(Hoping I'm not in there, or the obituaries.)
I was surprised to see what seemed like a lot of bankruptcies this week.
Since the bankruptcy law changed in 2005, I have seen only a very few bankruptcies.
Then I saw a name that sounded familiar.
It was my former neighbor, Reverend Barry.
A couple of years ago he began buying Urban Renewal homes here in Tulsa for rental property.
He had involved other "partners" in this "money making business", including another neighbor, Marvin.
(Marvin has hit a string of bad luck recently as he was attacked this spring by a pit bull which broke both of Marvin's legs before the dog was dispatched by a neighbor's gun.)
Then while checking the Sheriff's foreclosures, I saw Reverend Barry's name again, on several foreclosures, including his church!
IronCross mentioned in a thread below that cocktail waitresses in Vegas had mortgages on multiple "rental" homes, but many of which were sitting empty.
The snowball is rolling.
Wait for the resets to start hitting soon.
Then watch out below!
July filings up 38% from a year earlier
Bloomberg News August 4, 2007
OKLAHOMA CITY - U.S. bankruptcy filings were 38 percent higher last month than in July 2006 and are 50 percent higher for all 2007 than they were a year ago, according to data complied by the private research company Jupiter eSource LLC.
The 50 percent growth this year is partly a result of a low rate of filings in early 2006 under a new, more restrictive law. Bankruptcies first rose as individuals rushed to beat the October 2005 deadline, then dropped. They rose steadily in 2006.
If this year's pace continues, new bankruptcies in 2007 will total almost 790,000, 34 percent more than last year
Edited by Rogerdodger, 05 August 2007 - 02:24 PM.
He is a nice guy.
A retired school teacher who retired after being beaten by students.
If I had to guess, he refinanced his home to invest in rentals.
Now lost them all.
.
Marvin says he is praying for Barry.
And trying not to hurt him.
