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
“I think that his plan gives us hope,”
In the same way that a woman carrying a Gucci handbag gives a purse snatcher hope.
See the post above yours, this guy is a scammer
Queens New York, his take home after taxes will be more like $40k, then he is probably paying another $12k a year in property tax.
Ha! Thought he was going to get instant equity, what a moron.
Equity means nothing if you don’t sell.. then if you do and move into a lower cost home, you have capital gains taxes.
My rant got deleted in #55, so here’s attempt 2 using mad-libs:
Hey Saab, you worthless stinking pile of smelly dog _____, YOU ARE THE PROBLEM! YOU CAN GO _____ YOURSELF, BETTER YET KILL YOURSELF AND SAVE ME MONEY FROM BAILING YOUR WORTHLESS ____! DID YOU GET THAT SAAB? I HOPE YOUR NEIGHBORS SEE THE ARTICLE AND BEAT THE _____ OUT OF YOU FOR RUINING THEIR KIDS’ FUTURES!
I was assuming his property taxes and insurance was rolled into his mort. payment.
When we bought our income was 150% of his and we settled for $200K and put 20% down.
Now this irresponsible assclown is crying for Bronco Bomber to use my money to bail his butt out .... I don't think so you fetid stinking pantload
WHY should we pay this man’s mortgage? My Hubbie and I wanted a home. We had a downpayment and looked in 2000. Prices started going up, the lenders gave bigger mortgages than we wanted and we ended up not buying. We got sick of being encouraged to over extend what we felt we could afford. At our ages, we now will never own a home. But our taxes will pay for HIS?!
Anyone getting a 100% loan/value loan.. stupid. He’s a greedy bubble victim, let him face his mistakes like a man.
You need to make ~$205,000 annually with the facts given, i.e. no payments other than house and $10,000 per year for private school. Thats a 36% back end ratio payment of 3300 per month.
Here is what $300k will buy you in Jamaica Hills area of Queens.
http://www.trulia.com/property/1073574082-Single-Family-Home-Queens-NY-11432
& $580K there
http://www.trulia.com/property/1072593646-161-
If y’all know Queens, this is a pretty nice area.
So all I have to do to afford private school for my kids is to take the money from my mortgage and have Obama pick up the slack on my mortgage. Sweet.
Well, the Catholic schools no longer have the nuns doing the work for free. Of course, it’s been that way for a while.
That being said, there is a strong desire for private education. I don’t know whether Catholics are worried about faith being an element in their children’s schools. Sadly, I’ve not been impressed with many Catholic schools that I’ve seen. I’m certain there are some very good ones out there.
My kids, who are Catholic, attend a private Lutheran school and it has worked out quite well; good Christian foundation, excellent organization and business model and experienced teachers who will take less $$$ to teach in a disciplined setting.
The teachers are escapees from the public school system.
I do not disagree with your sentiments. I am just noting that even a dump in the city costs huge amounts of money.
Makes my blood boil. My son was laid off from his bank VP six figure job right after the collapse and right after the feds (?) raided his investment portfolio. He’s in big trouble.........has 3 kids, rents, and he’s literally broke. It’s just not right. And he’s not out looking for a govt. bailout.
GRRRRRRR!
[not to mention I still get equity solicitations from them]
I get one of those atleast once a month!
Both of those places look pretty good. Basic neighborhoods that look like they’ve been kept up well.
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