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Home › Forums › Closed Forums › Properties or Areas › Mira Mesa – 7510 Bannister Ln – 10%+ loss in less than one year › briansd1 wrote:Here’s a Mira

March 22, 2012 at 1:30 PM #740371
bearishgurl
Participant

[quote=briansd1]Here’s a Mira Mesa REO that will be listed soon, for you guys who are interested in the neighborhood.

http://www.homepath.com/listingdetails.html?st=CA&cno=073&a_bid=e5f9f8bb&accountid=3278366&countyState=CA&listingid=33413090&countyno=073&accountId=3278366&listingId=33413090&countystate=CA&countyNo=073&a_aid=25195&paid=true

Looks like the previous owner bought in 1984 for $58,000 and succumbed to the equity extraction craze.[/quote]

This is a dirty shame, brian. It could have been paid off by now.

I’ve known two other individuals who bought cheaply in the eighties and subsequently “lived off their equity” that is, until the (borrowing) party was over.

Both single moms, now late 50’s living with roommates in crowded houses. Both now have grown kids but lost their homes to FNMA, just like in this instance.

I find this absolute folly because neither will ever be able to recover from their (former) stupidity. Neither of their original PITI’s was higher than rent at the time … even at an 8.5%+ interest rate!