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"The SDAT info sez their property is valued at 263,000. That’s not money in-hand, but given the info you posted about the end-of-unit recent sale...
Makes you wonder...

No bank in their right mind would give a mortgage (which is $1200/mo they claim) for around $200,000 to people with a "combined" income of $45,000 and 4 kids to support. Obviously, the bank was given much different information and list of assets for them to secure a mortgage loan of that size.

Don't know about a mortgage, but it looks to me as if their house on S. Collington house was sold for $55,000 on 11/30/1990 (see public record below). I'm not familiar with Maryland's format, so I'm not sure exactly who the buyer was in that transaction, but it looks to me as if it was the Frosts.

The "not arms length" transfer listed that is dated 9/06/2005 (which would have been after the SUV accident of December, 2004), for $52,500, looks to me like some kind of legal formality, like a transfer between family members.
(But I'm not a real estate expert -- maybe some FReeper realtor or lawyer can figure out what it means):

Maryland Department of Assessment and Taxation

Account Identifier: Ward - 01 Section - 01 Block - 1748 Lot - 017

Owner Information

Owner Name: FROST, F. HALSEY
FROST, BONNIE Use: RESIDENTIAL

Principal Residence: NO

Mailing Address: 104 S COLLINGTON AVE
BALTIMORE MD 21231-2014
Deed Reference: 1) FMC/ 6744/ 954
2)

Location & Structure Information

Premises Address Legal Description

104 S COLLINGTON AVE 16X123

BALTIMORE 21231-2014

Map Grid Parcel Sub District Subdivision Section Block Lot Assessment Area Plat No:

1 1 1748 17 3 Plat Ref:

Special Tax Areas Town

Ad Valorem

Tax Class

Primary Structure Built Enclosed Area Property Land Area County Use

1936 3,040 SF 11130

Stories Basement Type Exterior

3 YES END UNIT BRICK

Value Information

Base Value Value Phase-in Assessments

As Of
01/01/2006 As Of
07/01/2007 As Of
07/01/2008

Land 40,000 100,000

Improvements: 105,680 163,140

Total: 145,680 263,140 223,986 263,140

Preferential Land: 0 0 0 0

Transfer Information

Seller: FROST, F HALSEY Date: 09/06/2005 Price: $52,500

Type: NOT ARMS-LENGTH Deed1: FMC/ 6744/ 954 Deed2:

Seller: MUTH, THOMAS A Date: 11/30/1990 Price: $55,000

Type: IMPROVED ARMS-LENGTH Deed1: SEB/ 2687/ 545 Deed2:

Seller: Date: Price:

Type: Deed1: Deed2:

Exemption Information

Partial Exempt Assessments Class 07/01/2007 07/01/2008

County 000 0 0

State 000 0 0

Municipal 000 0 0

Tax Exempt: NO Special Tax Recapture:

Exempt Class: * NONE *

However, they’ve had their house for 17 years and paid about 160,000 for it, no?

This would mean a much lower mortgage. They could also have put a large down payment on the house, yielding an even lower mortgage.

It is possible to have explanations for their financial situation within the set of facts that we have been given. What chaps my hide is when one of the kids is used as a prop (like he was on Bill Maher’s show) asking why Bush doesn’t want kids to have health care.