Success After Prison With Michael Santos

First Mortgage: Carole and I met with a mortgage banker and provided all of the documentation requested. We took the next step of ordering an appraisal of the property. By considering comparable prices in the neighborhood, the appraiser provided documentation valuing our property at $454,000.                                                                                                                  To avoid additional charges for mortgage insurance, we agreed to accept a mortgage of 80% of our home’s appraised value, or roughly $363,000. We wrote a check for $17,000 to cover the remaining amount we would owe to pay off the note to ABS Development. With the $12,000 we had put as a down payment when we initially signed the purchase agreement, and the $17,000 in additional funding we had to pay at the time of the close, our total out-of-pocket investment in the property was $29,000. But in less than 18 months of ownership, our total equity in the property surpassed $90,000—or more than three times what we p