Tuesday, June 26, 2007
5231 Sedona Drive, Parker UPDATE
This ATM was featured about 1 month ago. http://denverrealestatebubble.blogspot.com/2007/05/5231-sedona-drive-parker.html
Check this out;
Sold 07/27/2005 $678,400
Sold 08/29/2006 $675,000 RELO sale
1. 80/20 loan totaling $675,000 08/29/2006
2. 80/20 loan $620,000 @ 7.62% + $77,500 01/01/2007
3. 80/20 loan $656,250 @ 7.75% + $55,000 05/16/2007
4. they are shopping for yet another 'piggyback loan'
With the short term of these loans there has to be some type of prepay. The points and other charges on all these loans has to exceed $40,000. That is $40,000+ 'taken' from equity. These borrowers want to do it again. WHY? Are we living on refies? The husband is a Claims Adjustor and wants to be a Loan Broker,,,I guess he has been learning from all these refies. It must look so easy...make $10,000 for collecting a few documents. Has anyone told Mr. Sedona that most borrowers get a 30 year and keep it for 7-10 years, not 3 months...The monthly mortgage at this point must be close to $5,900 or more per month...what are they thinking?...keep in mind these are first time buyers....If only New Century was still around they could keep this pattern of Refies up...Good Luck Mr. Sedona...
get it NOW this is HOW.