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.”
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.
October 13th, 2017 1:30am