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
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.
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