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StumbleLas Vegans in danger of losing homes look for help
Housing workshop brings lenders, homeowners together
Saturday, March 13, 2010 | 12:48 p.m.
With Las Vegas leading the nation in foreclosures, it is not only people who have lost their jobs who are in danger of losing their homes; just ask Peter and Jean Girard.
The Las Vegas couple was among more than 150 people who filed into the Centennial High School gym at the start of a housing workshop Saturday hosted by Rep. Dina Titus, D-Nev.
The Girards haven’t gone into foreclosure and they are still current on their credit card payments and two mortgages. But they are suffering and worry about what is next.
After moving to Las Vegas in 2003 from Chicago to semi-retire, the couple saw the value of their house double in the boom years. So they bought and moved into a larger house and rented out the first.
Then things got tough; the values of both houses plummeted, Peter went back to working 60 hours a week and they had to use their retirement savings to get by.
“I don’t know how long we can chip away at our retirement -- not forever,” Peter Girard said.
They tried to get the bank to change the rate on their second mortgage, but since they are current on their payments, Girard said the bank gave them a worse offer than what they already had.
“When you get a ridiculous offer like that, you don’t even respond,” Girard said. “Since we’re not behind, they don’t want to talk to us. If you’re in foreclosure you can get help, but if you’re not, you don’t.”
So they came to the workshop to try to talk to credit and housing counselors and see what their options are.
Peter Girard acknowledged that many of the people at the workshops were probably in worse financial shape than he and his wife, but he is 69 and has health problems and wants to make sure things are in order so Jean, who is 62, is not stuck in a financial mess when he dies.
“We don’t regret coming here (to Las Vegas) at all,” he said. “We don’t have sour grapes about any of it, but we need some adjustments to our mortgage.”
Johnny Holmstrom, on the other hand, came to the workshop under threat of losing his house.
While waiting in line to talk to a representative from his lender, he seemed skeptical he was going to get much help in modifying his mortgage.
“At least I’ll get some information,” he said. “It’s not going to happen today.”
Holmstrom is a union plumber who lost his job when work finished at CityCenter.
“When you lose 60 percent of your income, it’s tough,” he said. “The kids got to eat. What are you going to do?”
He has stopped paying his mortgage and got a letter saying the bank intends to foreclose on his house.
Holmstrom paid $250,000 for the house a few years ago, but the house across the street just sold for $75,000, he said, leaving help from the bank or foreclosure as his only ways out of the situation, he said.
He said he hopes the bank will help, but he’s almost indifferent at this point.
“They can have it back if they want it, but I don’t think they want it, so they need to work with me,” he said while filling out a bank form.
“Am I in bankruptcy?” he read out loud, “Not yet, but it’s coming.”
In the meantime, going to the workshop bought him time, if nothing else.
“It keeps the wolves off your door,” he said. “As soon as you say you got the packet and are going to a seminar, they quit bugging you about your payment.”
Lois Hand was a little more optimistic after talking to someone from her lender.
“There’s some encouragement,” she said after being told the bank would contact her by Tuesday on what to do next.
Hand has just missed one payment on her house, but recently lost her job in accounts payable for a construction company.
“I just need a little help,” she said, hoping it would come from the lender. “They gave me a little hope, and a little bit really helps now.”
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I am not in fear of losing my home but I am in fear that our country is full of idiots like the Girards. You people should be ashamed of yourselves looking for a handout. Get another job so you can afford your fancy and bigger house and the one you gave up. Help those who really need help but not those who dreamed of $$ signs when they closed their eyes.
We have been in Las Vegas for 11 years and have not missed a single mortgage payment on our home. Have not paid a penny in credit card interest for 20 years or more. We have no outstanding debt, have never received welfare or unemployment and have used home/auto insurance nearly never. Always paid our taxes on time. How did we do it? WE LIVED WITHIN OUR MEANS. I do not feel sorry for the Girard's at all. It appears to us that they pursued a path of greed by becoming investors in real estate. They assumed the risk, they should bear the burden of whatever happens. It sickens me they believe they are entitled to a government handout at the taxpayers expense. Where do they think the money will come from? This Ed McMahon rational of "I spent myself into oblivion, now feel sorry for me" is pathetic. All of you people should proceed to the back of the line. You had your chance, you blew it. You people are what is causing America to fail. Let us help the homeless first before we help these imbeciles.
