Every time I think I’ve heard it all, I am mistaken. For the last couple of years, this couple has attempted to refinance their mortgage. They have a high interest rate first mortgage, originally a subprime loan and a second mortgage that they haven’t made payments on for a few years.
The second mortgage was held by a family friend and there was no pressure to make the payments. As luck would have it, they won $29,000 playing the slots at Foxwoods Casino and they decided rather than keep playing, they would pay the 20% tax and take the rest of the money and pay off the second mortgage.
They called me telling me what happened and asked if we could begin the finance process. It is now an easy refinance to get done, now that no reference needs to be made to any second mortgage.
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This is one of those times that gambling worked out, but for others to see this as a solution for paying off debt, I would strongly recommend against it.
