Santa Rosa: Trash-Truck Supervisor Bought Million-Dollar Home

[El Pinko]

http://www1.pressdemocrat.com/article/20080210/NEWS/385281042/1033/NEWS01

One homeowner's tale of lending woe
Windsor man bought million-dollar Healdsburg house he couldn't afford

By MICHAEL COIT
THE PRESS DEMOCRAT

How could a Windsor man who supervises trash truck drivers afford a million-dollar Healdsburg home?


In this case, by tripling his income on the loan application.

Roberto Gomez said he gambled, with assistance from his mortgage broker, that the 3,400-square-foot, five-bedroom, four-bath house would continue gaining value so he could refinance into a less-risky loan. It was spring of 2005 and Sonoma County’s housing market was booming.

“I was really happy because it’s a big house. They kept telling me the values would go up. I figured I could refinance and fix my payments,” Gomez said.

[AX10]

1. Must pay well!

:sarcasm:

[Skittles]

2. another fucking idiot

why would he need a house that big???

[DaveJ]

3. Some folks don't mind having extended family...

...staying in one house. Personally I come from a Republican family that expects the kids to leave for college and never return. Other families are much warmer I presume.

Edit: Of course in his case he apparently was "gambling" to make a profit. It's not like job skills have been in high demand latey.

[Webster Green]

4. Median price here is $530,000

A one acre lot will set you back $300,000 to $400,000

[nosmokes]

5. He gambled and lost and now he's whining because he didn't have a plan B

Many years ago I gambled on RE in SoCal and it worked out. But I didn't over extend myself three times over at the end of the bubble like this idiot. You do it with hard work, whether that's sweat equity or research into the market and *all* the options and outcomes available and make the best decision and live with it.You don't cry like a baby in dirty diaper because your get rich quick scheme fell apart.sheesh.