Friday, December 02, 2016

This is all everyone else's fault and not my own.

Buyers Remorse? Trump Supporter Was Foreclosed On By Treasury Pick Steve Mnuchin.

I noticed everyone was crying over this woman today. How mistreated she was. People are cutting and pasting the original article to fit their agenda of how she was robbed. This wasn't some old lady how lost her house. This woman was fully surfing in the property bubble. And I know people only read half of any article, but if they had -

"In 1998, she bought a triplex for $248,000 in Hawthorne, California, not too far from Los Angeles International Airport.

She rented out two of the units and lived in the third. Colebrook refinanced her mortgage in order to renovate the property and help buy additional homes to generate rental income. (And how much you want to bet she refi'd it with a no interest loan? Oh wait read the next paragraph)

By the time the financial crisis struck in 2008, she had an interest-only mortgage on the triplex known as a "pick-a-payment" loan. Her monthly payments ran as high as $2,000 and only covered the interest on the debt. Then she got ensnarled in the economic downturn.

"All my tenants lost their jobs in the crash," Colebrook said. "They couldn't pay. It was a knock-on effect.""

Empahsis mine. This woman was flying too close to the sun and messed up. She has no one but herself to blame. She took extreme risk and lost.

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