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Greenspan's Body Count: Kimberly Allen

Greenspan's Body Count goes to the Jersey Shore! In Red Bank / Middletown / Lincroft, New Jersey:
Patrick F. Allen, 44, accused of killing his wife, Kimberly, on Nov. 19, remained in the Monmouth County jail in Freehold Township Friday in lieu of $1.5 million bail with no options to post 10 percent to secure his release, as set by state Superior Court Judge Anthony J. Mellaci Jr.

[...]

“Patrick Allen killed his wife of 20 years during a financial dispute. He was the only person at home with her and he is the only person who could have killed her,” [prosecutor Marc] LeMieux said in court.

[...]

A check of financial records show that Patrick and Kimberly Allen held two mortgages totaling $625,000 on their home on West Front Street, and that Patrick Allen individually owed nearly $25,000 in credit card debt that was being levied against his property and a bank account following three court judgments handed down earlier this year.

Records held at the Monmouth County Clerk’s Office reveal the Allens financed $352,800 when they initially purchased the lot upon which they built a 3,184-square-foot home. They also show that by 2006, the Allens had refinanced the mortgage on the home three different times, taking out increasing amounts until the final $455,000 mortgage was obtained in 2006.

In addition to the mortgages, three additional home equity lines of credit were taken out during a six-year period beginning with a $45,000 secondary loan the Allens secured 18 months after the initial purchase, up to the outstanding $160,000 in the form of a 15-year second mortgage was obtained in 2005.

The two mortgages put the couple into debt totaling $615,000, but a source said the couple was also about $19,000 behind in their mortgage payments.

Greenspan's Body Count stands at 195.

3 comments:

Anonymous said...

Uncle Sam could stop this nonsense in one day by allowing the mortgage interest tax deduction to be taken ONLY on the original, purchase money mortgage written when the house was bought or built. You'd see the vast majority of this stupid "refi - cash out - second, third, fourth mortgage" bullshit end in a heartbeat.

Anonymous said...

Looks like poor decision making and took the easy way out rather than pay what he owed.

Anonymous said...

@anonymous #1 - in fact, the mortgage interest deduction IS limited in the manner you suggest. People who refi and take cash out cannot legally claim the interest on the additional funds as a deduction.

The real problem is that this rule is not enforced, even on audit. There is the occasional taxpayer who gets busted on this, but by and large they don't.

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