Posted on 02/19/2009 11:35:19 AM PST by LottieDah
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?
Look up the Darwin awards sometimes!
“Why can’t folks just not buy what they can’t afford? Sometimes I’ve just got to wonder how stupid people are.”
They’re not stupid, they’re greedy....they’ve worked they system perfectly. Any thief will take more than he’s entitled to or has earned.
We are the one who are stupid.
Shame has been dead in America for years if not decades.
“Is Atlas shrugging yet?”
Atlas may have barfed instead.
When my wife and I got married, we were making around $40K combined and wanted to buy a $100,000 house. I knew I could make the payments because of my spending habits, but they wouldn't even qualify us to get the house EVEN with 20% down!!
And now I'm expected to pay for these friggin' losers! WHAT A CROCK OF CRAP!!
In the words of the late George Carlin, "F--- Hope!"
“Marlo Saab bought a $555,000, two-family home in Queens three years ago - no money down.”
A two family home? Where is the other family?
Or am I going to have to pay for Marlo to live in two houses?
BTW Marlo is a girl’s name (just thought I would get mean for a moment)
$3,400 A MONTH ($40,800 A YEAR)!!!!!!!!!!!!!!!
$80,000 gross salary (which is pretty good money, imho.)
I’m guessing ~$60,000 annual take home pay after taxes and 401K.
2/3 of his take home pay goes just to pay his mortgage. ~19,000 left over for everything else.
This guy never had a chance to pay this off. Not a chance. This loan should have never been made in the first place. This isn’t someone that has fallen on hard times, it is someone that took rolled the dice on a huge risk and lost.
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