If they originally got a mortgage for close to $150,000, then refinanced it for $160,000 in 2004 (when the housing market was still very strong), how was the house unfairly appraised?
House prices have fallen all over the country. My neighbor's house is on the market for over $100,000 less than what they paid for it at the height of the housing bubble.
Also, if they could afford the house for 3-4 years (while still in their late 60s/early 70s), how was it they couldn't afford it now. Same income, according to the article.
Sounds like the previous post maybe had it right, that they owned an investment property and maybe lost rent on that when it was foreclosed.
Also, why were they trying to sell the rental for 156k when it was only worth 68k? Seems like they could have tried to sell it for less, but were still trying to make a profit.
February 13, 2009 at 1:21 p.m.
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