Cashflow, regarding your friend who has foreclosure looming – can you tell us anything about the loan? Was it adjustable? Did he experience some other kind of financial hardship recently? I mean how did he get himself into this situation?
Just curious.
ls,
I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.
I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.
ls,
I really don’t know all the details…I posted over in another thread that the one couple was living way beyond their means, spend…spend…spend, so we had the feeling this was the path they were on. They had done what you hear of so often, refied and pulled money out of their home to use cash to fund their lifestyle. This left them upside down on the home.
I believe the other couple had an adjustable rate mortgage as they said their mortgage had skyrocketed. I believe they were in the category of just being naive first time homebuyers who didn’t read the docs they were signing.
I know someone who was very close to forclosure just a couple of weeks ago. He has a condo in Oceanside that should have had a lot of equity in it but he refinanced numerous times to pour money into his business. His business went under about a year ago and he hasn’t been able to find gainful employment since that time (he has had temp. things here and there). So he hadn’t been paying his mortgage, HOAs, or property taxes. Anyway, he just landed a great job about a month ago. He contacted his lender and they were all too willing to help him work this out. He will be refinancing, yet again. Prior to getting this job, he was packed and ready to walk away.
I know someone who was very close to forclosure just a couple of weeks ago. He has a condo in Oceanside that should have had a lot of equity in it but he refinanced numerous times to pour money into his business. His business went under about a year ago and he hasn’t been able to find gainful employment since that time (he has had temp. things here and there). So he hadn’t been paying his mortgage, HOAs, or property taxes. Anyway, he just landed a great job about a month ago. He contacted his lender and they were all too willing to help him work this out. He will be refinancing, yet again. Prior to getting this job, he was packed and ready to walk away.
