Posted by ewing2surf on 3/31/07 11:22pm
Msg #183204

Garage Sale find (ing)

I picked up a great painting today at a garage sale. I passed on a brand new Nordic Trac for $20. I asked the seller why they were selling everything and she said the house was in foreclosure. Wow! I explained that I am an NSA and she started to tell me their sad tale of woe. It seems they had purchased the 3 level 3 bedroom house with a view and a pool house in La Mesa for 185K seven years ago and had repeatedly re-financed it to buy stuff and pay off credit cards. They now owed 650K and could not afford the mortgage that had now adjusted to 6.5%. The bank had refused to work with them because of recent credit issues.
She mentioned they had made so much money at the sale it will cover their first months rent at their new apt.

Reply by CJ on 3/31/07 11:32pm
Msg #183206

I remember signing a house that had been bought about 1910, and had stayed in the family. they were refinaincign it for $450K. If only they had paid it off. It was really cute. All you notaries out there should know: Pay it off! Then you can keep all your money.

We have a single wide mobile home. It cost us $60K. We could only get into it becuase Cousin Susie died intestate, and we were on the list. We used that money for the down payment. I am jealous of the beautiful homes I see, with their SUVs, and all their toys. But then I see how much they will have to pay over the next 30 years, and I am glad to go home and know I don't have that headache or worry. No one will forclose on me.

When they foreclose, they take all the money you spent on the house, PLUS the house. Is that worth the risk?

Reply by Glenn Strickler on 4/1/07 3:26am
Msg #183212

Another tale of the "Gotta have it now syndrome."

You didn't mention what kind of cars they drive.