I’m looking at a short sale in Eden Shores today.
It was purchased with a loan of $583K in Jan 2004.
Then they did a cash-out refinance for $638K in 2005.
Then in 2006 they refinanced again for $760,000. And in 2007 take a $47,000 2nd mortgage.
The owner’s obviously knew what they were doing, the banks could see what they’re doing. Who’s the most at fault in this scenario, the supplier or user? In this case, I say it’s the user. They knew exactly what they were doing.
CA DRE#: 01173766