Big Time
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When you run with the big dogs, you have to lift your leg high. Today's property is a big house for throwing big parties attended by people with big names. This is a property for those who live a big life and spend money big time. When you live here, you don't have to keep up with the Jones's, you have to pass them -- they have to keep up with you. It is a big church where you pray to the big God of financial consumerism. If you aren't a big player, a person of distinction and importance, you can't live here. This is the big time...
Asking Price: $1,650,000
Income Requirement: $412,500
Downpayment Needed: $330,000
Monthly Equity Burn: $13,750
Purchase Price: $733,000
Purchase Date: 12/30/1998
Address: 6 Plumeria, Irvine, CA 92620
| Beds: | 5 |
| Baths: | 5 |
| Sq. Ft.: | 4,400 |
| $/Sq. Ft.: | $375 |
| Lot Size: | 8,500 Sq. Ft. |
| Type: | Single Family Residence |
| Style: | Mediterranean |
| Year Built: | 1999 |
| Stories: | Two Levels |
| View(s): | Hills |
| Area: | Northwood |
| County: | Orange |
| MLS#: | S514221 |
| Status: | Active |
| On Redfin: | 115 days |
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Unsold in 90+ days
LAST CHANCE FORECLOSURE OPPORTUNITY!!! Executive Estate with all the upgrades and amenities. Prestigious Gated community, end of cul-de-sac, no neighbors behind. Wonderful location within walking distance to award winning schools. Abundant amemities within community. Some of the best schools in California.
LAST CHANCE FORECLOSURE OPPORTUNITY!!! How can this be? Do you think some HELOC abuse is involved?
Abundant amemities? Say that 3 times real fast...
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So how did it come to this? Why is this a potential short-sale preforeclosure opportunity? It started out normally. In 1998, the property was purchased for $733,000 with 20% down. There was no activity until 2005 when the owner took out a HELOC for $147,191. A couple of months later, the house was refinanced with a 1% Option ARM for $1,190,000. This was followed by two more HELOCs for $250,000 each. There are two scenarios by which this could be a short-sale / preforeclosure: 1. The two HELOCs are maxed out, and the total property debt would be $1,690,000 which leaves this seller underwater, or 2. The Option ARM exploded, and the payments are far greater than the seller's income. The seller has a different mailing address than the property listed, so it is possible they moved to a different home and could not sell this one and just stopped making payments. No matter how they got there, this house has a stated asking price more than $900,000 greater than its purchase price, and it is a foreclosure opportunity. Only in Irvine...
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I have an interesting fact I would like to share with you today that may help put the economic stimulus the housing bubble provided in perspective. From 2001 to 2006, the median income of Irvine households averaged $78,934, and the increase in the median home price during the same period averaged $77,637. Every single homeowner in Irvine had another breadwinner in the household -- the house itself -- which was earning the median income. Also, since withdrawing one's equity was untaxed at the time, anyone withdrawing this equity -- which there were obviously many doing this -- was experiencing a doubling of their household spending power during this time. Is it any wonder people were living large and felt they were "big time?"
Im on my way, Im making it
Ive giot to make it show, yeah
So much larger than life
Im going to watch it growing
The place where I come from is a small town
They think so small
They use small words
-but not me
Im smarter than that
I worked it out
Ive been stretching my mouth
To let those big words come right out
Ive had enough, Im getting out
To the city, the big big city
Ill be a big noise with all the big boys
Theres so much stuff I will own
And I will pray to a big god
As I kneel in the big church
Big time
Im on my way-Im making it
Big time big time
Ive got to make it show yeah
Big time big time
So much larger than life
Big time
Im going to watch it growing
Big time
My parties all have big names
And I greet them with the widest smile
Tell them how my life is one big adventure^
And always theyre amazed
When I show them round my house, to my bed
I had it made like a mountain range
With a snow-white pillow for my big fat head
And my heaven will be a big heaven
And I will walk through the front door
Big Time -- Peter Gabriel
I think that refinancing the 1998 purchase money mortgage with the Option ARM makes the entire Option ARM recourse.
