Give ne back my hat!

Houston

Schild stops by a ranch-style house where 74-year-old Paul Matlock lives with his wife, disabled from multiple sclerosis. Matlock is desperate to leave and is considering Schild’s offer of $120,000—half the home’s value three weeks earlier. A half-dozen other investors have made offers, one as low as $55,000. “The whole thing makes me feel like there’s a bunch of vultures sitting on my back fence,” Matlock says. “They’re waiting for the dead body to fall over.”

https://www.bloomberg.com/news/articles/2017-10-12/investors-head-to-houston-to-buy-from-panicked-homeowners
Permalink X 
October 13th, 2017 1:20am
So to summarize:

I didn't buy flood insurance for my house, appraised at $127,000 last year.

I owe $65,000 on the mortgage.

My house got flooded. It is now uninhabitable and in need of extreme repairs, or even possible demolition and rebuilding.

I have no savings or means to repair the house and I don't want to get a mortgage.

The federal government is giving me and other uninsureds a $23,000 free cash grant to fix my house. It's not enough to fix it though.

An investor is willing to take over the mortgage debt of $65,000 in return for title, plus he'd get the $23,000.

I would get nothing though.

This is unfair. Someone should give me $60,000.

The investor is a profiteer. He is a bad guy.
Permalink Reality Check 
October 13th, 2017 1:30am

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