So Orange Co. now has some 25 Million bucks to spend on purchasing foreclosed homes, and then cleaning them up, installing energy efficient appliances, and reselling them to qualified low income people.
You must make no more than $71K a year in income. (yea.. define income) and you get to purchase the homes valued from 100 to 200K.
When county commissioners were asked how they plan on making sure people trying to make a quick buck won't buy them up, their answer according to FOX35 is nobody making more than $71K a year can purchase.
Hey.. I know lots of rich senior folks that TECHNICALLY make less than 71K a year, but have MILLIONS in portfolio and assets!
So if I get this right... most of these homes are vacant because others unable to pay the mortgage lost them, so now the COUNTY is going to come in purchase them, bring in new appliances,(Yea.. who gets that contract?) and then turn them around for the price they acquired them plus the work? INSTEAD of letting the market heel itself?
How is this any different than the first bunch that owned them? What happens when this new owner defaluts? Is the city going to foreclose or just continue to let them ride?
Thank GOD I'm in Lake Co!!
| Member Comments | Total Comments: 8 |
|
|
ADeltonian
Oct 7, 2008 | 11:57 PM |
|||||
|
gman
Oct 8, 2008 | 5:54 AM |
|||||
|
hwayoutaline
Oct 8, 2008 | 7:08 AM |
|||||
|
Navigator
Oct 8, 2008 | 8:48 AM |
|||||
|
Navigator
Oct 8, 2008 | 8:49 AM |
|||||
|
Navigator
Oct 8, 2008 | 8:51 AM |
|||||
|
Meb452m
Oct 8, 2008 | 8:32 PM |
|||||
|
candyaquino
Oct 23, 2008 | 11:51 AM |
|||||
|
|||||
Twenty plus year disabled military veteran with multiple tours with Special Warfare in the Gulf. Stay at Home Dad, supporting a wife and her Phd,MBA career in Physics. Avid Martial Artists and NASCAR fan. Truth/Perspective/Context
... critical to being informed rather than ignorant! www.abunaiblog.com
Member Since: 10/5/2006
RSS:
What is RSS?