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Edited on Thu Mar-27-08 03:29 PM by slackmaster
According to public record data, Patricia and Ray Guerrero acquired the house in August 2002 from his parents Israel and Esther, who owed about $150 K on it at that time. (They had owned the place since 1992 or possibly earlier.)
That month, Patricia and Ray took out a conventional fixed-rate loan for $202,000. What they did with that money I cannot say, but let's assume they handed it over to his parents in payment for the house.
After a series of refinances and equity loans for God only knows what purposes, in August 2006 they apparently consolidated a bunch of debt into the $649,999 interest-only whopper that she's now stuggling to keep up with.
She can't get food stamps because, at least on the books, she owns a valuable piece of property. Maybe a nice car or two as well.
...Guererro: "It just happened so fast. It happened in a matter of -- what -- two months....
No Patricia, it took a full four years of BAD FINANCIAL DECISIONS to get yourself $450 K deeper in debt than she was when she and her estranged husband acquired a nice home for a very reasonable price.
She should hand the house back to her husband and walk away. Bankruptcy would be a reasonable course of action for her.
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