JustCurious
Thinks s/he gets paid by the post
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- Sep 20, 2006
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Careers vanish after subprime freefall...couple makes "cutbacks"
Subprime vets saw their industry, finances vanish in a flash - Mar. 31, 2008
"Their home equity line, mortgage, health and life insurance premiums alone cost about $10,000 a month. Still, they are trying to hang onto what they call their dream home with a view of the Pacific Ocean where they live with Mysti's 11-year old son.
Kent estimates the mountainside home in San Clemente, Calif., which they bought in 2005, is worth 20% less than it was a year ago. And in the current market, he said he's not sure he could sell it for even that amount.
"We've used up most of our reserves, cashed in her 401K," said Kent. "We're going Mach 1 into a wall. When we run into it, then we've got to decide what to do next."
Despite their financial problems, the Copes have worked hard to protect their credit rating, staying current on bills. And they've made cutbacks: trading in Kent's Corvette for a Suburban and getting rid of the gardener, for example. But the couple also has learned that it didn't need everything it used to spend money on."
I'm glad to see that he decided to get frugal and get a Suburban.
Edited to Add: A base model Suburban costs $41,870, without any options, and without the destination charge, and it gets 14 miles per gallon. It really never ceases to amaze me what some people consider to be "cutting back."
Subprime vets saw their industry, finances vanish in a flash - Mar. 31, 2008
"Their home equity line, mortgage, health and life insurance premiums alone cost about $10,000 a month. Still, they are trying to hang onto what they call their dream home with a view of the Pacific Ocean where they live with Mysti's 11-year old son.
Kent estimates the mountainside home in San Clemente, Calif., which they bought in 2005, is worth 20% less than it was a year ago. And in the current market, he said he's not sure he could sell it for even that amount.
"We've used up most of our reserves, cashed in her 401K," said Kent. "We're going Mach 1 into a wall. When we run into it, then we've got to decide what to do next."
Despite their financial problems, the Copes have worked hard to protect their credit rating, staying current on bills. And they've made cutbacks: trading in Kent's Corvette for a Suburban and getting rid of the gardener, for example. But the couple also has learned that it didn't need everything it used to spend money on."
I'm glad to see that he decided to get frugal and get a Suburban.
Edited to Add: A base model Suburban costs $41,870, without any options, and without the destination charge, and it gets 14 miles per gallon. It really never ceases to amaze me what some people consider to be "cutting back."
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