The Key to Financial Success: Slow and Steady
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What is the main focus of The Ramsey Show?
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by number one bestselling author, Mr. Ken Coleman. And we're taking your calls at 888-825-5225. We'll help you with your money, making more of it. Keeping more of it, spending less, all of the issues. And Ken is the man when it comes to, how do I make more income? Because that is my greatest wealth building tool. Maybe that's switching jobs. Mow money. New career path. There we go. Some short-term side hustles, whatever it is. We want to help you make the most of your money. Happy Friday, sir. You as well.
Do you have a brand new bomber jacket? I always try to impress Ken with my wardrobe. I feel like this is one I haven't seen before. He looks impressed. I love it. It's a good look.
It's a dark chocolate. If I'm going to be really honest, Ken, I just came down from our event center where we have our money and marriage event, and I'm looking out at some lovely couples who came to join us.
We have actually really good looking. I was looking at them before the show. It's a pretty good looking group of people. You say it like it's rare, Ken. Well, it is rare, I'll be honest. But today, kid, we've got a great-looking group out there, full studio lobby. We're going to have fun today. That's what George and I do. We're going to coach you, but we're going to have some fun. So, you know, this stuff doesn't have to be dour. As I say, if we don't laugh, we cry. And by the way, I've got to say one other thing on the bomber jacket. It matches your beard perfectly. Ken, I need to just carry you in my pocket just to compliment me.
Thank you so much.
Your pocket's too small for me to fit in. I'm a small man.
True story. Skinny jeans will do that. That's right. All right. Mary's up first in Miami. What's going on, Mary? How can we help? Uh-oh.
There we are.
Hello?
Yes. You sounded like a monster for a second, but now we got you back. Okay.
Okay, great. We actually were sold a home illegally, and we are wondering if we should claim bankruptcy.
Tell us a little bit more. Someone sold you a house that they were not legally allowed to sell you? What happened?
So we bought the home in April of 2023, and we wanted to get some things done like fencing and encapsulate the crawl space underneath. And we learned that when we went to go get the property surveyed for the fencing, that the property didn't exist. And so there were no permits. There's no CO on the house. What do you mean the property didn't exist? They told us the property didn't exist in the county. There was no house that was on that property.
I'm confused. You bought a house sight unseen?
No. We bought the house. We saw the house. The county had no idea the house was built.
Oh, so the house was illegally built on that land in the first place with no permits, and then that person sold it to you. How did you even go through the closing process? Was it just done through the seller?
No, it was done through all of the bells and whistles that you're supposed to do with inspectors and real estate agents and lenders and everything. And they still sold it to us.
I mean, aren't there titles to be cleared? I mean, I'm just so confused how nobody caught this.
Yeah, so the lenders were in the bylaws of our contract. They were supposed to get the CO and obtain it five days after closing, and they never did. And then we didn't find out about all of that. This is our first home. We were first-time homebuyers, so we learned a lot in this process.
What did you pay for it? $259. And you got a loan on that?
Yes, it's a USDA loan.
Okay, how much was the loan for?
It was for $259.
So you put nothing down with the USDA loan?
No, we did put down $12,000.
So why are you having to file bankruptcy? I get what we just heard. I'm now understanding that, but it feels like a lot of people dropped the ball and it was before you. And so this has got to shake out somehow. So what have you done so far? What do you know? What do you not know?
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