Cullen and Katie: Drowning in debt, parenting is inept | Part #24

[Lovethesnark]

They were talking about the old house being a great deal when they bought it not the current house.

Yes, the house is worth 600,000, probably because of the square footage. It is one of the larger homes in the neighborhood that have been for sale. However, there are other houses currently for sale in that country club that are just as nice and cheaper. So if someone just simply wants to live in that neighborhood why would they pick the most expensive one that potentially needs the most work? They just admitted for the whole world to hear that the AC unit broke 6 months ago and Cullen "fixed" it. I am sure he did fix it but if it is an older unit I am sure if will need replaced soon. Just because a house is "worth" a certain amount does not mean anything until someone is willing to pay it.

I just can't believe all of the red flags there were during their buying process that they just ignored. I do take some satisfaction knowing that we were all right here. We knew they couldn't afford that house and non of their lifestyle choices made sense.

I really used to like them, I found them through their videos talking about their miscarriages when I was going through my own. They used to be relatable and not like all of the other family channels. I feel bad for the kids.

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I think they might be shooting themselves in the foot by putting it out there just how much they need to sell this house. Anyone looking to buy it is going to google the address. Once they watch the videos of Cullen painting over the wallpaper and talking about his DIY repairs, they’ll have leverage to ask them to knock more off the price. The place was built in the 90s so of course it’s due to have a few things replaced.

[brittknee]

What was so wrong with the last house?


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That's exactly what I wonder. They said they only planned to be in it for 5 years. And when 5 years were up, boom! Gotta sell it. It wasn't that bad a house. The high deck was an issue, but the kids weren't going to be little forever. And it wasn't that bad, I thought. But Katie is still saying that they need a bigger house than the old one. And wasn't it 2700 SF? How much crap do they have?
I think they got a bug up their butts to move because Kelley and Jay bought their house, and Bryan and Missy bought their big house and E&J built the ice palace, and they just _had_ to get a big fancy house too.

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I never understood that big ass room when you first walked in the door LOL!

[marshmallowfluf]

By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

Maybe they intended to put some of that money into renovations for the house, but spent it on stupid shit before the renovations happened?

I wonder how they paid for the bathroom remodel.


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[WheresMyCoffee]

By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

They probably did put the entire 70k towards the house but there is closing costs- lawyers fees, real estate fees etc.. and so the 45k was probably what was left over from that and went towards actually paying down the price of the house.

[brittknee]

I wonder how they paid for the bathroom remodel.


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With one swipe of a credit card from the sounds of their financial situation.

[rosie_dalia]

By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

Maybe they intended to put some of that money into renovations for the house, but spent it on stupid shit before the renovations happened?

I wonder how they paid for the bathroom remodel.


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Insurance! Although, I always did wonder if it was insurance fraud because they hated the bathroom, but didn't have the $$$$$ to remodel it on their own. I wouldn't be surprised at all if it was a false claim or exaggerated claim. I noticed they didn't mention the bathroom in the video too.

[WheresMyCoffee]

They bought furniture and are surprised at the price? hello?! don't you ask what the price is before you buy the damn thing? Hindsight's 20/20 but c'mon now and he wants to get rid of the fish tank because it's a part of what's adding to their debt? so now the fish have to die because you didn't have the brains not to buy a 20 gallon tank? and my favorite is the letter from the government for 2,000 dollars, you seriously don't have 2g in the bank to just get the IRS off your back? Sell the Mom wagon that oughta put some change in your pocket..I wouldn't be surprised if Grandberry hadn't been footing the bills for the past year ..

They can sell the fish with the fish tank or just buy a smaller tank? I dont think anyone is killing fish lol
I think from everything they have been aying it is very clear they dont even have $200 in the bank let alone 2 grand, they did say they were going to sell the suburban.

[HelloSweetie]

Katie has a LV bag she can sell at any time to get the IRS off their back. Makes more sense to sell that than it does the aquarium.


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[rosie_dalia]

By their own math, they only put down $45K on this behemoth house. Didn't they say the profit from the old house was $70k+? Why didn't they use all of that for the new house??

