Posted on 01/31/2015 6:50:08 AM PST by dynachrome
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.
They made a $60,000 down payment and all their mortgage payments for more than 2½ years — through September 2008. But the house was financed with subprime loans, which reset to higher rates after short time periods, creating what are known as “shock payments.” The Boatengs said they could not make their new higher payment, and, in the middle of the 2008 mortgage crisis, they could not refinance.
(Excerpt) Read more at washingtonpost.com ...
No surprise. Written contract.
Excellent Michael Connelly novel. If you’re not already a fan, you’ll become one, especially the Harry Bosch series. Start with the earlier ones as they don”t have the liberal bent of the latest ones.
If Obama had a mortgage....
I was in a good place when my mortgage was that low. Even with the crash, two move later, and now in the DC area, two or three times your annual salary has you living in a crack house.
The entire KEY to this is they bought that house with an INTEREST ONLY adjustable rate loan. They were given a free ride to this country, given jobs, preference and the attitude they can do anything. And if ‘anything’ bad happened it isn’t their fault.
Their windfall experience in the purchase and sale of their first townhome (with its rise in value financed by the likes of Jaime Gorelick, Franklin Raines and James Johnson who insisted banks loan vast sums of money to people who couldn’t pay it back) led them to further greed. A fantastic $600K plus home they couldn’t afford, but the interest-only payments, the interest deductions and its anticipated rise in value seemed a good bet for another, even bigger windfall in value.
It didn’t work out that way - Tough sh!t. Go back to Ghana if you don’t like it. Seems to me you grifters have spent near 2400 days not paying mortgage payments, still collecting your salaries... STFU.
Oh, I am sure all the blame must and will be laid on the Predatory Lender. The Predatory Lender who grabbed that poor unsuspecting black couple from Ghana off the street and forced them to sign loan documents in 1999, 2000 (twice), 2003, 2004, 2005, 2006, 2011 and 2013. I just wonder how that Predatory Lender managed to miss them in 2001, 2002, 2007, 2008, 2009, 2010, 2012 and 2014. That is 8 out of the last 15 years that the Predatory Lender missed out on his/her commissions and interest money.
As an after thought, Is a couple from Ghana known as African African Americans?
Hard to understand how two people who could get good jobs couldn’t read the contract.
In 1985 we borrowed $25K at 13% interest and my husband built our house, physically hammering in every nail and doing the plumbing and electric himself with some help from our teenage sons.
When the interest rates dropped, we refinanced to 11% and then a few years later to 9% and had it all paid off in about 12 years.
The worst part is that this is happening to people buying much less expensive homes; anyone working a job for $50K+ has forces scrambling furiously behind the scenes to either move the job overseas or import foreigners to do it cheaper here, and any plans those American workers had are out the window. Here in NJ this has led to public-sector employees being our upper middle class, with some wealthy people on top, a growing class of illegals and welfare gibsmedats on the bottom, and a shrinking middle class of American taxpayers fleeing as fast as they can.
I know people in trouble with their mortgages, and they spent less than $250K on their homes; their jobs were pulled out from under them, and it can happen to most people. While people may point out their recklessness, understand that the lessons learned are having grim consequences; very few American children are being born to working parents, but rather to the gibsmedat/illegal segment of our culture - and those who are meticulously trying to plan out the next fifty years of their lives are footing the bill for them through income taxes and such.
Seems to me that they’d be better served (at least from a self interest point of view) by just shutting up and quietly grifting. If they really do want a new beginning, then that is what bankruptcy is for... do it. Otherwise shut up, they are just annoying us.
“I thought they had died down a little lately.”
Republicans in charge of Congress now.
Could a US citizen get away with this??
I know I the bank mortgage officers with whom I have dealt would not allow it. Something is fishy.
So why is this the poster family for that. This is crazy.
I was in the lost-my-job camp. These folks don’t even look close to my situation. They’re skating with no end in sight, why are they rocking their own boat? I got to skate for a little while but ultimately the house went back to the bank.
The Democrat 1998-2008 Red Line Legacy for individuals; the Obama National Legacy 2009-2016 for our country.
May his skin turn “White”.
Strong armed by Barney Frank... Di that is an image I did not need in my mind this morning.
Why hasn’t this debt-laden turd paid on his mortgage in years? Does the melanin content of his skin give him special consideration? What the heck? I tried to buy a house in 2002 but because my income wasn’t high enough at the time the lenders refused to finance me.
This is the second such story I’ve read, from WaComPost, in the last week. The other story was about a black (American, not from another country) couple who basically did the same thing.
It was a sob story, to try to pull heartstrings, aligned with 0bola’s income *inequality* push. Tried to paint this couple (and other black couples) as “victims”. I say, BS!
You are free to work and save....from menial jobs working your way up to a well paying job....and to live within your means, just like those of us have - who are NOT underwater in debt. It’s called sacrifice and discipline. Something I NEVER hear the libs promote.
Proof that education doesn’t make you smart. The man is an idiot and true Obamaton. Just keep spending your way out of debt.
I think newer bankruptcy laws aren’t going to allow them to get away without some sort of garnishment or attachment of assets. Just my opinion. Regardless, I don’t give a crap’s patootie what happens to them. They shouldn’t have been allowed to even come here in my opinion. We did not need them.
A classic “Sunday Weeper Piece.”
The word is that some banks don’t foreclose so as to not show the loss on their books.
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