I think shopping the loan is out of the question. He only makes 40k and even with the best loan and 90k down he ends up with about a 580k mortgage. He still can’t afford the house.
SD Realtor… Agree in principle, he should take responsibility.
Maybe I should have phrased the question… What would you do? vs… What should this guy do?
If he walks, at least his 90k stays in the San Diego economy. If he tries to refinance, he just delays the problem and his 90k goes to Wall Street.
This is the first person I know personally in this situation. Until now, I have just read about all the f’d borrowers. It puts a bit more inevitable reality into my opinion of the San Diego housing market.
