Option ARM Hell
Jul 7th, 2008
by IrvineRenter
Mercy -- Duffy
By now most of you have seen the revised Option ARM reset schedule.
There is one more variable that this schedule does not capture, and neither does the ARM reset schedule: people who give up early. Being trapped in a property you cannot sell is torture. You just want to be released from your obligations and go about your life. Begging for mercy probably doesn't help much, but it might make some of these sellers feel better.
Today's featured property is an Option ARM holder who gave up early.
Asking Price: $389,000
Income Requirement: $97,250
Downpayment Needed: $77,800
Monthly Equity Burn: $3,241
Purchase Price: $443,000
Purchase Date: 5/19/2008
Address: 8 Eastmont #46, Irvine, CA 92604
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Posted in
Short Sale
