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infinite_jim

$1.5M condo on $20K income?

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Six immigrants who were prequalified for huge mortgages are suing Bellevue Towers and JP Morgan Chase Bank after they lost a combined $174,050 in earnest money. They allege the preferred lender put down false numbers for their income, which made it possible to prequalify but not to qualify for the actual loan, resulting in the loss of their earnest money.

By Nancy Bartley

Seattle Times staff reporter

http://seattletimes.nwsource.com/html/loca...etowers20m.html

REALLY?

...

REALLY?

:rolleyes:

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Sweet Jesus, REALLY is right!

If everything had gone as planned to Mr. Kasimov, his mortgage would have been $7,000+ a month! Doesn't add up when it makes you 12 months to make just $20,000 and forget about car notes, cell phone, electricity, water, groceries, gas, entertainment expenses, and of course taxes.

A foreigner who came to America to live a better life, whom just got overly excited is no excuse. Simple math goes a long way to EVERYONE. But in the end I hope he, and the other people get their Earnest money back. They were ignorant, but the Developers and Lender were at the greatest fault.

Is it any wonder the economy is screwed up with things like this happening?

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Two years ago, a real-estate agent suggested he consider purchasing a condominium at the luxurious Bellevue Towers, and he picked one on the 32nd floor. About the same time, he also started the purchase of a house in Bellevue and another in Redmond.

Delighted that he prequalified for the $1.5 million Bellevue Towers condo on his $20,000-a-year income, he put down more than $75,000 in earnest money he borrowed from a friend.

We're not hearing something (surprise), but still - he sounds a little...slow?

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