As part of the refinancing, they took out a mortgage in the amount of $464,000 from HSBC bank with an interest rate of 6.8 percent, and a simultaneous second loan from Citimortgage for $126,000. The latter loan came with an interest rate of 9.5 percent. In all the refinancings, the couple never used an attorney.
They also financed lifestyle with debt. House = $520k loans = $464k + $126k = $590k. Paid off $20k in cred car, so $590k - $520k = $70K that they mined out of the house. - $20k to pay off the cred card leaves $50k of cash that they apparently spent on things that they couldn't afford. Sympathy meter for these irresponsible morons = 0. Screw 'em. They deserve to get kicked out for stupidity.
Exacto-rama
But don’t you feel sorry for them?
As part of the refinancing, they took out a mortgage in the amount of $464,000 from HSBC bank with an interest rate of 6.8 percent, and a simultaneous second loan from Citimortgage for $126,000. The latter loan came with an interest rate of 9.5 percent. In all the refinancings, the couple never used an attorney.
They also financed lifestyle with debt. House = $520k loans = $464k + $126k = $590k. Paid off $20k in cred car, so $590k - $520k = $70K that they mined out of the house. - $20k to pay off the cred card leaves $50k of cash that they apparently spent on things that they couldn't afford. Sympathy meter for these irresponsible morons = 0. Screw 'em. They deserve to get kicked out for stupidity.
You nailed it. These people couldn't manage their own finances, I point that out, and I'm called rude, and smug by some FReepers. Personal responsibility people!