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- POTUS and first lady refinanced their two homes 35 times over the years
- Current Wilmington house has outstanding $541k loan 28 years after purchase
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The president has lived in two houses in his home state since 1975, when he bought his first property in Wilmington that he later sold in the late 1990s.
But records obtained by DailyMail.com show the couple have had a habit of negotiating a new mortgage or credit deal on both homes every 17 months.
Over the decades the Bidens have borrowed a total of $6million on both properties - and there's still an outstanding $541,000 mortgage on their current three-bed, 4.5 bath Wilmington mansion nearly three decades after they bought it.
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According to the documents, the president and first lady purchased their current four-acre lot for $350,000 in March 1996 but have since saddled it with 20 different home credit agreements and mortgages totaling $4.23million.
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Their previous five-bed, 2.5 bath home in the same town was purchased for $185,000 in 1975 - and sold controversially for $1.2million in 1996.
Records show the property had a total of 15 mortgages and lines of credit attached to it.
The Bidens also own a summer home in Rehoboth Beach, which they scooped up in in June 2017 for $2,744,001, according to Sussex County public records.
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1209 Barley Mill Rd, purchased for $350k in March 1996
1. 21 Jul 1997 - Beneficial National Bank - $400,000 [PAID - 20 Nov 1997, construction mortgage]
2. 20 Oct 1997 - Beneficial National Bank - $499,900 [PAID - 26 Feb 1998, construction mortgage]
3. 24 Nov 1997 - Beneficial National Bank - $134,070.27 [PAID - 8 Jul 1999]
4. 27 Feb 1998 - Chase Manhattan Mortgage Corp - $550,000 [PAID - 25 Aug 2003]
5. 6 May 1998 - Beneficial National Bank - $94,450.04 [PAID - 11 Oct 2002]
6. 16 Jul 1999 - Commerce Bank - $35,000
[PAID - 6 Nov 2000, line of credit]
7. 18 Sep 2000 - Commerce Bank - $80,000 [PAID - 31 Jan 2003, line of credit]
8. 18 Oct 2002 - Commerce Bank - $143,600 [PAID - 18 Sep 2003]
9. 11 Jan 2003 - Commerce Bank - $20,000 [PAID - 17 Oct 2003, line of credit, then extended to $30,000 on 7 Jun 2003]
10. 5 Aug 2003 - Wilmington Savings Fund Society - $649,000 [PAID 3 Apr 2013, balloon rider attached, mortgage modified on 20 Jul 2010 to $564,442.91]
11. 5 Aug 2003 - Wilmington Savings Fund Society - $99,000 [PAID - 31 Mar 2005, line of credit]
12. 11 Feb 2005 - Wilmington Savings Fund Society - $149,000 [PAID - 3 Apr 2013, line of credit]
13. 3 Mar 2010 - Wilmington Savings Fund Society - $10,000 [PAID - 11 Jul 2011, line of credit]
14. 10 Jun 2011 - Wilmington Savings Fund Society - $45,000 [PAID - 6 Feb 2012, line of credit]
15. 4 Jan 2012 - Wilmington Savings Fund Society - $95,000 [PAID - 17 Aug 2012, line of credit]
16. 16 Jul 2012 - Wilmington Savings Fund Society - $115,000 [PAID - 3 Apr 2013, line of credit]
17. 28 Jan 2013 - TD Bank - $541,150
OUTSTANDING
18. 28 Jan 2013 - TD Bank - $260,000 [PAID 18 Mar 2014, line of credit]
19. 19 Feb 2014 - TD Bank - $300,000 [PAID 11 Dec 2018, line of credit]
TOTAL: $4,230,170.31 19 mortgages/lines of credit and one credit extension
Taking their current home first, a year after buying it in 1996, they took out two construction home loans in 1997 totaling $899,900 to build the property from scratch, records show.
Uhmm, who is paying on those loans? That should have been an awful lot of costs and fees for each transaction, in my view. Then again if someone else has been paying the loans for them? Hunter, maybe?
Way to launder money? Joe really does not understand much about financial matters, it would appear. After all he sold his own driveway off to others, twice.