Canada Buys Arizona

While the US economy languishes and homeowners curse the day they purchased those beautiful, brand-new, 5 bedroom homes in Phoenix, Arizona for $350,000, Canadians are forming real-estate investment clubs and buying those foreclosed American Dreams, in bulk, for $75,000 each.

The Canadian buyers are willing. With cash in hand, they are purchasing foreclosed Arizona properties directly from the banks at huge discounts from the original purchase price. For Canadians, buying a large home, almost new, in the sunny southwest US for $75,000 is a dream come true.

What better place for Canadians to spend the winter months than in Arizona. Cheaper than Florida and no hurricanes. The sad thing is that the banks refused to do short-sales or loan work-outs with the original American owners of the properties and so the owners had no choice but to walk away.

Now the banks are selling the properties so cheaply that it is difficult for the former home owners not to raise the issue of fraud. Were they defrauded in purchasing the homes in the first place? Was there fraud in the inducement to purchase?

Surely the banks could reasonably foresee that the market would crash. And when the market did crash what efforts did the banks make to keep owners in their homes? None. Instead the banks took billions of dollars of bail-out money from the Federal government and foreclosed on the home-owners.

There are hundreds of thousands of angry Arizona citizens looking for answers, watching while their former family residence is sold to a foreigner at an 80% discount from the purchase price. Many of the former owners could have continued paying a mortgage if the loan had been revalued. Making mortgage payments of $1,500 a month would have been feasible, instead of the original $3,000 a month payment.

Why should the banks care about American families being foreclosed on? Why should they care that your home represents a tangible chunk of the American Dream? Why should they care that family stability revolves around home ownership? Why should they care that those homeowners suffer hardship?

Instead the banks profited from the crash with bail-out monies and now are selling off the spoils of foreclosure as a profit-generating portion of their assets.

Shame on the US banks for destroying the American Dream, the American Family, American ideals and American values. Shame on them for denying Americans their dignity and respect.
Shame on them for denying Americans their basic financial integrity and credit-worthiness. Sphere: Related Content