Real Housewives of Atlanta' Star Loses Home to Foreclosure

[onyxfemme]

"Real Housewives of Atlanta" star Lisa Wu Hartwell lost her Georgia home to foreclosure, TMZ.com reports.

Hartwell and her husband, former Oakland Raiders linebacker Edgerton Hartwell, were evicted from their multimillion-dollar mansion last week after the couple reportedly defaulted on their loan. The bank sold it shortly after.

Hartwell's rep told TMZ that the couple was in talks with the lender to restructure the loan because the home had lost value, but that those discussions had failed. The bank then resold the house, which the couple first bought for $2.9 million in June 2007, for $1 million less than the original price.

"Ed and Lisa are fine," their rep said. "They have settled in their [new] home that sits on 10 acres, and they own it."

This isn't the first Atlanta housewife to lose her home. NeNe Leakes and her family lost their 5,000-square-foot, five-bedroom home shown on the hit Bravo series in November -- a month after an eviction notice was filed, claiming they owed $6,240 in past rent.

http://wonderwall.msn.com/tv/real-h...closure-1519578.story?GT1=28135#m=BU47IQmIMQH

 

[Digital Angel]

That's funny being that all Lisa's husband is trying to do is make more babies.

 

[onyxfemme]

I know!!!

That's funny being that all Lisa's husband is trying to do is make more babies.

 

[doggish_098]

my brother was telling me about a youtube vid they posted trying to explain how it happened. Anybody have the video?

 

[SEXY_SCORPIO]

 

[doggish_098]

another case of people not knowing the difference between being rich and being successful...

 

[SEXY_SCORPIO]

another case of people not knowing the difference between being rich and being successful...

 

[Andeyhollawho]

From what I have heard it was a ploy to get out of a failing mortgage. They bought a 3 million dollar house and lost like 1 mill on it in a few years. Wanted to restructure for less money but the bank wouldn't do it so they said fuck it and bought another one and let that one go?

Seen this scenario on a few sites. All gossip of course but would make sense?

 

[onyxfemme]

Interesting concept Andy

 

[TBone]

Its funny how banks do that. You would think there would be no difference in cutting your mortgage in half , and forcelcosing on it and selling it for half of what you originally owed, other than the payments would not be interupted. I dont blame them . It's happwening allover , just on a smaller scale. Why sit there and pay the note on a house you are a million dollars upside down in, and will never catch back up. I had a rental I'm doing a short sale on right now for the same reason.

From what I have heard it was a ploy to get out of a failing mortgage. They bought a 3 million dollar house and lost like 1 mill on it in a few years. Wanted to restructure for less money but the bank wouldn't do it so they said fuck it and bought another one and let that one go?

Seen this scenario on a few sites. All gossip of course but would make sense?

 

[Andeyhollawho]

Its funny how banks do that. You would think there would be no difference in cutting your mortgage in half , and forcelcosing on it and selling it for half of what you originally owed, other than the payments would not be interupted. I dont blame them . It's happwening allover , just on a smaller scale. Why sit there and pay the note on a house you are a million dollars upside down in, and will never catch back up. I had a rental I'm doing a short sale on right now for the same reason.

Seriously assuming they are in a pretty good place financially the only thing you need clean credit for is a home. So if you have a 3 mill home and you can go out and get a 2 mill or even a 1 mill home that you are happy with while your credit is good you can just let the other shit foreclose and by the time your credit really IS fucked up you got a house and more money in your pocket.

 

[watchin]

Its not quite that easy to do that. These days because so many people have bought less expensive homes and walked away from the ones that they were upside down in.... The banks have instituted new guidelines late last year. Basically you have to be able to qualify for both mortgages.. I guess the feeling is people who can easily afford both house are less likely to let one go. Also there cant be any mortgage lates or deragatory credit etc.

Its unlikely the above people in question financed the house they are now living in if their former house was in the process of being foreclosed upon. You would have months of mortgage lates etc. If they did indeed buy their new home..they did it cash or financed under someone elses name and credit.

 

[Andeyhollawho]

Its not quite that easy to do that. These days because so many people have bought less expensive homes and walked away from the ones that they were upside down in.... The banks have instituted new guidelines late last year. Basically you have to be able to qualify for both mortgages.. I guess the feeling is people who can easily afford both house are less likely to let one go. Also there cant be any mortgage lates or deragatory credit etc.

Its unlikely the above people in question financed the house they are now living in if their former house was in the process of being foreclosed upon. You would have months of mortgage lates etc. If they did indeed buy their new home..they did it cash or financed under someone elses name and credit.

