Celebs can make a quick buck flipping their luxury pads


Dear John: My question to you, when I read the real estate section of The Post, is: Why would very rich business people and celebrities buy a $17 million coop apartment in Tribeca or elsewhere, then sell it six months later — never having lived there? R.T.

Dear R.T.: In most cases I think it’s because the pizza joint down the block that they love suddenly goes out of business.

Or maybe it’s because the richies are suddenly getting divorced. It happens that quickly for wealthy people.

But seriously, with Manhattan real estate prices being what they are, buying and holding a $17 million coop for six months and flipping it could net these celebs a tidy profit of $150,000 or more.

Remember, it takes money to make money.

Dear John: I’ve read online that you are willing to help consumers having issues with Nationstar Mortgage/ Mr. Cooper.

I’m writing the details of my situation below, and hoping you can help.

My wife and I recently fell behind on our mortgage payments. We received a letter from an attorney that was titled “Notice Pursuant To Fair Debt Collection
Practices Act.”

It listed the amount owed on our mortgage and some other details about our rights to dispute the validity of the debt and some additional “legal speak.”

We knew we had allowed things to go too far and immediately called Mr. Cooper customer service to figure out what our options were. The customer service rep informed us that our account was in a foreclosure status and that we had three options, none of which was good.

The only real option for us was the reinstatement.

We asked how much the lump sum reinstatement payment would be and she told us she wasn’t able to provide an amount. She said she had to put in a request, which would take four days and then we would have 24 hours to pay.

We knew our four months of past-due payments totaled about $7,300, plus $990 in late fees, plus $265 in inspection fees. That came to about $8,500.

We were thankfully able to quickly get $9,500 as a gift from a relative who was happy to help. We also had about $2,500 of our own ready to use.

Later, we received a call from the lender’s customer service rep. She informed us that the total amount due for reinstatement was $11,900. That figure included an additional $3,400 in legal fees, which we found very surprising considering we had only received one letter from the attorney, and there was no court case filed.

We have just enough to cover the reinstatement amount, but this wipes us out for paying February’s mortgage and all our other bills.

We have two young children and have lived in our home for 10 years. We do not want to lose our home. We are definitely aware that this situation arose from our lack of responsibility in keeping up with our mortgage payments.

Ultimately, we just want to get this resolved. I’m hoping you can help in some way. Thank you. J.G.

Dear J.G.: Just like that, your problems are fixed.

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