Just heard about an acquaintance back in Scottsdale ... here's the scoop:
- Lost her north Scottsdale house to foreclosure
- Couldn't get approved to rent a place due to credit
- Moved back in with dirtbag ex-boyfriend just to have a roof over her head
I didn't find out, though, what became of her BMW and Rolex. Yes, she has (had?) both.
She's not an isolated case. This is becoming a very common story in Scottsdale. The majority of loan resets are happening right now and the entire country is seeing a massive spike in foreclosures. Which means that fake, no-doc, no-money-down Scottsdale is seeing a REALLY massive spike in foreclosures right now. All those phonies who "bought" with no credit checks, no money down, and no income verification are royally screwed now. And that happens to be the majority of Scottsdale.
I love the irony that people who threw around the "ownership" title as some kind of status symbol suddenly can't even get approved to rent an apartment. Beautiful.