i just cant have any sympathy for this guy's $12,000 per month mortgage anyone with an ounce of common sense could and would know that there was a signifigant risk of that happening nobody has any sympathy for a trader that abuses leverage and blows out why real estate speculators think they're any different, i'll never understand 'poor me, i cant afford MY home!' it never was his home, he was just speculating with borrowed money
Burdened? That makes them sound like victims when in reality they did this to themselves! What's really happening is that these scum are now learning to live within their means. Anyone who buys a house for $630,000 in a speculative market on an interest only loan deserves what they get.
Based on this statement I would say that either this reporter or Mr. Martinez is full of it. Even allowing that he paid the full $630K for the house and put nothing down, a 30 year mortgage would have to have an interest rate of 22.83% for ths loan to have a payment of 12K/month. What am I missing here.
actually they both about to be bailed out-the seller of shitty mortgage and stupid buyer. win win for both and mr hank and his buddies from wall street. no such thing for honest people.. the questions is-what next? what if because of mr martinez US economy continues to go down,he lose his job,house price continue to go down for next few years..then what?