Here around the Atlanta area buyers were “high fiving” and knucle bumping each other at the closing tables.
An audit should be done — if you bought and walked with money from the closing during 2002-2008/9, return the money now. Do not forgive their “underwater” amount — deduct their check they received at the original closing!!!!
I’m sick of their FRAUD. Prosecute the appraisers and mortgage lendors — get them all.
If you “deduct” this money who do you give it to? The government?
Walking away from the table with cash was not possible in all states. Georgia was one state where you could. I know a guy who had a home built for $120,000. He financed $160,000 and pocketed $40,000. He eventually lost the house but he didn’t lose any money. Georgia also is one of the states with the highest foreclosure rates.