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Families in Nixa and Spokane being forced from homes in unexpected foreclosures
KY3.com ^ | 10/12/2011 | Linda Russell

Posted on 10/12/2011 4:19:30 PM PDT by katiedidit1

SPOKANE, Mo.-- Entire neighborhoods of families in Christian County are being kicked out of their homes. The foreclosures come as quite a shock to the people living in those homes.

Ernie and Sharlene Risinger and their 11 year old daughter love their Spokane home and community, but they're being forced out. Their American dream has turned into a nightmare.

Nearly four years ago, the Risingers moved into the place they call home. "Sounded like a great deal. He wanted $1,500 deposit or down and we would actually be buying our house," says Ernie Risinger.

Or so they thought. The Risingers, like all their neighbors at River Birch Estates did owner financing with Harold Rogers. They pay him $1,100 a month on a 30 year loan.

(Excerpt) Read more at ky3.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS: corruption; foreclosures; gangsters; missouri; ripoff; spokane

1 posted on 10/12/2011 4:19:34 PM PDT by katiedidit1
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To: katiedidit1

Couple thought the home was secure...owner financed with 1,500 down and 1,100 a month to the tune of 60,000 invested BUT the owner was not paying the bank..over 42 homes are being foreclosed on in Christian Co., MO. Not that the people were not paying their loan...rip off btw this is a white area with very hard working folks


2 posted on 10/12/2011 4:22:34 PM PDT by katiedidit1
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To: katiedidit1

That whole thing doesn’t sound like it was on the ‘up and up’, and I don’t believe that news report was telling the entire story.


3 posted on 10/12/2011 4:23:15 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: katiedidit1
They are not being forced out of their homes, when you buy something on a land contract, you own nothing until the last payment is made. Have you ever heard of a little venture called white water.
4 posted on 10/12/2011 4:24:30 PM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow democrat)
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To: org.whodat

Oh yes, White Water. However, this couple signed a contract to purchase the house on a 30 yr loan...the owner financed it through People’s Bank but the mistake made...buyers were forking over money to the owner instead of the bank...owner pocketed the money...fraud. Sad situation to be out of 60,000 dollars plus and have to start all over..it is going to court as there are 42 homes ...all not far from Branson


5 posted on 10/12/2011 4:32:03 PM PDT by katiedidit1
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To: katiedidit1; KoRn
I am somewhat baffled by this story. Can you help me out? Or can anyone explain how your home can be foreclosed on when you have and are making the payments, per the contract?
That is, if there IS a contract. Something shady is going on here, but I cannot determine who is the culprit.
6 posted on 10/12/2011 4:36:56 PM PDT by ARepublicanForAllReasons (Crony Capitalism & Union boot-licking Marxist politicians are our undoing.)
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To: katiedidit1

If they did not receive a payment book from the bank, they were buying on a land contract. Results are the same.


7 posted on 10/12/2011 4:36:56 PM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow democrat)
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To: katiedidit1
...buyers were forking over money to the owner instead of the bank...owner pocketed the money...fraud.

That sounds about right.

Good luck in court to the buyers.

8 posted on 10/12/2011 4:39:34 PM PDT by ARepublicanForAllReasons (Crony Capitalism & Union boot-licking Marxist politicians are our undoing.)
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To: katiedidit1

This story doesn’t surprise me a bit. I practice law in Christian and Taney Counties, and I see these kinds of real estate deals go bad all the time.

Usually there’s some problem with the property or the parties’ credit that makes it impossible to do a straightforward sale with a bank financing the purchase—the buyer may not qualify for a loan, the property won’t pass inspection for a conventional mortgage, the seller’s existing loan on the property is undersecured, or, sometimes, the seller doesn’t even tell the buyer that there’s already a lien on the property.

So buyer and seller do some sort of “owner-finance” or “contract for deed” type deal and no title search gets done. When the bank with original lien stops getting paid, the deal blows up, and then I get hired to try to fix it.


9 posted on 10/12/2011 4:41:58 PM PDT by Huntress ("Politicians exploit economic illiteracy." --Walter Williams)
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To: ARepublicanForAllReasons

Best I can figure is these people weren’t REALLY paying mortgages. They were ‘renting to own’ from this guy who built the houses. Early on, what they were paying him was probably more than the payments, and he was profiting on the difference.

