[quote=Adebisi][quote=captcha]Nothing relevant to add. Just curious – how did a $424K loan grew into $450K loan after a $15K cash-out refi and that is after 6 years of paying the mortgage? Did you get an IO or negam?[/quote]
Isn’t that amazing? After 6 years with $125K in income, there’s been no principal reduction at all and the guy said he has no savings.
Battiata is great at reeling guys like this in. He’ll probably end up selling the guy his next foreclosure too after he closes this short sale. And you can just feel the professsional jealousy from the gaggle of goofy realtors on this board. I mean, who wouldn’t want a client as financially unsavvy as this guy? It’s easy money.
I can understand the jealousy though. Batiatta is practically a celebrity in southern California with his TV commercials, his clients love him, and he’s been invited to testify in front of Congress. He’s got it all. Hell, he’s probably closed 5 deals in the day or so this thread has been active. No wonder he gets so many cheap shots from the can’t-even-close-a-car-door realtor gang that hangs out here.
Another thing I’m amazed at is how America now tolerates it’s middle and upper class welfare queens. Back in the 80’s and 90’s, welfare queens were villified for getting something like $12K a year in taxpayer money. The original poster is going to drop a $100K loss on the taxpayers in one year and no one even bats an eye. Ain’t America great?[/quote]
Wow, nice speaking to you too! You’re a jerk!
I actually have 401K, my wife has 401K, putting $ in both kids college savings plans, and I have a pension that will pay me about 90% of my last year’s wages. Wife, two kids, and even two dogs. Don’t save money in a savings account though. We tend to spend it on things to make us happy in the short term. I’ve got the long term handled.
You must be a really unhappy person to have put what you did. Blow off! If your point was to make me mad, you win!
By the way, with the loan I’m in since 2006, we’ve paid $95K in interest, while only $18K went to principal. I wouldn’t worry about the banks, they’re doing fine!
For the other posters wondering how I can only have paid off so little on the balance, you can see what happens with the percent that goes to principal, and the percent that goes to the lender. The percent slowly reverses, but only many year’s into the loan!
I’ve always wondered why loans are structured like that. Doesn’t give us a fair chance to get out from under ourselves!
That is why I will walk away from this house and rent until it actually may make sense to buy again. I appreciate most of the posters comments and suggestions here, and hope to learn some things.
