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In 2003, Robert Provost snapped up a $2.5 million villa with its own boat dock in Sarasota, Fla. A finance chief for an auto-sales chain, Mr. Provost earned more than $250,000 a year and had an impeccable credit history.
Then he lost his job.
Mr. Provost missed one $10,500 mortgage payment, then another. This month, the 53-year-old put his house, a five-bedroom with sweeping views of an intercoastal waterway, on the market for $3.4 million. But the listing has thus far attracted little interest. Mr. Provost says he expects to receive a notice of default from the bank — the first step to foreclosure — in the next month or two.
"A foreclosure would be devastating," he says. "My wife and I would have to start from scratch."
This guy buys a house for 10 times his annual income, loses his job, is facing foreclosure, and puts the house on the market (in a declining market at that) for $900,000 more than he paid for the house 5 years ago. He doesn't need financial help, he needs mental help.
How about putting the house on the market for $2.5 mil and seeing if you get any interest?
[quote=UofMGrad92;5488166]This guy buys a house for 10 times his annual income, loses his job, is facing foreclosure, and puts the house on the market (in a declining market at that) for $900,000 more than he paid for the house 5 years ago. He doesn't need financial help, he needs mental help.
How about putting the house on the market for $2.5 mil and seeing if you get any interest?[/quote]
I'm sure he has a second and thrid mortgage to cover the monthly payments he had to make before he lost his job! No sympathy from me either!!! Why not short sale???
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