Also, they haven't really paid down this house much. Everything from the sale will go to pay off the mortgage. They still owe $550K, so they'll be LUCKY to walk away without owing more.

They probably did put the entire 70k towards the house but there is closing costs- lawyers fees, real estate fees etc.. and so the 45k was probably what was left over from that and went towards actually paying down the price of the house.

Those fees are usually included in the sales price of the house. They paid $640K, but took out two mortgages—one for $540K and a second for $55K, which adds up to $595K. Their downpayment was then just $45K. Typically, only inspections are paid separately from the sales price (at least in my experience), and those are likely just a few hundred dollars. I've never used a lawyer in a home purchase, so that might be extra, but Realtor fees are included in the sale price. Buyers often ask for the seller to pay the closing costs—and they usually aren't that steep.

[GGF1987]

What was so wrong with the last house?


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Not a thing. I loved their old house, personally I liked it better than their current house. I felt like even then that part of the reason the move was such a mess and they were so unhappy is they knew it was the wrong decision.

[brittknee]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

[brittknee]

Insurance! Although, I always did wonder if it was insurance fraud because they hated the bathroom, but didn't have the $$$$$ to remodel it on their own. I wouldn't be surprised at all if it was a false claim or exaggerated claim. I noticed they didn't mention the bathroom in the video too.

I won't speculate fraud on anyone because that's not my jam but sitting on camera telling the entire world you wrote off haircuts as a business expense wouldn't shock me if there was some foul play in their thinking financially with things they did to the home.

[GigglyMint]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

I didn’t add it up but I thought they were including the home equity line as mortgage debt. Also they must have been pre approved for a mortgage a few months ago because they were set to buy a house as long as theirs sold.

[HelloSweetie]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

I didn’t add it up but I thought they were including the home equity line as mortgage debt. Also they must have been pre approved for a mortgage a few months ago because they were set to buy a house as long as theirs sold.

Doc and Dolly may have offered to co-sign a few months months ago and that may no longer be an option.


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[chloe6124]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

The 54k would of been included on what they owe on the mortgage.


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[brittknee]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

The 54k would of been included on what they owe on the mortgage.


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That could be the case but if it is going off the numbers they have and the pricing history on Zillow for their home and what they tried to sell it for amount wise they wouldn’t make any money off that sale and honestly they’d be lucky to break even at that point.

[brittknee]

Double post but if they purchased that home two and a half years ago that means they’ve paid off 6 figures on that house in less than 36 months? Doesn’t add up to me.

[lmmomSD]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

The 54k would of been included on what they owe on the mortgage.


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But since they only lived in the house a few years, that's probably ALL of the equity that they have in the house. So they are going to be lucky if they walk away not having to bring a cashier's check to the closing when and if it does sell.

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[brittknee]

Had a few things to do and finally just watched the last bit of the video and did anyone catch the lie?

They said outside of their mortgage they are $80,000 on debt which includes the car but then they go on to say that they have $38,000 on a maxed out "business" card and $30,000 left on the vehicle and an ELOC (equity line of credit loan) that they still owe $54,000 on on top of a $5,000 personal credit card...........

Add that up and tell me it's only $80,000 in debt or am I lacking sleep that bad this evening? And then at the end they say they are going to find somewhere to rent rather than buy another house but let's be real they are doing this because there is no way their DTI (debt to income) is low enough to get approval from any bank for a mortgage with over 6 figures in debt holy cow!

The 54k would of been included on what they owe on the mortgage.


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But since they only lived in the house a few years, that's probably ALL of the equity that they have in the house. So they are going to be lucky if they walk away not having to bring a cashier's check to the closing when and if it does sell.

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This and the fact that what equity they did have in the home they took a loan out on they said....

[lmmomSD]

Double post but if they purchased that home two and a half years ago that means they’ve paid off 6 figures on that house in less than 36 months? Doesn’t add up to me.

We built our house in 1999, and had a $20K home equity line of credit in late 2002. But we also paid extra on our mortgage every month.

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