I swear that back in the day when they started building people houses, they used to find companies that would pay off the loan on the first house. I don't know if I'm just crazy remembering that, or if it's just something they've been lucky enough to find on the houses they've built prior to now.
But how the FUCK did that family owe over $100,000 on a 900 sf home that couldn't even have been worth more than maybe $115,000? That's just sad...
Faith - it's worse than that. They owe $121,000 on a house that was valued at $95,600.
Second mortgage? Predatory interest rates? Bad credit interest rates? I have no idea.
That is why I always counsel first time home buyers to NOT, repeat NOT look at the Total Price that you will pay for the home over the course of a 30 year mortgage.
Just nod, smile, sign where they tell you and rush to the nearest bar as soon as you are done closing. And hope your newly developed carpal tunnel dosen't keep you from drinking heavily.
They did have a second mortgage somewhere between $4K-5K...but some local title company paid it off when the show came to town. So, that $121K is their primary, and only, mortgage.
Now, I'm not bagging on the family. It just seems that the network did them more harm than good. Why couldn't they have built a more modest house to suit their needs...one they could actually afford to live in??
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I swear that back in the day when they started building people houses, they used to find companies that would pay off the loan on the first house. I don't know if I'm just crazy remembering that, or if it's just something they've been lucky enough to find on the houses they've built prior to now.
ReplyDeleteBut how the FUCK did that family owe over $100,000 on a 900 sf home that couldn't even have been worth more than maybe $115,000? That's just sad...
WOW!! You totally called this!! Your like part Miss Cleo!!! You know every ding!
ReplyDeleteThey will begin to ask for donations next. You see. Looks like the tv network droped th e ball on this.
ReplyDeleteThey already are asking for donations. They've collected $50K so far.
ReplyDeleteFaith - it's worse than that. They owe $121,000 on a house that was valued at $95,600.
ReplyDeleteSecond mortgage? Predatory interest rates? Bad credit interest rates? I have no idea.
That is why I always counsel first time home buyers to NOT, repeat NOT look at the Total Price that you will pay for the home over the course of a 30 year mortgage.
Just nod, smile, sign where they tell you and rush to the nearest bar as soon as you are done closing. And hope your newly developed carpal tunnel dosen't keep you from drinking heavily.
They did have a second mortgage somewhere between $4K-5K...but some local title company paid it off when the show came to town. So, that $121K is their primary, and only, mortgage.
ReplyDeleteNow, I'm not bagging on the family. It just seems that the network did them more harm than good. Why couldn't they have built a more modest house to suit their needs...one they could actually afford to live in??