That condo will go for list or just a little shy. I’d bet its in escrow within two weeks and sold within 45 days…
A smaller, more poorly located place, with less upgrades, closed recently for $675K. No interior pics but this one apparently has the requisitie granite, stainless, Pergo, etc. along with crown.
Same model, also bank-owned, is in escrow now on a list of $699K.
Seems High to me....should be about 505,000.00 to find a buyer!
For any prospective condo buyers, here’s a new bank-owned listing that I expect will go quickly:
http://www.redfin.com/stingray/do/printable-listing?listing-id=1594615
List price is $60K above the October 2003 purchase price… These rent normally for $3100-3200 so its around a 200 GRM.
I would think they would consider such things but apparently they don’t right now. They only give you a 75% credit of rent/market rent when they run your numbers so maybe this pad accounts for something like a future rate reset…
It would be hilarious if we wait all this time to buy because my wife didn’t want to move twice and have to rent, but not be able to buy non-contingent any longer and have to sell, rent, buy, and move twice anyway.
Hilarious in a gut-wrenching, money-losing, beat-your-head-against-a-wall-for-days kind of way…
Edmunds.com has a calculator that shows the difference, but it’s based on some estimates (like the depreciation of the vehicle over the period in question).
IR!!!
mostly, I lurk.
however, your intro to this post reminded me of a fantastic commercial I once saw at the BTAA (british television advertising awards) show at LACMA a few years back.
I just managed to find a link to it! enjoy it in a BIG WAY!
http://www.youtube.com/watch?v=1dn6lI0YCO8
Actually the safest way to cook is to “eat out”.
People will hurt themselves in the kitchen no matter what. Give them a fork and they will stab themselves, a knife and they will slice themselves.
That’s why I’m very careful when I use my chinese cleaver or 14 inch french knife. No Benihana for me then.
I like gas for cooking, I looked into the induction and halogen but they are not for me, although I put halogen stove in the rental house we owned for a while. It was very easy to keep clean.
I don’t like electric because it doesn’t have the BTU.
Ghost Town? That may sell newspaper but it’s very sensationalist. Better they highlight their own neighborhood because because the bubble affected the whole country.
ipop, don’t you think that when you go for financing on a future home (in the next couple of years) the new lender won’t factor in your eventual rate reset ? .....to protect themselves ?
I’m thinking the financial institutions should ALL be considering stuff like this. Self preservation and all that.
Yeah, but you haven’t had one blow up in your face before ! That did it for me ! Electric, all the way from that point on.
Can I just say, that singed hair does NOT smell good ?
You had the award for Best Entendre of Cliché Television Street Name. But good snark needs no instruction booklet, does it?
10,000 commercials before kindergarten must do something.
That is really sad. I think it sadder that people continue to attack the owner even after Silly’s post.
Perhaps I am naive but I am going to believe a regular commenter post about the family living there.
I find the assumptions made by the above commenters to be (mostly) hilarious…
1) Huge “generation of sympathy” giving The Foreclosed “every possible emotional break” ("maybe a serious illness” etc).
2) General assumption that “flippers w/zero-down wagered nothing”
Regarding #1, an equally-likely assumption regarding the defaulter was…
A) “If I sell, I still have to find a place to live/party”
B) Selling “loses status”
c) “HELOC-to-infinity and walk-away”
Regarding #2 above, the “zero-down” likely incurred $10K+ in fees (not “points” which may or may-not have been rolled into the loan). Then the flipper had to pay the mortgage, if just 6 months that’s $5K/month *above the rent-cost* which I will call “real loss”. Another $30K (total loss $40K).
According to Taleb (author: Black Swan) we will *never* know the specifics of any particular default.
