[dynachrome]

Insanity as this family from Ghana kept on borrowing and now owe 1.3 million dollars! I feel NO pity/sorrow for them.

The attitude they have:

“It wasn’t that we didn’t manage our money,” Comfort said. “We know in America, everyone owes something. We couldn’t get things done the way we expected. It happens to everybody.”

"

[FlingWingFlyer]

It's time for Barry and the commie DemocRATS to "step up" and pay off all of this "hardworking" family's bills with money stolen by the communists from those evil and "racist" TEA Party members!

Sarc/

[Bubba_Leroy]

According to the article they have not made a single mortgage payment for over six years.

Hard to feel sorry for someone who has been living for free in a $600K home since Bush was president.

[Wiser now]

Never, ever, ever finance a house with an adjustable mortgage. If you cannot afford a fixed rate mortgage, wait until you can.

[E. Pluribus Unum]

Adjustable rate mortgages are bait-and-switch operations fishing for dimwits.

[Stosh]

“...bought for $617,055 in 2005. The Boatengs have not made a mortgage payment in 2,322 days — more than six years...”

They put down $60,000 - assume they were foreclosed on tomorrow, and evicted, with the loss of that $60,000 in equity - they still would have had an opportunity to live in a $600,000 house for more than 6 years at well less than $1,000 / month in what would have been the equivalent of rent. I’m not sure that’s that bad of a deal (for them - not for their lenders or their underwriters).

[maine-iac7]

“3,292-square-foot, six-bedroom, red-brick Colonial ...”

No sympathy - Personal responsibility should included knowing/staying within the ‘formula” no more than 1/4th monthly income for mortgage.

they wanted to live like Royalty? They’ll pay the price - well ...

They will likely be allowed to declare bankruptcy and walk away -

[stephenjohnbanker]

Not to worry. Obama is starting sub-prime loans again through the FHA. Just in time for 2016, before they default : )

[RetSignman]

Must be they were getting financial advice from Al Sharpton or they would be in real trouble.

[God luvs America]

Today, they struggle under nearly $1 million in debt that they will never be able to repay on the 3,292-square-foot, six-bedroom, red-brick Colonial they bought for $617,055 in 2005. The Boatengs have not made a mortgage payment in 2,322 days — more than six years — according to their most recent mortgage statement. Their plight illustrates how some of the people swallowed up by the easy credit era of the previous decade have yet to reemerge years later.

how many Freepers live in a 6 bedroom home close to a metropolis?

 

When they moved into the house in November 2005, Kofi was earning $82,740 as an IT consultant for a government contractor, and Comfort, then 43, was making $30,000 as an administrative assistant. But in the overheated mortgage market of the time, they said everyone told them that they could buy a $600,000 house.

Yup- its everyone else's fault....

[hopespringseternal]

If I owned the bank a million dollars, the bank would have a bigger problem than me.

[Tolerance Sucks Rocks]

Maryland “Freak State” PING!