Winnipesaukee Forum - View Single Post

66WINN · 02-24-2008, 12:19 PM

"The debt on the property is at least 250k when you go to the registry of deeds, but I did not look for property tax liens or other... so if the auction is not for more then what is owed the bank will just take it back and list with a realtor. Too bad it was not 125k that would have been a fair price. The owner appears to be like 10% of the US population upside down in regards to their mortgage. " KRM

I don't think this was a bad mortgage decision from the current conditions.

Based upon the ownership history, it appears that the property was bought in 2001 with joint ownership and changed to single ownership 18 months later. May have needed to refinance for a divorce. Poor family. I would do almost anything to hang onto something at the lake - even if it didn't make for the best underwriting decision for the bank. The emotional attachment to the lake can sometimes cloud ones judgment.

02-24-2008, 12:19 PM	#32
66WINN Senior Member Join Date: Jul 2005 Location: Massachusetts Posts: 58 Thanks: 7 Thanked 4 Times in 2 Posts	Upsidedown Mortgage "The debt on the property is at least 250k when you go to the registry of deeds, but I did not look for property tax liens or other... so if the auction is not for more then what is owed the bank will just take it back and list with a realtor. Too bad it was not 125k that would have been a fair price. The owner appears to be like 10% of the US population upside down in regards to their mortgage. " KRM I don't think this was a bad mortgage decision from the current conditions. Based upon the ownership history, it appears that the property was bought in 2001 with joint ownership and changed to single ownership 18 months later. May have needed to refinance for a divorce. Poor family. I would do almost anything to hang onto something at the lake - even if it didn't make for the best underwriting decision for the bank. The emotional attachment to the lake can sometimes cloud ones judgment.