Personally, like the 80’s banking fiasco, I believe there is much more fraud/crime here than meets the eye…
In closing, I also like to compare the “suffering masses who lost their homes” to certain characters in Atlas Shrugged…
********************
Sanction of the victim
The Sanction of the victim is defined as “the willingness of the good to suffer at the hands of the evil, to accept the role of sacrificial victim for the ‘sin’ of creating values.”
Yes sunny, I just want to get my rate low in case I stay in my condo for another 2-3 years. Interest only to keep my payment down and ease my qualifying when I go to buy non-contingent.
Thanks for the heads up, belle.
nowow!way: if you read above in the thread you’ll see there were 6 kids in the family though 4 have moved out. I do have more sympathy hearing this. being the dad and having a mentally ill wife would be very difficult indeed. I am wishing the best for their family.
Well, that’s much better… at least there are the grown children to ease the load and look out for the kids. I really, really fear for the children trapped in situations like this, given what has happened to kids at the hands of deranged parents.
That also leaves less justification for the situation. However, the husband could by now be having mental health issues, that have crept up on him over years of dealing with someone in his wife’s condition. He doesn’t realize, perhaps, that his thinking is impaired.
Indeed. And they can start with Angelo Mozilo. Crook.
Laura, I’m pretty sure you’ve hit the nail on the head. There are only the 2 youngest kids living there at the moment, and their older, married siblings do most of the parenting. Sad situation all the way around.
“And small businesses, such as local trophy shops that produced the monthly sales awards, have been hurt.”
Unreal… They gave out trophies? Wow, now that’s pride for ya!
I guess I am just a fuddy duddy about expenses, but if you get a big home like this you had better be prepared to pay all the taxes, insurance, housekeeping, heating, utilities and ac/ etc....
Unless you have a family of 8, why would you want to have this kind of square footage? Unless you really really love cleaning and would refuse to get a housekeeper - that place is going to require a ton of basic cleaning done each week just to keep looking presentable.
I notice no pictures of the bedrooms. None of the furniture looked like it belonged to a millionaire, either
Yeah, you have to wonder what came first, the mental illness or the 6 kids.
Hearing this, I have much more sympathy for this family. There’s a sad story here, and I wonder if the husband isn’t stressed by the situation to the point where it has impaired his judgement.
Of course, we know he should have sold the house long ago and moved to something much less expensive, to free up needed cash, but it is easy for us to see that, while he’s buried in the situation.
And I worry about the children in this situation… they are in a certain amount of danger, it would seem, and I wonder if the local social services should get involved.
Severe mental illness is a crushing burden on the sufferer and everyone around her. I’ve been close to people with severe mental illness, and can attest that it is much more difficult to deal with than even catostrophic physical illness. And it’s incurable, for the most part. Long term treatment is crushingly expensive- it costs thousands of dollars a day to stay in a private facility, and insurance will usually pay for only twenty days a year if it pays for it at all.
Actually, I don’t live in Park Ridge, but on the north lakefront of Chicago. But I have many friends there, including this lovely retired businessman who told me of these morons in the $900K house. It seems like I roll through that place a lot these days, and it’s a great small-town style suburb with the same charm and geniality it’s always had.
CNN article - Irvine’s Subprime Ghostown. It would be nice to connect some of these profiled houses to people who used to work at these failed subprime companies.
Snobby people who took fat commissions while taking advantage of the gullibility of others deserve to be tarred and feathered publicly.
That’s the beauty of induction- it is only “on” when you put a pan on the cooktop. It produces no heat on its own, but only by the magnetic reaction between the cookware and the stove top, which is why you need ferrous cookware (iron, steel).
It is the safest way to cook there is, and restaurants are adopting it. I was flipping through a restaurant and hotel trade mag and saw an immense induction cooktop island advertised, big enough for 8 chefs to work at. It was tremendously expensive relative to the normal restaurant-grade gas range,but might be worth it in improved safety, steeply lower energy costs, and hugely reduced insurance premiums.
