The Countertop Chronicles

Thats what the Washington Post seems to be pushing in a sob story about a bunch of suckers who paid too much for their homes at the height of the boom, and are now looking for a tax break.

Still, many banks are not willing to set up payment plans. Instead, they will force sellers to tap into other assets, such as retirement savings or cars. And if the lenders do forgive the debt, the Internal Revenue Service will consider it taxable income. On Wednesday, Reps. Robert E. Andrews (D-N.J.) and Ron Lewis (R-Ky.) introduced a bill that would make such a forgiven debt non-taxable.

“Who would you rather have coming after you, the lender or the IRS?” said Jerry Boutcher, chief executive of Monarch Title, a settlement company in McLean. “It’s very complicated, and the consequences to the seller are very grave.”

Look, I hate taxes as much as the next guy but guess what . . . I lived in DC through these boom times and I didn’t lose my shirt. Sure, our townhouse appreciated tremendously, but we didn’t sell it and move into a bigger house. We had kids, my wife stopped working to raise them, and we’ve scrimped to pay our monthly bills, put food on the table, and simply live. No fancy european sports cars. No new kitchens. No sucker mortgages.

Kimberly Pexton and her husband bought a house in Fairfax County for $687,000 in June 2004. After deciding to separate, they agreed to sell it for $700,000. They had a mortgage that allowed them to choose how much they paid each month, adding the unpaid amount to their debt. Two days before the closing, scheduled for today, they discovered that they had a prepayment penalty of 2 percent of the price of the home. They will have to take about $28,000 to the table.

“It’s the closing costs and commissions and all the other things you end up having to pay that tilts the scale,” she said.

Kimberly Pexton, you and your husband are idiots. You don’t deserve to have made $13k on your house. Consider yourself lucky. You enter into the all time worst sucker loan ever devised – this type came out just at the height of the boom, when anyone with half a brain knew it was about to crash – and didn’t even read the fine print???? Your lucky its only 2%. I once represented a guy who had a 28% repayment penalty. He couldn’t read and was genuinely taken advantage of by the nations top predatory lender (at the time).

But you, Kimberly Pexton, your just a dumb fucking blonde!