“The rich aren’t as rich as they used to be,” said Alex Rodriguez, a Miami real estate agent with JM Group USA Inc., whose listings include a $2.9 million property marketed as a short sale because the price is less than the mortgage, … Holzknecht, the former owner of Four Suns Inc., a Seattle luxury homebuilder that went out of business two months ago, constructed the Craftsman-style home in 2000. He declined to identify his lenders or the amount he owes. …
Luxury Homeowners in US use 'Short Sales' as Defaults Rise …
July 30, 2010 By Leave a Comment
17 (Bloomberg) — Homeowners with mortgages of more than $1 million are defaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers . … Holzknecht, the former owner of Four Suns Inc., a Seattle luxury homebuilder that went out of business two months ago, constructed the Craftsman-style home in 2000. He declined to identify his lenders or the amount he owes. …
Luxury Homeowners in U.S. Use 'Short Sales' as Defaults Rise
July 30, 2010 By Leave a Comment
By Kathleen M. Howley and Dan Levy (Bloomberg) — Homeowners with mortgages of more than $1 million are defaulting at almost twice the US rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze … Holzknecht, the former owner of Four Suns Inc., a Seattle luxury homebuilder that went out of business two months ago, constructed the Craftsman-style home in 2000. He declined to identify his lenders or the amount he owes.
$ Million plus mortgages now defaulting at 12%, twice the rate of …
July 30, 2010 By Leave a Comment
17 (Bloomberg) — Homeowners with mortgages of more than $1 million aredefaulting at almost twice the U.S. rate and some are turning to so-called short sales to unload properties as stock-market losses and pay cuts squeeze wealthy borrowers. … Holzknecht, the former owner of Four Suns Inc., a Seattle luxuryhomebuilder that went out of business two months ago, constructed the Craftsman-style home in 2000. He declined to identify his lenders or the amount he owes. …
Luxury-Home Owners Use `Short Sales' as Defaults Rise
July 30, 2010 By Leave a Comment
As defaults on the biggest mortgages rise, borrowers such as Steve Holzknecht are turning to short sales to exit loans that now are larger than the market value of the house. In such a transaction, the lender agrees … Holzknecht, the former owner of Four Suns Inc., a Seattle luxury homebuilder that went out of business two months ago, constructed the Craftsman-style home in 2000. He declined to identify his lenders or the amount he owes. Common Plight “It’s not uncommon …