Well no one said they were late though? I'm curious about this myself but assuming that the foreclosed house was in Ed Hartwell's name and the new one is in Lisa's name and they both have sizeable income they could do it right? They could actually afford to have both homes and after they closed on new one decided to say damn the old one?

I get what you mean though. I'm sure it was some backdoor stuff but Lisa IS in real estate which makes this story funny and plausible!

 

[watchin]

In order for the home to be foreclosed upon. Mortgage payments would have to been missed. A missed payment is a late payment. Minimum of 3 will get a notice of default put on the house. Notice of default starts the foreclosure ball rolling. Just no other way it would happen.

If the original house was only in his name and she was not on the loan or the title they could qualify. But once the bank/underwriter reviews the file, sees that her address was the same as the home he owned and defaulted on and they are married..that would be cause enough for a bank to deny the loan.

They could have bought the house cash tho..Or financed it under someone else name etc. Or they could have gotten a private money/hard money loan that would not necessarily have the same restrictions as from a lending institution.

I only point this out because the average person dealing with this same situation, being upside down in their home, would not be able to just buy another home and walk away from the one they are in now.

 

[onyxfemme]

good points!

In order for the home to be foreclosed upon. Mortgage payments would have to been missed. A missed payment is a late payment. Minimum of 3 will get a notice of default put on the house. Notice of default starts the foreclosure ball rolling. Just no other way it would happen.

If the original house was only in his name and she was not on the loan or the title they could qualify. But once the bank/underwriter reviews the file, sees that her address was the same as the home he owned and defaulted on and they are married..that would be cause enough for a bank to deny the loan.

They could have bought the house cash tho..Or financed it under someone else name etc. Or they could have gotten a private money/hard money loan that would not necessarily have the same restrictions as from a lending institution.

I only point this out because the average person dealing with this same situation, being upside down in their home, would not be able to just buy another home and walk away from the one they are in now.

 

[Andeyhollawho]

In order for the home to be foreclosed upon. Mortgage payments would have to been missed. A missed payment is a late payment. Minimum of 3 will get a notice of default put on the house. Notice of default starts the foreclosure ball rolling. Just no other way it would happen.

If the original house was only in his name and she was not on the loan or the title they could qualify. But once the bank/underwriter reviews the file, sees that her address was the same as the home he owned and defaulted on and they are married..that would be cause enough for a bank to deny the loan.

They could have bought the house cash tho..Or financed it under someone else name etc. Or they could have gotten a private money/hard money loan that would not necessarily have the same restrictions as from a lending institution.

I only point this out because the average person dealing with this same situation, being upside down in their home, would not be able to just buy another home and walk away from the one they are in now.

I think you missing what I am saying. I am saying that they could have defaulted on the first home AFTER they bought the second one.

Scenario...

They go into the bank and say our loan is for 3 mill but now our house is worth 2 mill. We haven't missed a payment and are in good standing but we want to restructure given the nature of the loss.

Bank says hell no.

They go to a realtor and say our loan with our other house is in good standing with no missed payments but we want to secure another house further out/closer to the city. Other realtor checks credit and see they not bullshitting and they have the assets so he give it a go.

They close on the new home and move in. Paying the mortgage on the other house the entire time.

After they move into the other house they just stop paying for the first house. 3 months later it's in default but they don't give a damn. Let it default and go into foreclosure because now that they have secured the second house they are using the mortgage money from the first to pay for the second.

So really they didn't have to finagle anything. It could be a case of her working with connections to get it done or it could be overzealous realtors trying to turn a quick buck but with the credit, assets and know how it could be done?

 

[watchin]

I got what your saying. If there were enough assets to cover two multi-million mortgages and reserves..Yes it possible..

but if you read the OP. They were evicted from the home..Meaning they were still living there. Plus it mentions they were also in talks to modify their mortgage. So from what I gather..It failed, they get evicted,THEN settle into the other home.

However they did it. I'm glad they were able to bounce back.

I just don't want people to think its some easy thing these days to buy another home and walk away from one they currently own. For most it isnt gonna happen.

 

[Famous1]

I got what your saying. If there were enough assets to cover two multi-million mortgages and reserves..Yes it possible..

but if you read the OP. They were evicted from the home..Meaning they were still living there. Plus it mentions they were also in talks to modify their mortgage. So from what I gather..It failed, they get evicted,THEN settle into the other home.

However they did it. I'm glad they were able to bounce back.

I just don't want people to think its some easy thing these days to buy another home and walk away from one they currently own. For most it isnt gonna happen.

i came pretty close to bailing on mine... It dropped damn near 100k in value and i was looking at 600k houses selling for 50 cents on the dollar with 4.??% interest rates. 75 to 80% loans on "investment" properties are'nt that hard to attain. Not as easy as it was a couple of years ago but not impossible either.