Posted on 02/24/2009 2:03:14 PM PST by americanophile
It’s not a suckers deal if you intend to sell quickly or believe you can refinance.
Very common in business.
I’ve bought many a business on a 5 year balloon — wait till it cash flows and refinance at the end of year ONE, not piddle around until the end, like this moron.
I can fix that, with a bit of HVAC engineering. Shrug. Just a design issue...
It’s kind of hard to feel sorry for someone who made such bad decisions.
Even folks living in caves aren’t safe from the “mortgage crisis”..l
Such nonsense. I have no sympathy for these folks, but I do feel bad for the taxpayers who always get stuck with the bill.
Yeah, where did he get the $150,000 for renovations? Sounds like the guy was a scammer.
Uh oh, this story stinks more and more....
Paid $80K down on a $160K note then spent $150K on renovations? I guess the MSM doesn’t think we can put 2 and 2 together.
Don’t ask any questions, just feel sorry for the guy and say something like “That #4@#($@ Bush, he ruined the economy and he ruined this cave man!”
The MSM doesn’t want you to think.
COOL house. Well done, you.
It occured to me, that the reason he may have it on ebay, is to prove both a market and value, with no intent to sell.
Which is kind of smart.
They made a 50 percent down payment and borrowed the other $80,000 from the seller. It was a five-year loan with a single balloon payment at the end.There were no payments, just a single balloon payment at the end. This payment arrangement amounts to an effective annual interest rate of 0.739%. He has known for 5 years that he was going to have to come up with $83,000 this May. He says the PLAN was to refinance. Well with all the bailout money for the banks, if he can't refinance an $83K note on a massive home on over 2 acres of land, then he is an even bigger idiot than he first appears.
Yep
I wasn’t sure if this was a land contract, but I thought it could have been.
Remember children, “ A bunker without a bern is nothing more than a grave.”.
They put money in to renovations but didn’t pay off the mortgage! They deserve what is happening to them. They do not deserve a bailout!
Given where they live, it's more of a Boone Doggle.
berM
(Not like I can speall.)
That cave survived the 1814 quake, it’ll likely be fine when the next one comes along. There are thousands of large caves in Missouri, and they’ve been there for millenia.
Great snowmobile ramp.
Geeze, it’s like a cave in there.
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