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I was coming out of Walmart and there was a lady in a dress with a sign wanting food for her kid's. I pulled over and talk to the lady who was embarassed and emotional. Her husband worked for one of the wireless phone companies. He was laid off over a year recieving unemployment. When that ran out he abandon them taking everything of value leaving her with 3 under age children. What is happening to this city?
You and Obama have a lot in common.Have Obama bail you out,he likes writing check on my money.
You should have learned in your 60+ years live within your means.I just had a pumber come to my house an at $100.00 and hour,and he's not even union.So you wanted to flip or rent the small house to make $$$ well did not happen.Give it back to the bank and eat your losses.We are never to old to learn a thing our two.
This article is so true on what is happening in the banking industry. They DON'T want to talk to you if you are being pro-active and seeking help.
On the other hand, the economy is way past the point of "flipeprs" loosing homes, now its a point of real working americans loosing their homes. For all you above that say we "spent ourselves into oblivion" and such..try living in our shoes. 1 income instead of 2 becasue your wife (or husband) isnt working..college for your children that just went up 30%, property taxes, etc. Forget about Health Insurance and that cost that just went up..so for those of you talking about its our fault, there are some of us WHO HAVE DONE IT RIGHT !!
So these people took a gamble and lost. So why should me or any other hard working American be on the hook for the loss? I say empty your retirement fund and pay off your gambling losses. If you dont have any money left to retire then work until the day you die. But never ever ask me for a nickel to pay for your gambling losses. This is no different than a guy losing at the tables the only difference is these gamblers think the government owes them something. Adults making dumb choices then wanting someone else to pay.
I am so glad people are so judgmental out there. I hope you don't lose your job and can't afford your mortgage.
I applaud the efforts of the Girards to keep making good on their obligations at great personal financial hardship and going back to work at 69 years of age; however, I do believe that when someone is meeting their obligations they should be able to meet with the bank and discuss all options. After all it's their neighbors that walked away in droves and trashed their houses while they were at it that continued to drive home prices into the ground. What about holding those people accountable for their actions? Going after them for defaulting on their loans and for vandalism and malicious destruction of property?
I wish you luck that you will always have a job and a nice nest egg to continue judging the rest of the world. It must look great sitting up on your high horse down at the rest of us sad little people just trying to get through this mess.
i been proactive to try to save my housing these last few month i been reduced hour. now i am down 4 day 7 hours a week but i still have my health insurance. i went to attorney to save my house i just sent my second trial payment on my reduced payment i be sending my last payment of a 90 day trial this month. i don't expect much they can pull the new monthly payment from me and start over. my mind set is i will loose my house. that o.k with me i am tire. i been dealing with my lender these last2 to 3 year. i wrote letter nothing so i had to get a attorney. if they don't accept my new payment. i will give up i have no more fight in me i will file bankruptcy. and start over. since i bought my house in 1997 i never missed or been late on my payment until last year. i had fico 790 and higher in all three agency it shot to hell. i am not looking for hand out. i just need help from my lender. RETIREDYOUNGSTER i know how you feel. hang in there forget what people said. they don't what going on until they get inside your shoes.
To Elle_Light and bax2: Christ, talk about self righteous mean spirited assh***s. Trust me no-one wants to hear from cold hearted inhuman people like you. In fact what purpose do you serve by writing into forums like this? I may also be in a better financial situation than the Girards but I believe in helping out my fellow man, not kicking them in the face when they're down. Read your Bible.
i don't feel sorry 4 the Girards either...LIVE WITHIN YOUR MEANS...u have health problems - welcome 2 the club...u own 2 homes and wanted 2 make a huge profit...SELL the damn house, claim the loss on your taxes and quit your damn whining...people who have credit card debt, ARMs on their mortgages are idiots...an adjustable rate has NEVER been a good idea because u cannot count on your salary increasing 2 justify the rate increasing...this is Vegas - Girards, u gambled and LOST...don't expect the government 2 bail u out...be a MAN, get a part time job, cut your expenses, lower your heat, mow your own lawn and grow the hell up.