Maine East in da house!!
I’m a born and raised North Sider myself but spent the last 10 years here in Irvine. Actually went to Maine North which of course, no longer exists.
“The Breakfast Club” anyone?
Surprise to me, ipop.. lock for 3 yrs, interest only. Is it the strategy to buy bigger after 3 year, or just temporarily breath ? Last week I lock on 15 yr fix for 5%, by reducing loan amount to little comforting. Still not sure it will get close 30 days. I heard underwrite is slow and tough.
I voted no on today’s poll but must confess, it does feel nice to own nice things.
However, I don’t get much satisfaction from the “Newport Beach/Irvine Credo” ... “Spend money you don’t have, on things you can’t afford to impress people you don’t like.” :-D
That said, we all like nice things. But for me, the pleasure is in the delayed gratification and accomplishing a goal. For example, I bought my Caddy CTS when I first crossed $100K/yr in earnings, it was my reward and believe it or not, my first brand new car! Up until then, every car I ever owned was purchased used. I don’t use credit any more except for my cars. I have two major credit cards for emergencies and travel and I don’t carry a balance. If I can’t pay cash for it, I doubt I need it.
Just my two cents.
Exactly Al, that’s why I am refinancing into a 3-year. If I was as eager to buy as I was a few months ago, I’d let my ARM reset and be into something bigger within the next six months.
My ARM reset will be to around 4.50-4.75% so I’m actually going to pay a bit more each month for the security of two extra years rate protection so this market can get to bottom or at least much closer…
Consider me a visitor to your dark and dreary territory.
I stated that leasing wasn’t always a bad deal in my original comment, so I’m not sure where the “Uhm” is coming from.
I’m curious if there is a formula somewhere (there must be) to determine what the cost of leasing vs. buying a car is. I suppose I could google, but I’m far to lazy to sift through the results.
We have a Viking gas range. IMHO gas is the way to go for cooktop cooking. Instant ON/OFF behavior. Flip side is that added cleaning up chores.
For baking we got a GE Monogram convection electric and a GE Advantium oven.
The Advantium oven is a halogen/microwave combo. Great unit, but takes a 30A/220V dedicated line. :-0
Uhm, except some premium brands (BMW) *heavily* subsidize their leases so yes it is very economical compared to buying them.
The comment was preceeded by “if money were no object”. In such a case my chefs would need a big gas stove to prepare the many delicacies offered by the World’s great gastronomic traditions: mediterranean, northern european, central french, japanese, Cantonese, Mandarin, etc....
Meanwhile, when money IS an object, we have a six burner Viking gas range top that I love cooking on. And, yep, we cook a lot.
It’s obvious that people here only own kitchen appliances to impress and don’t actually cook.
Ranges are for baking or roasting, most cooking in your Chinese restaurants is done stir fry and that’s hard to do in the home setting because indoor cooktops just can’t get hot enough.
Personally, nothing beats B-bque and there is no substitute for charcoal. Sorry, Alton’s master steak recipe throws the steak right on the coals.
ipop…
thought you were coming in from the dark side and so the light, the need to sit this market out for 2-3 years.
IR… we can’t save everyone.
If money were no object I’d have a gas pipeline brought to my house so I could have a twelve foot Viking range with dual woks that would make a chinese restaurant jealous. My chefs would be sooo happy.
Maybe that hope is all they have in the face of potentially crushing price declines? Either they see the truth soon, or keep telling themselves it will all change next week. If their definition of a few years is 10+, then they may be right.
I wonder if the reality of the next few years is going to change the “happy and carefree” persona of OC?
No, it is only to impress myself.
See my above comment on thought. It is much easier to be told something than it is to figure something out for yourself. Unfortunately the former only offers one possible, and often incorrect, conclusion. To put it simply, they believe the hype. As many others have stated before, when the common consensus is that real estate is a terrible investment and should be avoided at all costs the smart money will become interested in buying again.
