Home › Forums › Housing › PEW RESEARCH: Walking Away – A Third of Public Says It’s Sometimes OK for Homeowners to Stop Making Mortgage Payments › Here’s an example of someone
Here’s an example of someone who bought long enough ago that it was probably a traditional loan. (vs stated income) In fact, it should be mostly paid off. But it was foreclosed today.
http://www.sdlookup.com/Property-4ED455D8-8040_Flanders_Dr_San_Diego_CA_92126#110340
They bought in Nov 1991 for $169k.
Somewhere along they way they pulled out an additional $390k (on top of their original loan.)
Amount owed: $582,589.15 Back to the bank today when no one would pay $350k at the steps.
Never put it up for short sale. No sign they did anything other than pull cash out then ride the free-rent program.
This is the type of borrower that I have NO sympathy for.
