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
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Value Information |
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Transfer Information |
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Does it look like Frost’s father was the one who bought the property from Muth in ‘90? Ergo, the younger Frosts may have been living there as a gift from the elder Frosts and that improvements to the property may have been paid for by the elder Frosts (as they were the owners) and then the property was transferred to the younger Frosts for only $52,500 in 2005.
The elder Frosts could “gift” a lot of money every year to a family of 6. Would that money have to be reported on the SCHIP forms?