These people have 6 kids, from about 15 years old to 30 something. Word on the street is that the Mom is very mentally ill. They really don’t show signs of conspicuous consumption. The kids are rumored to be smart, so they might have taken out a bunch of cash to pay for expensive colleges. The house has been listed before, several years ago, but was pulled off the market because of her illness. Hell, I’d be mentally ill if I had 6 kids! So that’s all I know about this situation.
Short duration ARM rates took a nice little dip today… I locked me up a 5.125 3-year interest only for no points and $950 in lenders fees. My reset in July would probably be to a lower rate, but what the heck, might as well have some multi-year protection just in case!
Traffic is not bad. Seriously. And the Chinese baptists are actually really good neighbors.
I know of a couple who bought a 2000sqf house for 600k in Irvine right now. I don’t understand… They say the price is going to go up again in a few years. Why do people still believe this?
He meant you should’ve pointed out excplicitly that it was per year. Not a big deal.
Living in Irvine it was obvious what you meant knowing the magnitude of the price inflation, but for someone else it might’ve not been as clear.
I’m with Laura on this. For the past 8 years or so I kept looking around at people buying this large houses and wondered “how can they afford that?” And yes, it did make me chagrined that I couldn’t afford it. Now I find out that lots of them couldn’t either, so no I don’t feel sorry for them, and yes I am VERY pissed off that part of the bill due is going tro land on my doorstep
I said yes to the poll because I like to have a nice place that family and friends can come and get together. It was my wife’s place in the country before we got married and we rebulit it when it burned down. So either house is not so grand but we have TWO
and one has electric flat top halogen burners and the other has gas.
Each has advantages. THe gas has better heat control of course but once you get used to the electric you can do the same thing and it boils the heck out of water.
and I think grililng is better in the electric....
Everyone likes to throw out the medical problem contingency, and I know first-hand having a member of your family with a condition that is not covered by insurance is a real financial problem. However, I don’t think it explains even a small fraction of the HELOC abuse we have profiled here.
Yes, I own my cars and lease my house. It doesn’t impress anyone, but then again, I couldn’t care less.
I was channeling Tony Robbins today…
Check back on the weekends. We frequently do updates.
I’m kind of leaning towards medical emergency or the like in this case. These folks bought in 1998 with 20% down and didn’t refi or get a HELOC for years, until 2005. Then in the course of about two years, they took out almost $1 million? It doesn’t match their previous behavior.
It is possible to be disdainful of conspicuous consumption without being envious of it.
“Not exactly. You’re talking about a 5 year period for the increase in the median home price, so the other breadwinner in the house was actually earning roughly 20% of the median income per year.”
If I misunderstood him, please explain this quote to me.
I agree. Induction is clearly the most efficient, gas the least. But I prefer gas over electric because I know when it’s on. With electric, I boil pots dry.
Im in charge of the cooking in my house. Granted, my wife is in charge of what we eat, when we eat, or where we eat, but I am in charge of the cooking of what we eat nonetheless.
Also, I dont even get the remote control.
IR is too logical to have a degree in economics.
Ten? You are kidding right?
“Your reward will come the day she pulls up your shirt and places her hands on your six pack.”
In my experience, a guys looks matter very little (relative to a girls).
Voted no, but for some reason I still find myself trying to do it, and not with just home or possessions. It’s a pretty crippling trait and one of the few things I hate about myself.
That being said, my desire for a home on the coast really has nothing to do with impressing anyone. I have an actual real use for the ocean, and the closer I am to it the more able I am to wake up and surf before work, or get home for a little session before the sun sets. Also, if and when I have kids, it would be nice for them to be able to walk to the beach.
What I find ironic is that people will lease their cars, which is usually a terrible deal (no, not always), so they can drive that BM or Benz around. However, they feel they need to OWN their house, usually via leasing money, even when they could live in a much nicer place by renting. I’m not sure when thought became so difficult, but it seems to be in very short supply these days.