The Girards might need help,, but if they dropped one of those homes they probably wouldnt..Great fine and dandy that they make their payments but to seek help in doing so on two homes is ridiculous.. Some hardworking people are not lucky enough to even have one home...How is that retirement going for ya now...lol....This guy doesnt want to leave his wife financially in a mess,, seems that they are already there..
My last sentence needs clarification. Let us help the true needy and true homeless who can't get a break before helping these wannabee impostors like the Girard's.
What kind of people are you.! These comments are disturbing to say the least. What ever happened to compassion and charity?
i notice in all blog i been in. people are cruel to each other what made u people that way. u must don't believe in anything no religion no love toward your fellow human being. what political party are u associate with the way you sound like. i won't must be the party of hatred glen beck party.
Englishmaninvegas..........Christ also wants us to live responsibly and within our means. The Girards are embarrassing because they admit they are not in trouble yet, but still have the gall to ask for a handout. This isn't kicking people that are down. They bought a second home when the large majority of Americans cannot afford even one. That is greed my friend. Like I said, you may support Ed McMahon and the gang who who lived high on the hog and now bankrupt, but if you do, you are sucked into their delusion. How about helping the people that truly, desperately need it, the people who have been in despair for years on end. That is the Christian way my friend. The Girards are people just seeing what more they can extract from humanity. It may be a little Obama Chicago style "I'm entitled to your money too" idiotology.
This is very simple issue: The Girards need to either go bankrupt or short sale the house that they can no longer afford. No principal reductions, no bank give-a-ways (losing money for the bank shareholders) no nothing. They made the deal, now they need to live with it or get out of the game..... They rolled the dice and lost. Why should we, their neighbors and fellow taxpayers be stuck with his problems? He should go rent a place.
SO TIRED OF THE CLUELESS MEDIA DRAGGING OUT THESE PEOPLE FOR "POOR, POOR, PITIFUL ME" STORIES. CALL ME MEAN SPIRITED IF YOU WISH, IF YOU LIVED YOUR LIFE BY BLOWING THROUGH WADS OF CASH AND GOODIES, LIVED BY THE RULE OF GREED, AND ARE NOW LOOKING FOR A HANDOUT......YOU ARE A LOSER PERIOD...PROCEED DIRECTLY TO THE BACK OF THE LINE.
This is rediculous. Since when are you suppose to get to re-do your mortgage if you lose a job? There are so many people just pissed off because the economy is not good right now so they want to reduce their mortgage payment. Thats not the way it works!
If you go to a casino and gamble $100 at the black-jack table and lose it, I suppose you should be able to get that back also because you really didn't want to lose.
Obama is ruining this country and so are all these people trying to get handouts because the economy went south for now. This is just a blip in the time-line of life.
Just because you bought at a high point doesn't mean you should be able to get thousands of dollars washed away because your home went down in value. If this is the case, maybe we should all ask for money back the next day we buy a car, tv, furniture etc...
This is what happens when you give the government a unsecure credit card with NO LIMIT.
Why Las Vegas leading the nation in foreclosures? It based on true story.
5% down payment even no down payment, you can be own a house.
All units are sold out even though still in construction.(Who bought it? these investors. many of them are from California. Once you bought the house with $300K, and you can sell it in $400K next week. Fast money).
My co-worker earn about $2.5K/mo, so he own 3 houses. I asked him how you makes it happened, he told me no down payment, at all. He rented it out and covering the mortgage payments.
When housing crisis, they just walkaway, nothing to loss. when housing boom, they sell it and making very good profits.
the mortgage problem is nationwide and i cant believe all these foreclosures were due to someone flipping their house to make a profit. lets use some common sense before you get out the bible and start quoting verses the vast majority of us could care less about. the banking industry could apply the same common sense with re-adjusted terms so people dont have to lose their house. las vegas does not need more foreclosed properties and the added burden on property values.
