I was amazed reading this- if I had made some clearly dumb financial moves, would I let it be published in the paper- complete with a picture of my wife and kid?
And I suspect that the cost of that condo is more than $6100 a month. Property tax is at least $1300, HOA at least $800, plus insurance.
So less than $4000 a month left to pay the mortgage on a $1.4m place at current jumbo loan rates? No way, unless its a truly funky option arm, but I didn’t think they still wrote those. Or he made a major downpayment which-sadly- is at risk.
I wish the guy luck for his family’s sake, but I just don’t see any way this will work out for him.
