“Jackson purchased the property for $255,000 in July 2002. She then refinanced the property four times over the next four years, the last for $467,500 in November 2006.
Jackson said she “did not have the finances to keep the property” after the state cut funding for her teaching and administrative position with a math program. She said she couldn’t find another local job to supplement her district stipend (the school board is a part-time job that pays $1,500 a month) and Navy pension.”
I don’t know what Jackson’s orig. loan amount was but mine was $244,300 (close to the amt. of her purchase price), which was $91,800 LESS than what I pd. for my property for in 2001. I don’t have a $3,300 – $3,800 mo. pension (Jackson was a Naval Officer) + a $1,500 School Board stipend for a total income of $4,800 – $5,300 month. My mo. income is $1,200 to $1,700 mo. LESS THAN HERS, yet I have managed to “hang-on” without turning my house into an ATM machine (still have orig. “purchase $$ loan” and no others). She also has Tricare for life as a mil. retiree where I pay for my own health ins. every month.
Sorry, it doesn’t seem like she can manage $$ properly to me. Everybody’s got the same problem. We’re all among the “landed poor.” Especially those who are trying to live on one income.
I’m highly familiar with Oak Park/Chollas Creek area. Used to own a duplex not far from there. IMO, it’s insane to borrow that much in that area. She took at least $212,500 cash out of that property in just over four years. Makes me wonder . . . what did she do with this $$??
Sorry if I sound judgmental. I could compare myself to Jackson as a single woman except for the fact that she’s far more highly educated than I. Doesn’t make sense to me why she’d do such a thing . . .
Guess I’m the “chump” here, as others have posted on another thread . . . and all I have to show for my “soul-crushing methodical money mgmt.” is my 804 FICO score . . . as a “consolation prize!” What am I going to do with it?? I probably can’t qualify for a home loan under the *NEW* criteria unless I put at least 50% down.
I just have a REAL PROBLEM feeling sorry for someone like that.
