platys_IHB
New member
Hi!
I have the public mortgage records for a particular property. Given that I was engaged to the owner, I know most of the mortgage history already. He put the property up for sale, and I have to admit to taking a bit of morbid pleasure in watching the house stay on the market and the subsequent price cuts he's had to take. In that realm, I wanted to see how much money he'd be making/losing once he finally did sell.
I did know he bought the house for 226,500 in 2004. He had an FHA mortgage for 222,894 - the 1% down payment came through a non profit, where the selling price was inflated, the non profit takes a chunk, and then turns around and gives it back as a down payment. He actually walked away with a check at closing.
The market continued to go up, and he refinanced the home with a conventional mortgage for 225,800 - the goal there was to get out from under the mortgage insurance. The house was appraised at that point for about 283,000.
We broke up after this, and that's where my knowledge ends.
<strong>Here's what I don't know </strong>- there's one more mortgage record from 12/7/2007 for 37,000. It says the mortgage type is Conventional, and has a 15 year term with a 6.85% interest rate. Does that mean he took out a second mortgage, and so also owes that amount? Or could that be an HELOC?
Here's the property in question:
<a href="http://www.redfin.com/IL/Downers-Grove/6210-Woodward-Ave-60516/home/18055048">http://www.redfin.com/IL/Downers-Grove/6210-Woodward-Ave-60516/home/18055048</a>
It's still pretty overpriced, as far as I can tell. The closest comp is right up the street here:
<a href="http://www.redfin.com/IL/Downers-Grove/6020-Woodward-Ave-60516/home/17360657">http://www.redfin.com/IL/Downers-Grove/6020-Woodward-Ave-60516/home/17360657</a>
It's also done a very slow slide downwards and is at 245,000 today. Unlike the first house, it has a garage, the sewer is connected, and has a larger bathroom. It either doesn't have a basement, or it isn't finished. The first house is still on septic, does not have a garage, but does have a full, finished basement.
Also, from the special assessment section, it appears that my ex hasn't finished paying off the county for bringing sewer to his stretch of street - the cost of that in 2006 was about 13k.
The last thing is that his employer reportedly will pay his fees for selling the home - I do not know if that includes the realtor's commission.
Sorry, this got a bit long.
I have the public mortgage records for a particular property. Given that I was engaged to the owner, I know most of the mortgage history already. He put the property up for sale, and I have to admit to taking a bit of morbid pleasure in watching the house stay on the market and the subsequent price cuts he's had to take. In that realm, I wanted to see how much money he'd be making/losing once he finally did sell.
I did know he bought the house for 226,500 in 2004. He had an FHA mortgage for 222,894 - the 1% down payment came through a non profit, where the selling price was inflated, the non profit takes a chunk, and then turns around and gives it back as a down payment. He actually walked away with a check at closing.
The market continued to go up, and he refinanced the home with a conventional mortgage for 225,800 - the goal there was to get out from under the mortgage insurance. The house was appraised at that point for about 283,000.
We broke up after this, and that's where my knowledge ends.
<strong>Here's what I don't know </strong>- there's one more mortgage record from 12/7/2007 for 37,000. It says the mortgage type is Conventional, and has a 15 year term with a 6.85% interest rate. Does that mean he took out a second mortgage, and so also owes that amount? Or could that be an HELOC?
Here's the property in question:
<a href="http://www.redfin.com/IL/Downers-Grove/6210-Woodward-Ave-60516/home/18055048">http://www.redfin.com/IL/Downers-Grove/6210-Woodward-Ave-60516/home/18055048</a>
It's still pretty overpriced, as far as I can tell. The closest comp is right up the street here:
<a href="http://www.redfin.com/IL/Downers-Grove/6020-Woodward-Ave-60516/home/17360657">http://www.redfin.com/IL/Downers-Grove/6020-Woodward-Ave-60516/home/17360657</a>
It's also done a very slow slide downwards and is at 245,000 today. Unlike the first house, it has a garage, the sewer is connected, and has a larger bathroom. It either doesn't have a basement, or it isn't finished. The first house is still on septic, does not have a garage, but does have a full, finished basement.
Also, from the special assessment section, it appears that my ex hasn't finished paying off the county for bringing sewer to his stretch of street - the cost of that in 2006 was about 13k.
The last thing is that his employer reportedly will pay his fees for selling the home - I do not know if that includes the realtor's commission.
Sorry, this got a bit long.
