I'd like to thank my reader David for pointing this out to me. Now, this came from another site, and not the official LA County Assessor's office, so take it with a grain of salt, but I assume you all remember when I was speaking about Patricia Guerrero's story on CNN where she went from $70k a year down to food bank within 2 months?
Well, according to this site, who claims they got it from the LA County Assessor's office, here's her story:
Here's a little more information about Patricia Guerrero's financial situation from public records (LA County Assessor and Recorder):
The 2,948 square foot house on a quarter acre lot was built in 1948.
She and her estranged husband Ray acquired the house, apparently from HIS PARENTS Israel and Esther Guerrero, in August 2002, at which time the debt load on the property was about $157,000.
Ray and Patricia took out a conventional fixed-rate first trust deed on the property on 8/14/2002 for $202,000.
I'll spare you all the gory details of their various refinancing's and equity loans, but the present note from 8/21/2006 is for $649,999.
So, it looks like they bought the place for a sweetheart deal and proceeded to jack themselves up to the tune of about $450,000 over a period of just 4 years.
NO SYMPATHY.
I'm still working to see if these above statements are true, but the math does indeed add up according to the CNN story. I made assumptions about terms and interest rates, which I made public in my previous story. It just looks like the terms I assumed were off a little bit.
Here's the video of the story on CNN. Take a look at the home, including the kitchen, it's BEAUTIFUL! It's bigger then mine, and towards the end of the video, you can even see the wine rack with bottles of wine in it! Then she has the NERVE to talk about taking off her Tiffany bracelet and leaving her Coach purse in the car??
Travis
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