Along with a acant few of the above posters, I am appalled by the cold-heartedness of the comments.
With all the pre-2008 hype about investing in real estate, it is ludicrous to accuse the people who followed that advice with being greedy. The retired couple in the article purchased just one investment property, not a dozen condos. The current real estate meltdown in Las Vegas is unprecedented in our lifetime.
Most of us will be caught in the next asset bubble, or the one after that.
Even the largest investment firms on Wall Street and the biggest banks were devastated by the financial crisis. The only difference in America is that those huge institutions got bailed out by the government.
The callousness of the far right conservative or libertarian movement, as evidenced by so many of the posters on this newspaper, is frightening. Please, do not emigrate to Canada. We sell compassion up here in the cold.
People on here are VERY judgemental. You do not know the circumstances many of these individuals are dealing with on a day to day basis. I recently requested a mortgage modification from my lender. I am NOT asking for them to reduce my principal balance, simply to lower my interest rate. I have lived within my means... unfortunately there are circumstances that can affect a persons life and cause financial situations to change. Before you throw your opinions in please think to yourselves... what will happen if you get into a car accident and the insurance doesn't pay everything and the other driver is underinsured? What happens if a family member becomes ill and you have to take on their expenses in addition to yours or you have to take care of their family because they are unable? What happens if you lose HALF of your income because a loved one passes? You really need to think this through before judging because you DO NOT know the situation many people are in. Also, at least they're trying to keep their house rather than walk away and lower 'YOUR' home value... you are all so judgemental, and heaven forbid the floor drops out beneath you.
thewayitis, You are an idiot. That's being judgemental. Lets just talk about your case then.
You say:
"I recently requested a mortgage modification from my lender. I am NOT asking for them to reduce my principal balance, simply to lower my interest rate."
Why the hell should they reduce your interest rate? You agreed to it, you signed it, and now because things are not the same you want the contract to change. You are part of the problem, another bleeding heart liberal!!!
To the person of *thewayitis*
Quote...(what will happen if you get into a car accident and the insurance doesn't pay everything and the other driver is underinsured?)
Answer: Purchase insurance for your car before on the road. if any, sue the driver.
Quote...(What happens if a family member becomes ill and you have to take on their expenses in addition to yours or you have to take care of their family because they are unable?)
Answer: Purchase health insurance. If you are poor, please apply for MEDICAID.
Quote...(What happens if you lose HALF of your income because a loved one passes?)
Answer: Lower your life style or profile, move out your fancy house or sell it. Rent a condo for $500.00/mo.
For example, I drive a nicest Ferrari, now the insurance premium raise to $8K and I don't have $8K to spend. what you wanna do? Keep that car and blame on insurance company because you're intended to drive such CAR or sell that car instead of a small car. Huh...simple enough, isn't it?
What about the lenders who intentionally gave out all these loans knowing the borrowers financial situation. What Wall Street and the "Too big to fail" financial institutions did was a crime. We just witnessed the biggest SCAM of all time and the criminals are still walking around with their fat pockets. I don't see people expressing their rage over those irresponsible greedy corporations.
If someone can't afford to be in the house then be realistic and hand the key to the bank. Relieve yourselves from the financial burden and prepare for the next wave of crisis. Start saving now. The sooner you do it the better. Your underwater home is going to stay under for a very long time. You may lose your credit in the short term but you will save yourselves a lot. If enough people start to do that, the banks might start to pay attention.
If you bought and now can't pay your mortgage..WHO CARES!! unless you lost a job I can give two craps. I'll be paying my rent while you default and ruin your credit.
