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Old 02-16-2010, 05:42 PM   #1
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The curious case of Lisa Beamer

You all recall Lisa, wife of "Let's Roll" Todd Beamer. A strange set of financial circumstances has been going on.

Lisa and Todd purchased this house in 2000 for $699,000 and the mortgage was filed with Middlesex County, NJ

http://www.zillow.com/homedetails/9-...55543596_zpid/

This house is currently for sale, and has been on the market for 200 days, priced originally at around 1.4 million and reduced a few hundred thousand.

One year later (in 2001), the mortgage was paid in full (can be found on the county records website).

After 9/11, Lisa founded the Todd Beamer foundation to counsel kids who have gone through some trauma, and the royalties from her book "Let's Roll" - $700,000 roughly, went to the foundation. The foundation quickly burned through the money, eventually spending close to $500,000 per year in expenses while raising a fraction of that in donations, eventually petering out and going defunct.
Presumably she received funds from the compensation fund shortly after 2001.

Then, in 2008, she was the sole purchaser of a beach house at 10 EAST 77TH STREET, Harvey Cedars, NJ as a second home in the amount of near $2,000,000, with exactly a $1,000,000 mortgage taken with JP Morgan.

In 2009, she was granted another $417,000 mortgage by PNC Bank against the beach house. It is not clear if the prior loan was somehow replaced by this one, else, what lender would grant a second mortgage on a second home for someone with no known source of income, in 2009??

Something smells fishy, but i could be wrong.
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Old 02-16-2010, 05:46 PM   #2
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JP is hedging on her default and and the sale of the prop-granted-as a lender-I dont make as much when I have to repo the prop/collatoral-but profit is profit.
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Old 02-16-2010, 07:04 PM   #3
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Sounds like she's being well compensated. I'll leave it to others to figure out why.
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Old 02-16-2010, 09:32 PM   #4
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Is it a nice beach house?
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Old 02-16-2010, 11:27 PM   #5
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Is it a nice beach house?
Don't know yet. I'll do a drive-by when i get down there.

The picture attributed to the property via google is not correct. Some sort of crab shack that would not sell for 2 million.
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Old 02-17-2010, 09:37 AM   #6
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Sounds like she's being well compensated. I'll leave it to others to figure out why.
US Government "don't ask questions" money goes a long way.
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Old 02-17-2010, 10:30 AM   #7
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Then, in 2008, she was the sole purchaser of a beach house at 10 EAST 77TH STREET, Harvey Cedars, NJ as a second home in the amount of near $2,000,000, with exactly a $1,000,000 mortgage taken with JP Morgan.

In 2009, she was granted another $417,000 mortgage by PNC Bank against the beach house. It is not clear if the prior loan was somehow replaced by this one, else, what lender would grant a second mortgage on a second home for someone with no known source of income, in 2009??

Something smells fishy, but i could be wrong.
Based on the info you have given us, we know that she has a home valued at over $1.0m on the market of which she owes owns free and clear. She has equity of $1.0m on the beach house when she bought it (assuming she paid what the property was worth), and you don't know if the $417k is a second mortgage, or a refi.

What you don't know is how much additional money she has in the bank. While she may have donated the proceeds on her book to her foundation, did she also earn other money (speaking fees etc.) during this time? There are plenty of other ways to earn money without having a steady job.

I see a lot of unknown variables here.
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Old 02-17-2010, 11:05 AM   #8
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If you look at the county filings even prior to 2000, you can see that they bought a regular $200k house nearby, which they sold a few years later to buy the $699 house with just a $150,000 mortgage in 2000, which would be very unusual (to bring $550k in cash to closing). Then, paying that off completely one year later is even more unusual. Who does that? I knew the guy well enough to know what he did and what it paid at the time (roughly), and it didn't pay that kind of moolah.

But that aside (maybe they hit the lottery), assuming she had a million in the bank to bring to closing for that beach house, and that a bank was willing to cover the other half in 2008, what bank in their right mind would further finance another 400k in 2009 - when lending lending standards were back to the old norm? There is no public record of the first mortgage being satisfied.

