Unemployed Dave Ramsey Caller Owes $1.8 Million & Wants Buyer To Take Over Mortgage. 'You're Going To Get In Trouble Because You're Getting Desperate'

He used to analyze risk for a living. Now he's drowning in it.

A former commercial real estate credit analyst called into "The Ramsey Show" with a financial mess even Dave Ramsey called desperate. Out of work for seven months, he told Ramsey and co-host Jade Warshaw that he was carrying four mortgages, a car loan, and a credit card, all while driving Uber to scrape together income.

His old job paid $130,000 a year. His wife still brings in that amount—but his own income dropped to next to nothing after his position was eliminated amid $2 billion in loan defaults. Since then, the family's been selling what they can. The goal: downsize, simplify, survive.

"I found your stuff a little too late," he admitted.

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At the time of the call, he'd already listed nearly everything he owned for sale—including his car. They were even thinking about offloading their primary home. But the real eyebrow-raiser was his proposed deal with a potential buyer on one of the rentals.

The plan?

The buyer would pay $20,000 upfront and "take over" the mortgage—while the caller remained on the loan.

"They can't take over your mortgage, honey," Ramsey said. "That mortgage has a due-on-sale clause. You transfer title, they're going to call the loan."

Translation: if the title changes hands—even informally—the bank can demand the entire mortgage be paid off immediately. And yes, they will notice.

The caller insisted he'd stay on the title, so technically nothing had changed. Ramsey wasn't buying it. "You haven't really sold the house. You just lease-purchased it to someone," he said. "The buyer you have is not a real buyer. Run him off."

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Then came the punchline:

"You're going to get in trouble here, man, because you're getting desperate."

The financial breakdown paints the picture:

Primary home: $540,000 mortgage at 5.75% at $4,400/month Rental #1: $453,000 at 6.5% at $2,956/month Rental #2: $192,000 at $1,119/month Rental #3 with a business partner: $184,000 at 11.5% Plus: back taxes, forced insurance charges, and late payments

That's over $1.36 million in mortgages alone, not including the car loan or credit card debt. Altogether, it's likely closer to $1.8 million in total obligations, as implied by the title of the call—while only one spouse is earning a stable income.

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One of the rentals is expected to net $45,000 in a cash sale. The rest? He's slashing prices and hoping for offers. His emergency fund sits at $12,500—and even that was at risk of being drained to cover arrears.

"You just took on a boatload of risk for no money," Ramsey said. "And you traded all of that for risk."

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The caller's background in risk analysis hadn't protected him from one of the most common mistakes: over-leveraging based on best-case scenarios. Renters were supposed to pay on time. The market was supposed to hold. His job was supposed to be stable.

But when all those assumptions unraveled, the debt stayed put.

It's easy to judge from the outside. But when people feel backed into a corner—especially with bills piling up and self-worth slipping—it's human nature to reach for a quick fix. And that's when things can go from bad to worse.

The truth is, desperation doesn't mean it's over. It just means it's time to stop digging.

Even in financial chaos, there's a way out. But it won't come from sketchy buyer arrangements or wishful thinking. It comes from steady choices, honest math, and the willingness to face the mess head-on.

You don't need a shortcut. You need a real plan.

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This article Unemployed Dave Ramsey Caller Owes $1.8 Million & Wants Buyer To Take Over Mortgage. 'You're Going To Get In Trouble Because You're Getting Desperate' originally appeared on Benzinga.com

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