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Old 12-19-2012, 10:19 PM   #16
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by ZBTHorton View Post
I anxiously await a small army of posters declaring there's no way Barry can be broke despite knowing absolutely nothing about his actual financial status, using things like the amount he bought in for on HSP as proof, along with another army of posters declaring he's totally busto without any real idea of his financial status either.

Carry on.


No way Barry can be broke.



The degenerate Busto
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Old 12-19-2012, 10:20 PM   #17
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by TMoney0209 View Post
Ever think that the house could be a money pit to him? The taxes and cost of the house yet alone the resale value would probably result in him losing more money then him just foreclosing.
He bought the house for $2.55mil only $200k was owed on it. I understand there are reasons to do this but it seems odd.
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Old 12-19-2012, 10:44 PM   #18
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

Could this be a different Barry Greenstein?
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Old 12-19-2012, 10:53 PM   #19
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If only he sold those books he gave people who busted him in tourneys he probably could have not only saved his house, but refinanced from a 30 year to a 15 year mortgage.
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Old 12-19-2012, 10:57 PM   #20
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

Barry is such a top notch iam sure he will come on here and explained fully what happened.
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Old 12-19-2012, 11:00 PM   #21
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

wasn't he so rich he gave 50% of his mtt earning to charity? thats why they called him the robin hood? I could be crazy
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Old 12-19-2012, 11:06 PM   #22
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by MicroRoller View Post
He bought the house for $2.55mil only $200k was owed on it. I understand there are reasons to do this but it seems odd.
Where did that $200k balance on the loan come from? It doesn't seem possible that anyone with over 2 million in equity would let a house foreclose over 200k. The market value of the house appears to be around 3 million, but even if you sold it for 1 million, you would pay off the 200k and have 800k cash in hand. And that's not a short sale, since a short sale just means the sale price is less than what is still owed on the house, not less than what the buyer originally paid for it.

Something doesn't add up here.

edit: my guess is that he, like lots of homeowners during the housing boom, took out huge home equity loans based on inflated home values. then the prices crashed back down to earth, and people owed huge amounts on the HELOCs, and couldn't pay them back.
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Old 12-19-2012, 11:13 PM   #23
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by MicroRoller View Post
He bought the house for $2.55mil only $200k was owed on it. I understand there are reasons to do this but it seems odd.
There was a $2.8M loan made on the property in 2006 and a $1M second in 2007. The amount due the senior lien holder at the time of the foreclosure sale was $3.008M. I am sure this, like many other similar foreclosures, was a business decision and not necessarily a function of Barry's financial status, although I know he was significantly impacted by the housing market "crash" and subsequent stock market woes.

At some point it becomes difficult to justify throwing good money after bad. The market downturn undoubtedly devalued the home to the point where Barry was upside down with little to no hope of the market catching up to the amount owed any time soon. He and/or the property may not have been eligible for a short sale. In any event it is likely he just decided to cut his losses. It is a beautiful home on a stunning piece of property, but was huge and super expensive just to run and maintain.

I have not seen Barry for a few weeks, but the last time I did he looked great and was in good spirits, playing in a hi limit stud game. I am sure he will be just fine. Despite what others may think after reading some of the comments here Barry really is a great guy. I am lucky to be able to call him my friend.

Last edited by 1938ford; 12-19-2012 at 11:21 PM.
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Old 12-19-2012, 11:13 PM   #24
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by browser2920 View Post
Where did that $200k balance on the loan come from? It doesn't seem possible that anyone with over 2 million in equity would let a house foreclose over 200k. The market value of the house appears to be around 3 million, but even if you sold it for 1 million, you would pay off the 200k and have 800k cash in hand. And that's not a short sale, since a short sale just means the sale price is less than what is still owed on the house, not less than what the buyer originally paid for it.

Something doesn't add up here.

edit: my guess is that he, like lots of homeowners during the housing boom, took out huge home equity loans based on inflated home values. then the prices crashed back down to earth, and people owed huge amounts on the HELOCs, and couldn't pay them back.
I'm sorry i should have been more clear the 200k is the default amount meaning he is about 200 k behind on his mortgage payments.
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Old 12-19-2012, 11:29 PM   #25
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

Quote:
Originally Posted by ZBTHorton View Post
I anxiously await a small army of posters declaring there's no way Barry can be broke despite knowing absolutely nothing about his actual financial status, using things like the amount he bought in for on HSP as proof, along with another army of posters declaring he's totally busto without any real idea of his financial status either.

Carry on.


couldnt have said it better myself
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Old 12-19-2012, 11:29 PM   #26
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

This is what happens when you win large amounts of cash in tournaments and give it away to charities
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Old 12-19-2012, 11:38 PM   #27
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by PLO Degen View Post
This is what happens when you win large amounts of cash in tournaments and give it away to charities
Followed by not cashing in tournaments for a long time.
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Old 12-19-2012, 11:57 PM   #28
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

Maybe the house had a ghost and Barry didn't want a house with a ghost.
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Old 12-20-2012, 12:05 AM   #29
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

OP, the respect you show for your favorite poker player is almost fascinating.
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Old 12-20-2012, 12:22 AM   #30
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Re: Pokerstars Pro Barry Greenstein's house foreclosed nearly 200k owed to bank.

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Originally Posted by OJsBludyNife View Post
Maybe the house had a ghost and Barry didn't want a house with a ghost.
this is the most likely reason for what has happened - very common occurrence these days. carry on.
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