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What Did They Lose? |
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I hope you can help me. In 2-05 we put our home up for sale. We found a house 7-05 and took out a bridge loan. We owed $75,000 on 1st home, new house was $172,000. We anticipated selling for $125,000, giving us a $50,000 downpayment. We took out a bridge loan for $125,000, made the new payment and let the $615/mon. accumulate. We could not sell our house after 12 months, sold the new one for $178,000, cleared $168,000. We had to refinance our house for $100,000 and still pay $35,000 to the bank to close the bridge loan. Somewhere in this transaction, I feel we have lost the $25,000 equity we had in our home. The bank says this is not true. Can you help me? Can I ask for an audit? Should I see an attorney? thank you for any help. Bev |
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You lost the $6,000 you spent on the new home project, and the $10,000 you paid in interest on that bridge loan. It's not clear just what cash you came out with but as far as I can see you lost $16,000. |
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Edith
Originally published on September 23, 2008 |
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