The road to foreclosure

Last update: September 27, 2008 - 6:29 PM

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How did David Parkes and Kathy Sakry's mortgage double? With each refinancing, they took out cash to spend and pay bills, and rolled high closing costs, fees and property taxes into their mortgage.

Original mortgage, May 1997: $54,500

Terms: 30-year fixed-rate mortgage at 6.75 percent

Closing costs: $2,346

Principal and interest payment: $389

Refinance, November 2004: $64,231

Terms: 30-year adjustable-rate mortgage at 6.38 percent for the first two years

Closing costs: $3,990 including a $1,682 origination fee

Cash back: $10,505

Principal and interest payment: $401

Refinance, December 2005: $85,200

Terms: 30-year "pick-a-payment" negative amortizing adjustable-rate mortgage that started at 6.51 percent

Closing costs: Approximately $4,000, including a $2,054 yield-spread premium and an unusually high $700 title insurance payment

Cash back: $12,036

Interest-only payment: $332

Refinance, October 2007: $112,000

Interest rate: 30-year fixed-rate mortgage at 7.625

Closing costs: $7,502

Cash back: $5,903

Principal and interest payment: $793

Jim Buchta

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