Florida Sen. Marco Rubio faced foreclosure on a home he owned in Tallahassee after failing to make his mortgage payment for five months, according to a new report from the New York Times, which did a deep dive into the presidential candidate’s finances.
According to the Times report, Rubio recently sold the house, which was his second home, for a loss of $18,000 compared to the price he and a friend paid for the house a decade ago.
The Times report goes into great detail about Rubio’s financial history and current situation.
From the Times report:
In 2003, he bought his mother-in-law’s home in West Miami for $175,000, putting no money down.
Within a few years, Mr. Rubio had landed a job at a high-profile Miami law firm paying him $300,000 a year. As he would later do with the proceeds from his book, Mr. Rubio spent heavily.
First, he bought a house in Tallahassee with another state lawmaker for $135,000, again putting no money down.
Then, by the end of 2005, the Rubios completed the purchase of a new home, twice the size of their previous one, for $550,000. The house, among the more expensive in West Miami, stood out from the aging homes nearby: It includes an in-ground pool, a handsome brick driveway, meticulously manicured shrubs and oversize windows.
Within a few weeks of the home purchase, Mr. Rubio, then a Republican leader in the House, borrowed $135,000 through a home equity line to pay for improvements to the house, from a politically connected Miami-based bank, U.S. Century, after the house was reappraised at $735,000.
The article goes on to say that Rubio’s finances are more under control in recent years.
Again from the Times report:
Since 2012, they have started college savings accounts for his four children, put away at least $150,000, given $60,000 to charity and refinanced the mortgage on their primary home to lower the monthly payments.
Click the link below to read more about Rubio’s finances.