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Lucky Seven

After re-financing six times over the years, she wanted to refinance for a seventh time. However, she was unable to do so, since her first and second mortgages were seemingly not manageable on her current part-time salary.

Would she consider selling? “No.”

Was it difficult to make the monthly mortgage payments? “No, not really.”

So why was there such a disconnect between all the lenders’ disapprovals and her ability to pay this time around?

“I cut way back on my hours to leave more time to gamble,” she confessed. “But the lenders won’t count my $1,000 to $2,000 a week winnings from private poker games and sports bets.”

With that kind of income, why not just reduce the mortgage principal by $4,000 - $8,000 monthly which, in effect, would act as a kind of refinance by shaving off years and tons of interest?

“Whoa, that’s brilliant,” she shouted. “Seven is the charm!”

****

No blog on Wednesday, in observance of Yom Kippur. If you’re fasting, have an easy one!

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