Mesa, Arizona home. They paid $114,000 for it in 1993. By 2006, the mortgage balance should be down to at least $100,000? They refinanced in 2006 at $234,000. That means they should have $134,000 for home remodeling? Let’s take a look.
Here’s how the house looks in 2012. They sold it as a short sale. Did they remodel the kitchen? Original cabinets. New lighting?
Carpet looks original. No remodeling done here.
New flooring in the dining room? No.
Remodeled bathroom? No.
How about this bathroom? No.
Junky bonus room.
If you’re asking the bank to forgive your loan, wouldn’t you want the house to look good? “Look, we took the $134,000 cash and didn’t spend it on the house, but we’ve made the house look really nice and clean so you can sell it at a better price.”