Joined: Jul 2012
60k from capital gains was used for the down payment.
Does this make sense in any scenario?
Parents had sold a home and needed to spend 60k on real estate for capital gains?
The 60k was used to pay the down payment for the house they were helping me get with the variable rate loan. It went from 174 to 274k approximately from 2001-2005 where it was sold to me.
The math made no sense to me and they argued with the question but you have to pay to live somewhere.
The payments got higher than I could afford. The parents blame me for the rate going so high because at a point only the interest only payments were made.
The question is was it the best mathematical choice to foreclose?
I'd be paying $1600 a month for a place that rents for $1300.
The home was sold at auction for $116 and purchased for $165.
At 165 you are able to get a fixed payment under $1000?