I just don't understand the whole real estate/mortgage world. How does someone making $79,000.00 qualify for that MANSION Juicy and Teresa live in ... now the debt they have certainly did not JUST come about when they moved into that house ... why their BANK did not see all this before they were approved for a construction loan is confusing to me.
We built our Boston home in 2005 ... we went to the bank, they told us what we qualified for
(based on DH's income) as far as the construction loan and after each "phase" in my new home was completed by our builder; the bank then would release the payment and we paid the builder. It was all done very professionally.
This just does not add up. At all.
the $79K figure is what they reported as their most recent yearly income-not the income they claim they had prior to their current "situation" ("bad economy, renters not paying rent....").
also-one of his buisness partners is suing for monies that the partner gave him to do repairs on one of the rental properties they co-owned. the partner claims the money was never used on the properties but was used to pay for the home construction.
he owns a construction company and it's not a far shot to figure that he could have used the company's line of credit with suppliers to avoid using traditional construction loans.
the furniture shop teresa dropped all that cash at last season told people magazine that she had opened lines of credit in her family's name (so some of their creditors could be going after her parents and anyone else stupid enough to let them do that).
the sad thing for those they owe to-only the income/assetts they aquired prior to filing is subject to the court dealing with. anything that's come afterward is theirs-including the $$$$$$$$$$$ from the cookbook she's got on the best seller list (and the others in the works).
if you read the article you can tell they have little intention of changing their lifestyles, and feel no remorse for those creditors they've left holding the bag (and the woman who won a wrongful injury claim due to injuries sustained on unrepaired stairs in one of their low income apartments)