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Weep not

June 09, 2008

Re "Desert oasis was a mirage after all," June 2

It was refreshing to read about the Magsam couple accepting personal responsibility for losing their house to foreclosure rather than seeing themselves as victims of predatory lenders or deceptive mortgage brokers. Then I realized they netted a profit of about $175,000 on their three real estate transactions. They pocketed a profit (after paying sellers' commissions) of about $225,000 on the sales of their first two homes. They effectively made a $48,000 down payment, which they will lose, on the house being foreclosed. No wonder they can accept the foreclosure without complaint.

Gerry Swider

Sherman Oaks

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