> That’s where she met King, who was fighting to keep the 9,563-square-foot home he built in 2002. In 2006, King, a financial adviser and entrepreneur, received a construction loan to add an indoor basketball court to the house. According to King, that loan came with a negative amortization rate that he was unaware of until he saw his mortgage payments go from $3,200 to $13,400 over the next few years. “I got sucked into one of the worst predatory loans anybody has ever heard of,” he said
Something seems really odd about this. If a financial adviser who had a 9,563 square-foot home w/ indoor basketball court can get completely blindsided and destroyed by a predatory loan what chance does the average person have?
I have no idea how fair this guy's loan or eviction was, but I do know that eviction rates are hitting record breaking highs all over the country bringing with it record amounts of homelessness. There are over 15 million vacant homes sitting empty as entire families are being forced to live in the street. People were going to start fighting back somehow, though I wouldn't have guessed they'd open with bees.
My guess is that it was a spec house that he built with the intent to sell it before the payments jumped, but he wasn't able to do it for whatever reason.
Redfin says property values in Longmeadow, MA are down 8.6% this year.
You can certainly make money in real estate, but you need to plan for what happens if the music stops and you're the one without a chair.
A 9,000 ft^2 house with an indoor basketball court makes it pretty clear he's not the average 79-year-old retiree.
Something seems really odd about this. If a financial adviser who had a 9,563 square-foot home w/ indoor basketball court can get completely blindsided and destroyed by a predatory loan what chance does the average person have?
I have no idea how fair this guy's loan or eviction was, but I do know that eviction rates are hitting record breaking highs all over the country bringing with it record amounts of homelessness. There are over 15 million vacant homes sitting empty as entire families are being forced to live in the street. People were going to start fighting back somehow, though I wouldn't have guessed they'd open with bees.