Irvine article on CNN
http://money.cnn.com/2008/03/27/news/economy/irvine_subprime/index.htm?postversion=2008032714
I don’t detect envy of the larger home, but I pick up a lot of anger at the people who helped destroy our financial system in order to live larger than they could afford.
Most people in this country in every income bracket pay their way and live withing their means, and they are very angered by a system that encourages people spend way over their heads while punishing the responsible and prudent.
Someone here in Chicago, with an income of $60K a year, purchased a house in Park Ridge (Hillary’s suburb) for $900K and went into foreclosure within a few months. This enrages me- and envy is no part of it, except that a person who makes about the same sort of income I do got to live rent-free for many months in a house he never had any business in to begin with while I pay my way for a much more modest lifestyle. I have no problem with my wealthy friend who told me of this, who lives in a large, lovely home. He earned it a paid for it. If you can afford what you buy, that is great.
But it fills me with bile to be asked to help someone like this foreclosure “victim” in a house that goes way beyond basic necessity while I and most other people in this country struggle with rising costs, unaffordable home prices driven to these levels by people like this ‘victim’, and don’t ask other people to pay our costs. Worse, these people have helped destroy our financial system, which was once the most orderly and stable in the world.
IrvineRenter -
I do not want to be critical - because I think your site is great. I keep wondering if you have an economics degree or something. But....
Sleestak responded correctly to your writing - what you meant to write I believe was “the median home price during the same period averaged $77,637 PER YEAR”.
Notice how I used caps - knowing how you hate them.
Thanx again for the great site.
Michael
Same here, with small differences.
My choices would be geothermal heating for my condo with a solar assist to run the bldg’s elevators in the event of a brownout. Then, an induction cooktop, electric convection oven, Sunfrost frig, electric washer and dryer.
It will be interesting to talk the condo board in the place I eventually buy into investing in a geothermal heating system, and even more interesting to see if I can sell them on sacrificing the parking lot to have a place for all those pipes.
So I voted yes and no. There’s nothing wrong with buying a big house if you can. More power to you. But, assuming these owners frivolously HELOCed themselves into oblivion, they either couldn’t afford it or they weren’t mature enough to handle it.
No, because my PRIMARY financial goal is to have a comfortable retirement. That’s it. That’s where my money goes. If and when I get to the point where I feel I have enough saved so I don’t have to eat store-brand cat food in my 70’s, then I’ll worry about what the f*ck my neighbors think of my crappy car.
When I read “...no neighbors behind”, I first interpreted it as “no [view of] neighbor’s behind”, which would certainly be a selling point in high density Irvine.
You need to rid yourself of those limiting beliefs, because they’re crippling.
It’s self-fulfilling; so stop dreaming about what is possible and start taking action to create the outcome you desire.
Get off the couch, head back to the gym, and force yourself to keep going no matter what.
Stop measuring yourself with other guys there.
Your “possessions” are merely crutches and beautiful women will see right thru knowing your trying to compensate.
Your reward will come the day she pulls up your shirt and places her hands on your six pack.
Until, then work hard and focus on the prize.
um… this discussion thread is going down the toilet.
My guess is many people here are bitter or envious of the large home, so the responses/comments reflects their inner selves.
Funny
Huh?
“English, mother@#$#$, do you speak it?”
It would probably rent for around $6k/month…
no wonder they can’t sell it, the bathrooms aren’t even shown. bet they are old-fashioned—no chunky italian tiles.
who needs two christmas trees? therein lays your tale of exuberant excess!
maybe it can be rezoned and turned into a boarding house, remember those, depression-era kids?
When a house IR profiles gets into escrow and sells, I will sometimes pick it up on my site:
www.ipoplaya.com
IR,
Today’s post is sheer gold.
