8.30.2007

Illegal aliens learn to play the cash-out re-fi game

They want to return to Mexico due to stricter immigration enforcement and a weakening economy. They know their homes are never going to sell in this market. What to do? Cash-out re-fi and stick it to the stupid lender!

Adrian, a 34-year-old undocumented immigrant from Sonora, plans to move back to Mexico as soon as he can sell a 2-acre tract he owns in Tonopah. "Yes, we are desperate to leave the moment I sell my property," said Adrian, who rents a house in Goodyear. He asked that his last name not be used because of his immigration status.

Adrian said his sister also is selling her house with plans to return to Mexico. He knows other undocumented immigrants who are refinancing their houses and getting cash out so they can return right away rather than waiting for their houses to sell.


The lenders, of course, deserve it. They knowingly lent money to borrowers who cannot legally earn any income in this country! What did they expect?

HT: HousingPanic.

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