Yeah, my brother-in-law just started work as an attorney for a bankruptcy firm. One of the more juicy stories he was telling me last week was of the couple, both realtors, who came to see him after they lost their jobs, realized their investment condo was not going to sell, and that they might have to declare bankruptcy.
He asked them why they bought it, knowing their industry? They said it was on a whim, and that they didn’t really want it anyway. This couple had also spent $35K on a Harley, and $75K on a luxury car. Their firm (they were employees) completely shut down 5 months ago, and it took them that long to find jobs, so in the meantime, they accrued 4 months worth of debt. Now they are about to foreclose on their condo.
Lindi I have two similar stories. Last year one of the people who wanted to rent one of my properties was a sales agent as well. She had overextended herself and was in the process of losing her condo in RB. Another mortgage broker I know just lost his home in PQ. These things amaze me.
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