Wow, what a train wreck. Under these extreme circumstances, they should take advantage of their presumed non-resource loan and give the Sherry Lane house back to the bank as his income is probably insufficient and unreliable. Second, immediately engage in the inevitable, protracted process of securing a rental home since their credit is heavily damaged. In parallel, negotiate with the bank to rent back the Sherry Lane house at a greatly reduced rate. Third, jointly make a damn budget and provision for savings, both personal and college.
I agree the apparent facts make this couple look incredibly foolish. There is no plausible explanation for buying the Sherry Lane (other than greed/stupidity) while they waited for the La Cresta to be completed. Why didn’t they just rent? Building the 1.5M La Cresta home on 180K peak income is an incredible gamble, but not uncommon during peak bubble years. Back in 2007 when homes peaked, many thought home prices would simply level off, or perhaps drop 10% tops (Piggs being the exception).
With every tragic story, there are always hidden facts or a sequence of unplanned events that lead to the eventual outcome. Who knows what is involved in the other half of this story. Under extreme stress some folks are able to focus and execute, while others simply freeze up with analysis paralysis. Here’s a hypothetical question. Let say in 2007, they decided to back out of construction, but have already consumed a portion of the construction loan. Is this even possible and what losses and liabilities are involved ?
While I agree that too many people have been bashing on this couple for their terrible decision making, it’s apparent that Lisa is not willing to face reality. For starters, she needs to be willing to tell the truth if she’s trying to truly evoke sympathy. Any consumer can go to the dept of real estate website and check out her license, which she received May 2008, not “…5 months ago.”
While I agree that too many people have been bashing on this couple for their terrible decision making, it’s apparent that Lisa is not willing to face reality. For starters, she needs to be willing to tell the truth if she’s trying to truly evoke sympathy. Any consumer can go to the dept of real estate website and check out her license, which she received May 2008, not “…5 months ago.”
While I agree that too many people have been bashing on this couple for their terrible decision making, it’s apparent that Lisa is not willing to face reality. For starters, she needs to be willing to tell the truth if she’s trying to truly evoke sympathy. Any consumer can go to the dept of real estate website and check out her license, which she received May 2008, not “…5 months ago.”
While I agree that too many people have been bashing on this couple for their terrible decision making, it’s apparent that Lisa is not willing to face reality. For starters, she needs to be willing to tell the truth if she’s trying to truly evoke sympathy. Any consumer can go to the dept of real estate website and check out her license, which she received May 2008, not “…5 months ago.”
While I agree that too many people have been bashing on this couple for their terrible decision making, it’s apparent that Lisa is not willing to face reality. For starters, she needs to be willing to tell the truth if she’s trying to truly evoke sympathy. Any consumer can go to the dept of real estate website and check out her license, which she received May 2008, not “…5 months ago.”
