Posted on 02/19/2009 11:35:19 AM PST by LottieDah
Wednesday, February 18th 2009, 11:18 PM
Goldfield for News
Marlo Saab hasn't missed a payment yet but wonders how much longer he can manage the $3,400 in monthly mortgage payments. Related News Articles Bam unveils plan to help homeowners Analysis: Rescue finally comin' home Marlo Saab bought a $555,000, two-family home in Queens three years ago - no money down.
Now, teetering on the brink of defaulting on his mortgage, Saab is looking to President Obama's plan for struggling homeowners to help him hold on to his house.
"I think that his plan gives us hope," said Saab, 40, a computer technician. "I just want a little help not [to] go down the drain."
When he bought the Jamaica Hills house, Saab got an 80/20 mortgage - splitting his borrowing between two lenders, IndyMac and Countrywide - for a total of $3,400 in monthly payments.
He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they've paid off their car.
However, Saab's overtime has been slashed. His wife is looking for work. The couple also have renovated their home and spend $10,000 a year to send their two kids to Catholic school.
Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage. He has never missed a payment, but he's not sure how much longer that can last.
"I've been calling the bank since October," Saab said. "They say, 'There's nothing right now we can [do to] help you ... You have to default first [for us] to look [into] your case.'"
He even has appealed to Rep. Anthony Weiner (D-Brooklyn/Queens) to intervene.
Michael Moskowitz of Manhattan-based lender Equity Now said Saab appears to be a good candidate for aid under the President's proposal.
"[Obama is] trying to take a deserving person whose mortgage is worth more than the property is and refinance them," he said. "It's not good to have people default. It's better to [give] them a lower rate."
ckatz@nydailynews.com
How did $80k a year afford a $550K house! If he has made the payment this far, my hat is off to him.
He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they’ve paid off their car.
The couple also have renovated their home and spend $10,000 a year to send their two kids to Catholic school.
Sounds like the Frosts. Maybe this family can get free health care too under SCHIP.
How did he buy such an expensive house with no money down is a question that begs to be answered.
Nevermind...saw the credit card statement...now I know how he did it. sheesh
WTF?? Words fail me.
Why can’t folks just not buy what they can’t afford? Sometimes I’ve just got to wonder how stupid people are.
He makes $80,000 a year and says he has a healthy credit rating. The Saabs have rental income and they’ve paid off their car.
What they dont tell you is how much they are getting in rental income
Here is an idea. Put your kids in the public schools, sell your rental property and shut the F up. You are an idiot for borrowing a 100% on a loan and I don’t want to pay for your stupidity and lifestyle.
You buy a house for no money down, you deserve what you get. You bought the risk. You accept the consequences.
A half-million $$$ home with no money down........(shaking head and groaning)
“for a total of $3,400 in monthly payments.
He makes $80,000 a year “
.........Uhhhhh....No.
I make just over $80,000 per year and never in a million years would have expected that I could afford to pay a $550,000 mortgage with it.
Sorry bub, next time, take out a mortgage loan you can afford to pay back.
Now way this program is going to work.
Who qualifies?
How long do they get the subsidy?
Do they have to pay back the subsidy?
What a mess made messier.
$70,00 in credit card bills??
No sympathy from me.
You ever heard of renting, you greedy moron?
You don’t have to own a house, and I shouldn’t have to pay your mortgage to keep you in the lifestyle you haven’t earned.
I want my interest rate lowered too.
How do I find out if our mortgage is backed by Fannie or Freddie. My mortgage is with Countrywide. We have over $100,000 if equity. Our current interest rate is 6.5%. How do I get the knocked down to Obama’s rate of 4.5%.
Just a wild and crazy thought here, sell your home and rent an apartment. Invest the difference in getting those credit cards paid off.
You’ve got to be kiddin’!
Even if I made $100,000/yr., I wouldn’t buy a $500K home. Of course, that’s just me; maybe that’s why I’m not begging the President of the United States to bail me out of the mess I made FOR MYSELF!!!!!!!!!!!!!
rental income and any other income.....but that price tag sounds right for the “city”....things cost mega bucks there.
In that area of Queens the rental property is attached to the house. Sometimes it is the second or first floor of the home. As for taking this kids out of Catholic school, the public schools in that area are HORRIBLE. I can’t imagine how he purchased the house without a down payment. Something just doesn’t sound right.
Sounds like the perfect example of someone who SHOULD loose their home - in favor of one they might actually afford!!
Why is a reality-check for folks bad????
Yes, I can't believe how stupid I have been not to buy what I can't afford. It looks like responsible people are the idiots in the New America. :-(
Ah... now I notice it says it is a “two-family” home. They bought a duplex. They must be renting the other unit out.
