When asked what she was doing with her time, Ms. Guerrero said, "I've been reading the classics. You know, Jonathan Swift and, uh... well, just Swift."
In her defense, it's reasonable to assume (from the info given) that the mortgage was obtained while their household had two earners, before she & her husband became "estranged".
However, a) it was stupid to get interest-only in the first place, b) it was stupid to be in the freaking real estate industry and not see this coming, and c) it was stupid to not sell the place and downsize to renting (the horrors!) the very day she lost her job (unless of course there's trouble with that if her husband's still on the mortgage - but if he is, he oughta still be paying half).
California is insane, and it has poisoned the rest of the nation.
That's why the smart people (moi?) are leaving in droves (just gotta make sure a few of the crazies don't sneak in with us and continue to poison the rest with their socialistic ideas). Just check the demand for U-Haul trucks in both directions. When the family and I made our move to The Former Republic 18 months ago, U-Haul quoted us ~$3000 for a one-way rental. I got a quote the same day for a one-way TX->CA rental. $250. I laughed merrily on that one.
Hey Tam, want a Florida place? According to today's Wall Street Journal, *you* can buy a 4-bedroom house out of foreclosure on "palm-lined SNARKAGE DRIVE" in Bonita Springs for only $2.295 million. That's a 32% discount!
When asked what she was doing with her time, Ms. Guerrero said, "I've been reading the classics. You know, Jonathan Swift and, uh... well, just Swift."
ReplyDeleteGosh. However could she cover her debts?
She made $70k (I assume gross) a year, yet she got a loan that required $2,500/mo. interest only?.
ReplyDeleteAssuming she got to keep about 70% of her gross as take-home, that means she netted about $4,100/mo.
Her house payment was about 60% of her monthly income.
California is insane, and it has poisoned the rest of the nation.
That's the problem with a ranch house ... no windows high enough to jump out of.
ReplyDeleteI have no debt. Betcha I can pick up one of these homes for peanuts a year from now.
a $2,500 interest-only mortgage payment at (assuming) 6% interest, means a $500,000 Mortgage.
ReplyDeleteHow the hell does someone with 2 kids, making $70K think they can afford a $500K mortgage?
My heart bleeds. But she'll get bailed out with the money that those of us who have made better decisions must pay in income taxes...
In her defense, it's reasonable to assume (from the info given) that the mortgage was obtained while their household had two earners, before she & her husband became "estranged".
ReplyDeleteHowever, a) it was stupid to get interest-only in the first place, b) it was stupid to be in the freaking real estate industry and not see this coming, and c) it was stupid to not sell the place and downsize to renting (the horrors!) the very day she lost her job (unless of course there's trouble with that if her husband's still on the mortgage - but if he is, he oughta still be paying half).
California is insane, and it has poisoned the rest of the nation.
ReplyDeleteThat's why the smart people (moi?) are leaving in droves (just gotta make sure a few of the crazies don't sneak in with us and continue to poison the rest with their socialistic ideas). Just check the demand for U-Haul trucks in both directions. When the family and I made our move to The Former Republic 18 months ago, U-Haul quoted us ~$3000 for a one-way rental. I got a quote the same day for a one-way TX->CA rental. $250. I laughed merrily on that one.
Hey Tam, want a Florida place?
ReplyDeleteAccording to today's Wall Street Journal, *you* can buy a 4-bedroom house out of foreclosure on "palm-lined SNARKAGE DRIVE" in Bonita Springs for only $2.295 million. That's a 32% discount!
Jesus God! How can ANYONE have a mortgage of $2500 a month -- and that's INTEREST ONLY?
ReplyDeleteThe bog mindles.
"North Korea should focus on the denuclearization of the Korean peninsula"
ReplyDeleteOkay, well that made my eyes bleed.
"North Korea should focus on removing nuclear devices from the Korean peninsula"
"North Korea should focus on dismantling it's nuclear program"
not "North Korea gets a word made up, just for it!"
Very short phallic symbols aren't scary.
ReplyDelete