I took a client out to view a lender owned property. As part of what I do if there is a strong interest in the property I research the history of the subject property. The previous owner had purchased the property in 1995 and had taken out a loan for 110,000.00.
A few cash out refinances later the last loan on the property was just over 170,000.00 in 2005 and that one was forclosed on.
As close as I can figure if the initial loan was held and paid in a timely manner the outstanding balance would be about 60,000.00. If someone were to ask the old owner what did you do with the 110,000.00 dollars you recieved from the refinance over the years I bet you would get this type of response.
We never got 110,000.00!!!!!
We never could have spent that much money!!!!!
What 110,000.00???????
People just need to think what they are doing when they take cash out of their home it is just like buying it again.
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