jrichardsn_IHB
New member
I was sitting on my balcony at my Newport Coast IAC townhome rental this afternoon enjoying the good weather and a cocktail, and overheard our new (now renting) neighbor as he sat on the patio and discussed with his lender how he cannot make his payments and is giving up his Newport Beach home and mortgage.
I know I was being nosy, but this really reflects the impending economic Armageddon that is about to hit the high-end in Newport Beach:
?Six months ago I was living in a home worth $2.25 million, now it?s worth $1.5 million??
?I don?t think I can make an honest commitment about future payments - what am I going to do in four months? I wrote you within 24 hours of my realization that I cannot continue going as is??
?The new payment is due tomorrow and I don?t have it??
?The thought was that I was going to pay you with my state income tax refund. I still don?t have the refund. It was sent to my residence in Newport and it was returned. When will I get it? The answer was 20 days, but now 6 weeks have gone by and there?s no payment from the state??
?I have to pay my ex-wife?s rent and it?s a disaster that I don?t think can be fixed. It is probably $60k or $70k that I owe. I can?t stay the course. I think that it is fairer to you than telling you that I can try to pay you??
?I don?t think there is a solution. I thought about keeping the place and renting. But I?m going to bury myself. I have to feed my kids??
?I am down to paying for paying for my wife and my kids shelter and food. This is like war, but no one is shooting at me??
?I?m not a spoiled person, because I came from nothing.?
?If my employees (30) has any idea what I am going through they would jump off the third floor.?
?My kids are all I have left. I am leaving to watch my son play baseball??
?I don?t want to falsely give the situation any hope??
?I can?t handle any financial burden, so it means I have to walk away from this??
Anyone else have personal experience with someone defaulting in the high-end coastal communities?
I know I was being nosy, but this really reflects the impending economic Armageddon that is about to hit the high-end in Newport Beach:
?Six months ago I was living in a home worth $2.25 million, now it?s worth $1.5 million??
?I don?t think I can make an honest commitment about future payments - what am I going to do in four months? I wrote you within 24 hours of my realization that I cannot continue going as is??
?The new payment is due tomorrow and I don?t have it??
?The thought was that I was going to pay you with my state income tax refund. I still don?t have the refund. It was sent to my residence in Newport and it was returned. When will I get it? The answer was 20 days, but now 6 weeks have gone by and there?s no payment from the state??
?I have to pay my ex-wife?s rent and it?s a disaster that I don?t think can be fixed. It is probably $60k or $70k that I owe. I can?t stay the course. I think that it is fairer to you than telling you that I can try to pay you??
?I don?t think there is a solution. I thought about keeping the place and renting. But I?m going to bury myself. I have to feed my kids??
?I am down to paying for paying for my wife and my kids shelter and food. This is like war, but no one is shooting at me??
?I?m not a spoiled person, because I came from nothing.?
?If my employees (30) has any idea what I am going through they would jump off the third floor.?
?My kids are all I have left. I am leaving to watch my son play baseball??
?I don?t want to falsely give the situation any hope??
?I can?t handle any financial burden, so it means I have to walk away from this??
Anyone else have personal experience with someone defaulting in the high-end coastal communities?
