rant · moment 1 of 22
Revisiting Lisa's Lounge and Mortgage Scams
from Late For ElsaGate · #73
Audio-only archive episode — no video to seek.
3 minTim and Ray recall a famous old episode about a Long Island dive bar called Lisa's Lounge and Tim's past selling mortgages, including a bit about "first payment default" scams in the mortgage business.
- 0:38Tim recalls listening to one of their most famous episodes, "Life in the Blood Box," about Lisa's lounge.
- 0:57He bought a house in Baldwin, New York when he was around 20-25 and it was foreclosed on after he stopped making payments.
- 1:17Tim explains the mortgage industry concept of "first payment default," where banks loan hundreds of thousands and borrowers never make the first payment.
- 2:03Realtors tell people their monthly payment will be $1,800 but don't always disclose the full details upfront.
- 2:28Tim's personal rule was to ensure clients made at least three payments to avoid investigation, unlike straight scammers.
- 2:55People would pitch refinance deals offering cash-outs on top, with the scam being to just make that first payment before bailing.
- 3:30Tim plugs the archive of past episodes listeners should go back and hear.
Baldwin, New YorkLisa's LoungeRay Kump