Bought a house they shouldn’t have been approved for...
$70k in CC debt
$10k renovation
But they have rental income and an $80k job.
Why and how is this a problem for the American tax payer?
He wants a ‘mortgage assist’ but in all reality it will go to helping him pay off his revolving debt. The house is not the problem here. I am guessing that the CC bills are in the $2k a month range. He doesn’t need mortgage help - he wants the government - i.e. the American people - to help him pay off his new kitchen, his surround sound, the XBox for his kids, etc. etc. etc.
Sickening!
Why are all the articles linked through free republic, why not just directly as at the bottom usually?
I love your idea but this idiot won’t accept logic that’s staring him in the face.
He makes $80,000 a year “
.........Uhhhhh....No.
I'm thinking it would amount to about 75% of his take home pay.
I saw they are planning to charter Catholic schools in NY.
I can only imagine that the folks that are having difficulty are probably pulling their kids in such great numbers that they might soon overrun the public school system.
I bet the gubermnint is begging them to take the charter cash!
I hope that they don’t do it, but I doubt they will. If the Catholic schools do cave in to the charter plan I at least hope that they hold out for piles of money!! They probably won’t be able to teach religion.
Go F**** yourself fool. The government is going to take my money and other people money to pay for your idiocy.
The man has credit card debt almost equal to his annual income and he spends more than 50% of his annual income on housing (not including electric, heat, insurance, etc.). How does he have a good credit rating? From what I can see he’s a spendthrift. Why should the money that I want to spend to pay down my credit cards (which total probably less than 10% of my annual income) (this is my 8th year of paying college tuition for my kids) go to help him instead?
$80K a year and he’s begging like some vagrant in a supermarket parking lot.
My mortgage is also with (sold to) Countrywide. Their new tactic is sending out bills 3-4 months in advance hoping you’re not paying attention and will just pay in advance. I already have mortgage bills up until May sitting on my desk.... not to mention I still get equity solicitations from them — of course when I can about refinancing - no go.
Sell the house and leave Queens. Just don’t come to Texas!
Don’t forget the second part of that sentence:
“Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage.”
Now that’s what you call a sustainable lifestyle.
“How did he buy such an expensive house with no money down is a question that begs to be answered.”
That’s why we are in this mess...Friggin’ people have to “have the best...”!
My gosh, I make $120,000 a year and was uncomfortable with my, at the time, $150,000 house and $1300 per month payment. Heck, I’m still concerned!!
Don’t people even care anymore? Gosh people, do you really strive for affirmation and attention that bad? get a life, I ain’t bailing you out you INGRATE!
This knuckle-head’s credit card debt is the same amount as my original house mortgage; and that’s in addition to his 500k debt.
What a jerk. He could have used the rental money to pay part of his mortgage.
These stories get me FURIOUS.
What about the families who lived within their means? Why should they have to bail him out?
This creep doesn’t earn enough to live in a house that costs a half a million dollars. His wife could go out and really get a job rather than just ‘be looking’ for a job.
I want to say “screw them” but that would be unladylike. I don’t wish them ill but why should prudent people pay for others’ mistakes?
Here is a direct link to the article (as opposed to the Daily News home page):
Queens homeowner pleads: I need your help, President Obama
http://www.nydailynews.com/news/politics/2009/02/18/2009-02-18_queens_homeowner_pleads_i_need_your_help.html
Too add icing on the cake, Mr. Saab is a registered real estate agent.. so he knew better.
http://www.c21amhomes.com/meettheagents-v2.asp?agentid=1925&office=
“He took out two loans, at 7.25 percent and 10 percent, and was paying a total of $5,200 a month.
The tenant was paying him $2,800 and he owned a profitable business, a variety store called Caps and Bells, that earned him $45,000 a year.”
http://www.nypost.com/seven/02192009/news/regionalnews/ray_of_hope_for_qns__homeowner_155903.htm
“Saab has racked up $70,000 in credit card bills and borrows from family and friends to make his mortgage. He”
And no $$$ down on a house that was too much to begin with.
What happened to the old tried and true message of ‘Sweat Equitiy’? Many of these no down mortgages were easier to clear than renting something....and cheaper...no first and last, security deposit. If people don’t save and scrimp for their downpayments (like I did!)and have some ‘sweat equity’ into it, that house will never mean any thing more than a rental to them.
Unlike most of us, who bought homes we could AFFORD, these ‘gimme’ types want it for nothing....and they’re going to get it.
I need help too, I need a million after taxes simply because it sounds pretty good to me. Do you think Bozo can arrange that?
..in the comments on the article, everyone is saying that in the print edition of the paper, he was actually showing off the Rolex he was wearing..
Yes folks, this is who the bailout is paying for...
Is Atlas shrugging yet?
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