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Dearfield Co. | had a friend that bought a house in FLA for a second residence. When the market crashed they did what I would call a margin call on the property and he had to cough up about 100k to keep it. He ended up getting it covered but had to sell his business. HE would never tell me if it was a interest only loan which I suspected. On interest only loans they do that because the appraised value drops to a extent they are no longer secured with the property. The other ones I have seen were interest only loans that the people should of never bought in the first place. Your people here can refinance this house if they aren't upside down and negate this or if they are upside down they might need to consider there options with legal counci; | |
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mortgage security