As far as I can ascertain, she is not doing any public speaking these days, so who can say how she even handles the tax nut on both properties (combined, I'd say around $30,000 per year), not to mention a mortgage of 1.4 million combined.

Like I said, I could be wrong, but it doesn't add up.
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Old 02-17-2010, 11:18 AM   #9
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Originally Posted by Mister Brenton View Post
If you look at the county filings even prior to 2000, you can see that they bought a regular $200k house nearby, which they sold a few years later to buy the $699 house with just a $150,000 mortgage in 2000, which would be very unusual (to bring $550k in cash to closing). Then, paying that off completely one year later is even more unusual. Who does that? I knew the guy well enough to know what he did and what it paid at the time (roughly), and it didn't pay that kind of moolah.

But that aside (maybe they hit the lottery), assuming she had a million in the bank to bring to closing for that beach house, and that a bank was willing to cover the other half in 2008, what bank in their right mind would further finance another 400k in 2009 - when lending lending standards were back to the old norm? There is no public record of the first mortgage being satisfied.

As far as I can ascertain, she is not doing any public speaking these days, so who can say how she even handles the tax nut on both properties (combined, I'd say around $30,000 per year), not to mention a mortgage of 1.4 million combined.

Like I said, I could be wrong, but it doesn't add up.
It doesn't add up because you don't have all the facts. Like you said, maybe she won the lottery. Or maybe they got a large inheritance. Or maybe they had just saved the money. If she had a million dollar equity in the home, maybe she borrowed the 400k against this. Yes lending standards have been tightened, but $400k against a million doesn't seem like a lot of risk for the bank.

Why are you so interested in this woman and her dead husband anyway? Was there a story on this in the paper which made you think it was fishy?
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Old 02-17-2010, 11:25 AM   #10
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It doesn't add up because you don't have all the facts. Like you said, maybe she won the lottery. Or maybe they got a large inheritance. Or maybe they had just saved the money. If she had a million dollar equity in the home, maybe she borrowed the 400k against this. Yes lending standards have been tightened, but $400k against a million doesn't seem like a lot of risk for the bank.

Why are you so interested in this woman and her dead husband anyway? Was there a story on this in the paper which made you think it was fishy?
having just gone through this process on my mortgage, I know how closely they look at debt to equity to income, so it seems fishy to me. I was just curious because I stumbled upon the purchase after researching shore home sales for my uncle, who just sold his house a few blocks away.

The 400k was against the deed to the beach house, not her Cranbury house, which would make it a second mortgage on the beach house and a very high risk to the 2nd bank.

That, and I think she's cute.
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Old 02-17-2010, 11:34 AM   #11
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Maybe Todd had really good life insurance. I know that if I ever go down in a plane crash, my wife and kids should be set for life.
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Old 02-17-2010, 11:59 AM   #12
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Originally Posted by Mister Brenton View Post
having just gone through this process on my mortgage, I know how closely they look at debt to equity to income, so it seems fishy to me. I was just curious because I stumbled upon the purchase after researching shore home sales for my uncle, who just sold his house a few blocks away.

The 400k was against the deed to the beach house, not her Cranbury house, which would make it a second mortgage on the beach house and a very high risk to the 2nd bank.

That, and I think she's cute.
I'm not understanding the "high risk". If the house is worth $2m, and she has $1m equity, then a $400k second mortgage doesn't sound like a high risk to me. Even assuming that she has not paid down any of the first mortgage, that is still only $1.4m outstanding on a home valued at $2.0m.

Your cute comment got me to do a search on the internet. First, I don't really think she's that cute (she's ok I guess). There is a rumor that she got remarried. I also learned that Todd Beamer's father was CEO of Legato Systems, so it's quite possible that the family had money.

Anyway, it's AMAZING the amount of crap that is out there about this woman. Tons of stuff originating from conspiracy theorists too. The type who keep preaching that 9/11 was an inside job, and/or that they were not planes but missiles.