Reading the OC manifesto about “one upping” the Jones’s was motivating and inspiring.
Reminded me of those pep talks we had in the locker room before taking the field.
“Big Time” brings home the significance of taking hold of the reins and living the dream. Scoring a trophy home validates your identity, reinforcing core values like confidence and alphaness which eminate from within. On that note, the seller at 1 New Dawn cut his asking price by another $100K, bringing me one step closer to ultimate glory, or as Johnny Drama says “VICTORY!!”
My wife agrees that electric ovens are superior. Since she makes awesome pies, who am I to argue?
sleestak,
You missed the point entirely. The median went up on average $77,637 per year. In total over the five years the median went up $388,185. It was literally like the house was another wage earner.
Don’t you people watch Alton on Good Eats..
Just fill you oven with bricks, then you get the good radiant heat like a real Dutch Oven, much cheaper…
RE up here in SillyCon Valley is smok’n!!!!! Smoking big time! The finest RE dope.
Just down our street is a 1040 sq ft house on a 4000 sq ft lot asking $1.4mil. One house over is a 4000 sq ft house on 20 to 30000 sq ft asking $8mil.
Ours is a 2000 sq ft 1950’s rancher museum piece that we are not leaving until the FD Medics pull up with a gurney to take us out feet first.
Did any of you see the attack of the ditto heads on LALand?
George8,
It does not matter how much money once’s make. I could be richer that Bill Gates and Warren Buffet and my wife will STILL be in charge of everything.
That is just how the world is
Ask any married man.
I vote “No” because I’m too old and jaded to give a crap what other people (except my wife and daughter) think. And I learned long ago that the only people who might be impressed by materialistic crap are people who are easily impressed by money, and those people are so shallow and vain that I really don’t want to be around them anyway.
George8 obviously isn’t married. Here’s a tip George8 - the wife is ALWAYS in charge of everything in the house except the TV remote. And that’s a pretty fair deal in my book.
It’s an actual brand, rated highly. I kinda liked it, too.
I don’t bank much so the oven isn’t that valuable to me. A Gas Range is utterly superior to electric for even cooking, temperature control, heating tortillas etc.
Perhaps I’ll be more concerned with the safety issues when I retire and senility sets in. But for the next 30 or so years, I will be “Cooking with Gas”.
This is just too sickening. This former owner’s predicament is just so unnecessary.
The only excuses acceptable are catostrophic medical bills, and if that is the case, I extend my sympathy. Have a formerly affluent acquaintance who was completely destroyed by mountains of medical bills due to a car accident caused by a drunk. The co-pays ran to hundreds of thousands of dollars- totally nonsurvivable financially for anybody who isn’t Bill Gates.
But IR doesn’t mention just what all that HELOC money was spent on, so we have to figure it was either on really high livin’, or on extending himself in a lifestyle that became unsupportable because of loss of income. I have met too many people who were formerly affluent and who could have held onto most of their money through the loss of executive jobs, but they clung to the belief that the next great job was “just around the corner”, until 2, 3 years of joblessness forced them to lower their expectations drastically. In the meantime, they went through all their resources in an effort to maintain their executive lifestyles (and appearance!), while if they could have just squared with reality early on, they could have adjusted to life on a lower (though still very nice) level, and saved themselves from ruin.
This looks, at first flush, like someone who just couldn’t face that his glory days are behind him.
LOL
“Diva”
I like that word!
Santa Clarita!
I have seen every episode, but dont tell anyone here. Thier a bunch of tight as**s on this blog.
IR, just a thought. Would you be able to profile homes recently sdold and see where they compare vs the listed properties? Or should how much some properties got sold for vs the asking price when you profiled them in the past? Anyway, great work and keep it up!
Wait a second. So these guys sucked out >$500k in equity “income” from their house and just walked away, leaving the bank with a severely overvalued house? Do they ever have to pay that half million clams back? Shouldn’t there be some bounty hunters involved here?