how persons can come out On bail. What is the loop hole or facility.
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  5. We have been told that the number one reason folks lose their homes is because of catastrophic medical bills,and in the past, that might very well have been true.
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  9. Investment in real estate is always a good option. You can buy another house but i would suggest to keep yours too.
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  18. Awesome post i liked it much..
    Posted by Firma  on  04/18/10  at  12:04 PM
  19. I think they will do everything to get their hands on that extra cash...
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  20. In recession lot of companies are lose their revenues.Mortgage companies were affected heavily.They didnt get funds fully..
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  21. nybody who wants to get new home, your tips will be helpful to them.
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  22. I think this is a good year to buy real estate.
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