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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: TheStockFairy who wrote (21719)	6/18/2004 10:19:10 AM
From: Rutgers	Read Replies (2) \| Respond to of 306849

Agreed. There's something missing here... Facts: $650k house put $100k down from profit of old house (did they have any other equity in it?) leaves mortgage of $550k depending upon other equity applicant makes $40k/year. even if they took out one of dose fancy interest only mortgages, he w/n qualify for $550k, period. Maybe they recently came into a lump sum from some other source?

To: TheStockFairy who wrote (21719)	6/18/2004 6:02:07 PM
From: J. P.	Read Replies (2) \| Respond to of 306849

Well, it was a quick conversation on that topic. The only thinkg I left out is that Tim did say they were struggling. They had a lot of pressure I think (from the wife, of course) to move to Northbrook (as you know a toney suburb) because her sister lives on the North Shore also. You know how that can go...So they do what doesn't make sense and move to a neighborhood full of doctors and execs on a 40k salary, and I suppose you can do that now with all these different types of loan packages. There doesn't seem to be much of a downside to this anymore unless the music stops, which everybody on this chat board says it will, but the real world is saying different.