Then I found this. Interesting:

http://newjerseyshortsalecenter.com/...ld-org-forums/
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Old 02-17-2010, 12:00 PM   #13
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Maybe Todd had really good life insurance. I know that if I ever go down in a plane crash, my wife and kids should be set for life.
Another good point. I also know that my family would be considerably better off it I am traveling for work when the plane goes down.
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Old 02-17-2010, 12:11 PM   #14
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Another good point. I also know that they would be considerably better off it I am traveling for work when the plane goes down.
Why would Nola's kids be better off if something happened to you?

That's very generous though.
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Old 02-17-2010, 12:20 PM   #15
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Why would Nola's kids be better off if something happened to you?
I was wondering the very same thing.
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Old 02-17-2010, 02:36 PM   #16
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Why would Nola's kids be better off if something happened to you?

That's very generous though.
LOL! That's what happens when you type fast.

Obviously I meant MY family would be better off....
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Old 02-17-2010, 03:36 PM   #17
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Well... notice I didn't say anyone would be better off... they'd just have a *****load of money! And yes... kicking it while on business is the ticket.
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Old 02-17-2010, 05:10 PM   #18
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By the way.....

Not cute. Not even close to being cute. She's closer to being "awwww hells no" than cute.

Carry on.
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Old 02-17-2010, 05:18 PM   #19
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By the way.....

Not cute. Not even close to being cute. She's closer to being "awwww hells no" than cute.

Carry on.
Racist!
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Old 02-17-2010, 05:32 PM   #20
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By the way.....

Not cute. Not even close to being cute. She's closer to being "awwww hells no" than cute.

Carry on.
just googled her-+ 1,000,000,000^
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Old 02-17-2010, 08:37 PM   #21
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Old 08-19-2011, 08:01 AM   #22
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Originally Posted by Air Marshall Eldritch View Post
If you look at the county filings even prior to 2000, you can see that they bought a regular $200k house nearby, which they sold a few years later to buy the $699 house with just a $150,000 mortgage in 2000, which would be very unusual (to bring $550k in cash to closing). Then, paying that off completely one year later is even more unusual. Who does that? I knew the guy well enough to know what he did and what it paid at the time (roughly), and it didn't pay that kind of moolah.

But that aside (maybe they hit the lottery), assuming she had a million in the bank to bring to closing for that beach house, and that a bank was willing to cover the other half in 2008, what bank in their right mind would further finance another 400k in 2009 - when lending lending standards were back to the old norm? There is no public record of the first mortgage being satisfied.

As far as I can ascertain, she is not doing any public speaking these days, so who can say how she even handles the tax nut on both properties (combined, I'd say around $30,000 per year), not to mention a mortgage of 1.4 million combined.

Like I said, I could be wrong, but it doesn't add up.


Why Is It Any Of Your Business? I Mean Come On He You Not Heard Of Family And Friends???? People Do Help Others And It Is None Of Your Business What She Is Doing!!!! She Could Have Put The House In Her Name But It Is For A Family Member!!!! So Just Do All Of Us A Favor And Mind Your Own Biz!!!!!
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Old 08-19-2011, 09:09 AM   #23
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Why Is It Any Of Your Business? I Mean Come On He You Not Heard Of Family And Friends???? People Do Help Others And It Is None Of Your Business What She Is Doing!!!! She Could Have Put The House In Her Name But It Is For A Family Member!!!! So Just Do All Of Us A Favor And Mind Your Own Biz!!!!!
WTF??? Did you find the crypt keeper when you dug this one up?
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Old 08-19-2011, 12:47 PM   #24
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Quote:
Originally Posted by terrygannjr View Post
Why Is It Any Of Your Business? I Mean Come On He You Not Heard Of Family And Friends???? People Do Help Others And It Is None Of Your Business What She Is Doing!!!! She Could Have Put The House In Her Name But It Is For A Family Member!!!! So Just Do All Of Us A Favor And Mind Your Own Biz!!!!!
Are you on something?
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Old 08-19-2011, 08:57 PM   #25
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...did rockjock change his username??? ..............................
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Old 08-19-2011, 08:57 PM
 
 
 
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2009, 2010, beamer, buys, case, cedars, cranbury, curious, foundation, harvey, home, house, kids, lisa, nj, selling



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