I think the whole real estate crisis stinks!! What has happened is partly to be blamed on the lending organizations and the laws and regulations of each state. The lending companies gave loans to people who were not qualified to be buying a house because they were either too busy to investigate or didn’t care.  They knew that if a person defaulted on a loan they would get the property back anyway, so they wouldn’t be out anything in the end. The  state laws and regulations weren’t tough enough on these crooked mortgage brokers either. Take it from someone who became a victim three years ago. I live in Colorado and at that time a so called mortgage broker did not have to attain a license to get people into investing into property. I became involved with one of those so called people who was very good at manipulating people into buying property because of their excellent credit. At the time I had a credit score of 780 and he said that with my excellent credit I would be able to buy property and or properties and then turn around and sell it in six months to a year and make a profit (the fix and flip scenerio, yeah right!) You borrowed what each property appraised for, which later I found out the appraisals were not correct.  Each loan borrowed was an 80/20 loan (no money down) and now you have a first and second mortgage. Me being a green horn to the real estate business did not know that meant I was upside down on the loan. This was never explained to me, but that was because he profited at least $10,000 from each sale. Why would he explain to me that what he was doing was only to profit him in the end and not me. He told me he would be by my side for at least the first year to make sure I knew what I was doing. I believed him & well of course things did not turn out the way he said they would. I ended up buying seven properties within four months, was over a million dollars in debt and was bankrupt within less than a year later. None of the houses that I bought were worth what I owed on them, so I was basically stuck with properties that I could not even rent for what the mortgage payments were.  Oh believe me, I was just as much to blame for letting someone talk me into something like this. I could kick myself in the butt every day for letting someone take advantage of me. But that is neither here nor there. Now I have to start from scratch and rebuild my life one again. But I know I can do it and I also believe in Karma. So he will get his in the end, one way or another. So please people, whatever you do before getting involved and investing your money, BE AWARE & make sure that you do your homework and know exactly what you are getting into. Don’t let anyone manipulate you into anything. Because when it sounds too good to be true, then believe me it is!!!

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