: Woman buys foreclosed house and gives to back to owner



The Tony Show
10-31-08, 04:34 PM
On a Whim, Woman Buys Foreclosed Home and Gives It Back to Owner

Thursday, October 30, 2008
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DALLAS — A Texas woman went to a housing auction distraught about the prospect of watching strangers bid on her foreclosed home.
Then one of those strangers bought it back for her.

Now Tracy Orr can return to her Pottsboro home, making payments to the woman who unexpectedly and impulsively bought it for her.
"It means so much to all of us," Orr told Dallas television station WFAA. "It's not just a house."

Marilyn Mock said she was acting on instinct on Saturday when she decided to buy a house she had never seen for a woman she had never met. Mock was at the foreclosure auction to help her 27-year-old son bid on a house when she struck up a conversation with Orr, who was crying about losing her home.
Orr had bought the house for $80,000 in 2004 but fell behind on the payments. She lost her job a month after taking out the loan, and earlier this year she lost the house. On the spot, Mock decided to buy it, eventually bidding $30,000.
"She didn't even know if I had a job or was a nut case," Orr said in a story for Wednesday's online edition of The Dallas Morning News. "She didn't even see a picture of the house."

Mock told a crying Orr she could stay in the house, making payments to her instead of a bank.
"She needed help. That was it," Mock told the newspaper. "I just happened to be there and anybody else would have done the same thing."
Orr said she hopes others will do as Mock did.
"More than my house, she gave me something inside, and that's more important than material or financial things," she said.
The two are waiting on final approval from Fannie Mae before visiting the home.
Mock's son also got a home at the auction.

Coma
10-31-08, 04:40 PM
This is the kind of stuff that never happens in real life.

Lord Cadillac
10-31-08, 05:06 PM
I heard about this.. Very nice.. I would do it. I'm very generous and I firmly believe that what goes around, comes around...

The Tony Show
10-31-08, 08:56 PM
I just realized that my thread title is gibberish. :tard: Can a Moderator edit that to "Woman buys foreclosed home- hands it back to owner" please?

:doh:

thebigjimsho
10-31-08, 09:59 PM
I just realized that my thread title is gibberish. :tard: Can a Moderator edit that to "Woman buys foreclosed home- hands it back to owner" please?

:doh::nono:

dirt_cheap_fleetwood
11-01-08, 12:44 AM
Wow, if only more people were like this.

Eld01
11-01-08, 05:41 PM
That is too cool. I hope this has an even happier ending.

concorso
11-02-08, 12:45 PM
How much more 'happy' do you need? The woman got her house back! :)

Destroyer
11-04-08, 08:22 AM
I heard about this.. Very nice.. I would do it. I'm very generous and I firmly believe that what goes around, comes around...Me too, except I would make it worth my while with the monthly payments.............only fair right?.

RightTurn
11-04-08, 09:00 AM
^^ A real humanitarian. :lol:

Destroyer
11-04-08, 10:07 AM
^^ A real humanitarian. :lol:Actually, yes. If she owed $80k and got it back for say $40k and a slightly higher interest rate it would be a win-win for all parties concerned. If I'm holding the note I expect to make some money off the payments as I'm sure the lady that bid on it for her is doing. Its not a bad thing and it would help people tremendously. Say you bought a house $150k and you could no longer make the payments for whatever reason and you cant sell cause now its worth maybe $80k. You foreclose, someone buys it back and sells it to you for $90k and holds the note. Now you have much cheaper payments and got financing which no bank would give you after a foreclosure and you get to keep your home. If thats not "humanitarian", I dont know what is.

RightTurn
11-04-08, 10:23 AM
Actually I was referring to your comment of "making it worth your while." I want to believe the woman was acting out of compassion for another in need, not calculating the profit she could make.

Cliff8928
11-05-08, 04:00 AM
Nice story... Where do you find a house that cheap?!?

Jesda
11-05-08, 08:34 AM
Lets hope the loan is paid on time this time.