http://www.washingtonpost.com/local/a-million-dollar-mortgage-goes-unpaid-for-years-while-couple-fights-foreclosure/2012/03/01/gIQAb4DBpR_story_1.html

Quote :

"But he and Janet, a 51-year-old real estate agent, make no apology for using every tactic available to them to stay in their house, including challenging the foreclosure sale in court, requesting mediation and claiming they had a tenant living with them. Their adversaries, they argued, are giant financial institutions with armies of lawyers that are out to make as much money as possible at the expense of homeowners. “When a bank does all it can to save itself, that’s good business,” Keith said. “When a homeowner does the same thing, he’s called a deadbeat.”"

Quote :

"“I saw real estate as the way to wealth,” Ritter said."

Quote :

"The eviction from their million-dollar home could come at any moment. Keith and Janet Ritter have been bracing for it — and battling against it — almost from the moment they moved into the five-bedroom, 4,900-square-foot manse along the Potomac River in Fort Washington. In five years, they have never made a mortgage payment, a fact that amazes even the most seasoned veterans of the foreclosure crisis."

Quote :

""Keith Ritter has a business, Beat It Movers, that involves eviction services, property preservation and cleaning of foreclosed homes. Here, he checks out some ceiling damage in one such home in Fort Washington. Ritter gets the irony of working for some of the same banks that have foreclosed on him. But he has to make money somehow. “All I know is real estate,” he said."

Classic example of a McMansion purchased in the height of the housing bubble. 5 years later, they're still in the house and the owner of the loan has no recourse.

On one hand, fuck the banks, they took stupid risks and paid the price. On the other hand, if we had not bailed the banks out, this home would have been sold fairly on the market long ago. In reality, this family purchases a home that they could never reasonably afford and live in it for years at virtually no cost.

[Edited on March 5, 2012 at 5:35 PM. Reason : ]

3/5/2012 5:34:45 PM

whatever happenes to that black fella in texas that got the house for 16 dollars

3/5/2012 5:35:54 PM

He's probably selling drugs out of it

3/5/2012 5:52:03 PM

he got evicted

[Edited on March 5, 2012 at 6:34 PM. Reason : the bank claimed ownership]

3/5/2012 6:34:16 PM

In a grave in Europe, Karl Marx is smiling.

Long live the proletariat!

3/5/2012 6:46:41 PM

that's pretty awesome

3/5/2012 7:05:44 PM

Neat, I'm still blocking State Oz

3/5/2012 7:14:04 PM

A "qualified enough" OWS should do this and really "stick it to the man"

3/5/2012 7:46:34 PM

He won't get another home for a long time with a foreclosure or bankruptcy on his credit

3/5/2012 7:57:08 PM

well if he lived rent free for 5 years and saved that money... he could put ~$50-$100k down. A bank somewhere would do that.

3/5/2012 8:17:35 PM

^^ that ^ and he's probably saved up enough over the past 5 years that he won't mind renting somewhere for a little while. He's got to be making some decent money with his business.

3/5/2012 8:38:04 PM

am i supposed to be mad

3/5/2012 8:39:04 PM

Not necessarily. If you understand the flawed system that makes this possible, you might be mad at how much good money has gone after bad. I certainly wouldn't be mad at these people. They're taking advantage of a system that was built to be gamed.

[Edited on March 5, 2012 at 9:07 PM. Reason : ]

3/5/2012 9:06:59 PM

they'll have to pay it in some form or another

3/5/2012 9:09:42 PM

The only way they'll be paying is wrecked credit. I think I'd be okay with worthless credit if I got to live in a mansion rent free for 5 years. I'd have the most baller parties of all time son.

3/5/2012 9:12:49 PM

Quote :

"^^ that ^ and he's probably saved up enough over the past 5 years that he won't mind renting somewhere for a little while. He's got to be making some decent money with his business."

from what I could read of the article, guy owned several properties and couldn't afford the payments on them all since they had adjustable rate mortgages. I doubt he's saved any money and probably has other properties in foreclosure as well. was also convicted of bankruptcy fraud in 2000 for buying other properties and then putting them in family members names and them filing for bankruptcy.

3/5/2012 9:20:38 PM

so was he collecting rent on them and not paying. sounds like this man has gobs of money

3/5/2012 9:29:21 PM

he's definitely not any type of victim. seems like a lifelong real estate con artist.

3/5/2012 9:30:38 PM

3/6/2012 10:32:02 AM

now, see, this is how a thread should be done. Link up top for those that want to read the whole thing, relevant pictures and text quoted in the body with personal reflection at the end.

Well done sir, well done.

3/6/2012 10:38:53 AM

Quote :

"AMERICAN DREAM EXPOSED?"

3/6/2012 11:36:12 AM