I’d say the properties were in his name, and he levered up by cashing in on equity multiple times over the years, like the rest of the idiots, and as soon as prices fell, he was hopelessly underwater on the properties. He gets into a little trouble elsewhere, and he can no longer make the payments, no matter what the tenants do.

....Just my guess, and take that for what it’s worth.


10 posted on 10/12/2011 4:42:12 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: org.whodat

Weren’t changes made years ago to contract-for-deed arrangements? They were common back in the 70s and people made fortunes by taking the properties back after the buyers failed to come up with huge balloon payments, then the sellers started all over again with new *buyers*.

I thought I recalled that the entire arrangement had been made illegal? Can’t remember.....


11 posted on 10/12/2011 4:45:15 PM PDT by reformedliberal
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To: reformedliberal

No and no, maybe some state law somewhere, but it is legal as far as I know. Crooked land agents sell property all the time like this using a common right of way. Problem is if you have a common right of way it is almost impossible to bank finance. Red flag, x amount down and balance over x years, no credit check. Same thing as saying here sucker, here sucker.


12 posted on 10/12/2011 4:53:34 PM PDT by org.whodat (Just another heartless American, hated by Perry and his fellow democrat)
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To: ARepublicanForAllReasons

It is going to court...did you read the article? now, these are not fanny mae or freddie mac loans...payments made on time but to the wrong party is what I understand. This is not the first time some shady deals have happened in this area of MO


13 posted on 10/12/2011 5:00:19 PM PDT by katiedidit1
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To: katiedidit1

Looks like a land contract of some sort gone bad. They’re a rotten deal and probably should be illegal. When there are a lot of zeros involved, though, the law seems to fall on the side of the crook.


14 posted on 10/12/2011 6:26:51 PM PDT by RKBA Democrat (Tagline for rent. Inquire within.)
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To: reformedliberal
Buying on land contract is for the stupid....all you do is pay interest for 5 years and then balloon payment after that. I was warned by my parents when I got married about the pitfall of land contracts...Land contracts were for buying land, usually cheap and payment at the end. Not to buy a house on...thats why they were called land contracts...Not new, they go back to the turn of the century 20th century or even earlier...Warned all my kids also when they became adults...no one in my era took out second mortages or withdrew equity. Thats what kept a roof over your head. Starting in the 80th, withdrawing equity became somewhat normal...even without the fanny and freddy fraud. I never could understand doing such a thing...having a home kept you out of the street...

Like the old saying....be it ever so humble theres no place like home.......

15 posted on 10/12/2011 6:34:18 PM PDT by goat granny
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To: reformedliberal

Those deals weren’t all bad. I got some property that way which I have refused to sell to pressure several times. Of course, I paid 55% up front and paid it off quickly. I couldn’t do a bank deal because I had never borrowed money or gone into any debt before. That made me ineligible for a bank loan.


16 posted on 10/12/2011 6:52:34 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: goat granny

Relatives used to tell me and my wife that we should get back the equity in our home, that we were fools to let that resource “go to waste.” Well now we have a home, a lake house and some acreage all free and clear. The only glitch was when a renting neighbor intercepted our property tax paperwork from our mailbox and managed to get a big mortgage on our house. He got paid and the loan company simply lost the money. The dude is on Death Row at the moment for another deal he did that was less profitable to him.


17 posted on 10/12/2011 7:02:14 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: katiedidit1

What is the link to the Romney sound bite video? I know some people who still need to see it .


18 posted on 10/12/2011 7:04:39 PM PDT by arthurus (Read Hazlitt's "Economics In One Lesson.")
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To: arthurus

That would be one scary neighbor...


19 posted on 10/12/2011 7:05:37 PM PDT by goat granny
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To: katiedidit1

There is only ONE Spokane......


20 posted on 10/12/2011 9:20:47 PM PDT by cherry
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To: katiedidit1

The difference between this and White Water was the bank. McDougall owned Madison Guarantee which held the Whitewater mortgage. Every time a property owner missed a few payments, the Clintons and their partners foreclosed and kept reselling the same properties. It is said that Hillary resold the same property 3 times.


21 posted on 10/13/2011 12:33:49 PM PDT by Eva
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To: Eva

Yes, I remember. She got away with it and we know what happened to McDougall...always wondered how his wife remained so loyal to Clinton. Also, do you think his death in jail was on the up and up?


22 posted on 10/13/2011 1:32:43 PM PDT by katiedidit1
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