With hundreds of homes on the auction block Sunday, it was the first step toward the dream of owning a house for some – and the final step in the nightmare of foreclosure for others.
They were hard at work inside the Grand Hyatt Hotel, auctioning off foreclosed homes in the New York and New Jersey areas.
More than a hundred homes were up for bids.
One couple bought a house valued at $425,000 in Newark – for $80,000.
Another investor got a three-family home for $50,000.
While the auction was going on inside, people were protesting outside.
The protestors want a moratorium on foreclosures.
Ana Cervantes lost her home after her mortgage payments doubled on what she thought was a fixed loan.
“To lose a home is the most devastating thing in the world,” Cervantes said. “You could be without food, but to be without a roof over your head – it’s not nice.”
Auction house officials say their business is part of the solution, offering affordable housing and selling off neighborhood eyesores.
“You have thousands of homes that are vacant, you have vandalism, graffiti,” Trent Ferris, vice president of Auction Sales for REDC, says.
Ferris’ company made $4 billion last year, and takes this show on the road to other states across the country.
Bidders on Sunday had to have at least $2,500 in cash or money order to be able to bid.
(Source: WCBSTV)
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3 Responses
I am sick and tired of people not taking responsibility for their own lives. She ‘thought’ she had fixed payments? Then she’s too stupid to own a home.
That said, there should be time for someone who went through hard times to attempt to rescue their situation. Also, I believe that they should be forced to sell the homes at a minimum of 80% of the value. Buying a 400k home for 50k is not fair to anyone. I am sure that the original owner would’ve gladly paid 50k for the home, but now he is so financially struggling he can’t even afford that. Who do you think picks up the diffrrence? The taxpayers, neighboring homes, and everyone paying mortgage insurance.
Hashem natan v’hashem lakkach
Can YWN notify us BEFORE the auction so we also have a chance to buy, I always see reports about these events AFTER the event. If YWN can twll us when they are going to take place before they actually take place maybe other community members can buy a home.