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.
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