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Originally Posted by stubbornforgey
No offence blondes..ok
he bought his house for 190,000$
paid it off...took out a mortgage for 200,000$'s
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So at this point, he owes $200,000...
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met a woman..[of course a woman is involved]
recently sold his house for 270,000$ still owing
150,000$ on the borrowed amount.
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So now, he's up $120,000...
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Just took out another bank loan to buy a 430,000$ home.
then says to me .'fuck kat..i did well'..'sigh':eek:
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He took the $120,000 (or most of it) and used it as a down payment to buy a house that's twice as expensive as the one he just had. His payment probably went up a little bit each month, but he's got twice the house. As long as he can afford the payments each month (And if he could afford them on $200,000, then he maybe he can affor dthem on a 310,000 mortgage too. WIth a downpayment that size, he could probably get himself a really low interest rate. *shrug* It doesn't sound that dumb to me, but I don't know your real estate market.