Reply #142: PLEASE READ THE CNN STORY WAS FAKED....she heloc'd the money

[condaggitt]

Here is what a poster on this blog researched Why didn't CNN do the same thing??????


http://thehousingbubbleblog.com/?p=4322



Someone looked up Guerrero on the local assessors database:

Here’s a little more information about Patricia Guerrero’s financial situation from public records (LA County Assessor and Recorder):

The 2,948 square foot house on a quarter acre lot was built in 1948.

She and her estranged husband Ray acquired the house, apparently from HIS PARENTS Israel and Esther Guerrero, in August 2002, at which time the debt load on the property was about $157,000.

Ray and Patricia took out a conventional fixed-rate first trust deed on the property on 8/14/2002 for $202,000.

I’ll spare you all the gory details of their various re-financings and equity loans, but the present note from 8/21/2006 is for $649,999.

So, it looks like they bought the place for a sweetheart deal and proceeded to jack themselves up to the tune of about $450,000 over a period of just 4 years.