[quote=UCGal]What? No reactions to a former San Diego Mayor being in foreclosure after some serious equity withdrawal?
I thought it was interesting. LOL[/quote]
I find it pretty interesting. I snooped around for awhile, and I think i saw somewhere that the unit i was looking at was purchased in 2006. Was I wrong on that? Was there significant equity withdrawal after that? Also, I think at least the portion owned by former madam mayor was owned by a trust. (Maybe her sister’s portion too, I can’t remember what i saw.) Always problematic getting loans for trusts. Unless of course you know someone at the lender. If the trust was actually the borrower, even on a refi, as a practical matter it makes the loan non-recourse as to that borrower. Obviously both owners would be good for any shortage.