Not sure what their issue is, considering making a mortgage payment has nothing to do with "Home Values." If they were making the payment before then they should be better off if Peter G. is working 60 hours. My wife and I am current on our mortgage and just completed a streamlined refi to "manage" our situation in these difficult times. If your mortgage is backed (dif then held) by Fannie Mae or Fredie Mack then you are eligible to refi through the Making Home Affordable Program, which is diff from the loan modification program. This program eliminates the home value requirement and does not require an appraisel or home inspection. In addition, 2nd mortgages are kept in place without adjusting terms or forcing a payoff. It was amazingly simple and straight forward. I told several co-workers about it and several of them completed it without issue.
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People are pretty heartless. It's nice to know there are people out there that haven't lost their jobs and don't give a crap about those who are struggling.
ALERA, It's not that we are heartless but why should someone get anything free because they lost their job, lost spouse etc...? Where does it end? What you and some of these others are saying is " If you sign a contract for a home and have a hardship down the road, please change the terms so it suits me" That is rediculous!
Things happen in life, you need to make adjustments if your situation changes, If that means selling your home for a loss, so be it. A profit was and is never guaranteed. If you don't want to worry about it then RENT!
While I certainly feel bad for anyone who loses their primary residence, it goes back to what many here have said:
- No one was forced to buy a house
- No one was forced to get an ARM instead of a fixed rate
- The value of your home has nothing to do with your mortgage payment. If you borrowed money, you should pay it back.
What if we all went through life trying to renegotiate every agreemt we had ever made. ?
Englishman:
Any time a story comes out about somebody's hardship it never fails. A bunch of jerks come out of the woodwork to tell us how great they are. And since they, themselves, are so righteous, moral, upstanding, and perfect, we should all never, ever even try to have empathy for such lowly people.
BTW: I'm not in favor of "bailing" out anyone, but for the life of me, I can't understand why people go out of their way to spew such hatred while pat themselves on the back at the same time.
Watch MSNBC "House of Cards" it explains it all. Stated income, Intrest only loans 3, 5, 7 years, zero down loans , creative Financing??, it all makes me sick!.You have not seen anything yet!. Who would have two mortgages?. Live within your means. At that age it is nothing but very sad. You should be enjoying retirement. I do not see how you are going to get out of this one. People need to learn how save for things. The days of instant gratification are gone.. No more HELOC loans and stop charging up the credit cards. Cash is king and debt is dumb. Good luck to you all that are in this mess. I truly feel bad for the unemployed. You can be just as happy in a one bedroom apartment as you can in a 3500 square ft. house. (with alot less stress).
You know I see all these comments out here about those people and you people and frankly I have a sour taste in my mouth. What happened to Americans? You know the ones who support each other through good and bad. Would it take another 9/11 to get you to pull your head out of where it does not belong. We have CEO's getting millions of our dollars in bonuses and you worry about one family who is trying to do the right thing. When is the last time you went to your neighbors house and said hello. For all you people out there who are judgemental of people like the Girards, why dont you just move to Canada and let us Americans go about our business of helping each other.
Losing one's house is a terrible position to be in. I have symphaty for someone that loses their job and can't afford to make the house payment. Without family as a backup where do they go? That said, it seems that alot of Americans live way over their head. Big house, big car, cell phones, texting all day long. I see so many people throwing money away at the casinos, where does it come from? I bought a house I could afford and a car I could afford. I'm lucky, I guess, but I have lived within my means. It would have been nice to have the big house with a pool and expensive furnishings but I didn't want to saddle myself with debt. I hear Dina Titus saying that the banks should write down the principal on a loan. I know the the value of the houses are under water but how do you reward bad decisions? How about my loan, will my bank write down my principal? Hell No! I'm current and my little house is worth more than I owe. But how about being fair and reducing my principle? I don't know the answer but rewarding bad behavior with a perk is not right.
Skiv, are you serious? Move to Canada? This socialism crap happens all of the time in Canada. In America, we should take some personal responsibility for our actions -- not try to have the government bail every person out of their mistakes.
What you don't understand is that we do have empathy for the situation these people are in, BUT, it's not my responsibility as a taxpayer to bail them out. I do feel for them, I really do, but I shouldn't have to pay for it.
As a Realtor I can't believe any one would listen to titus as to how to get help. She is the problem NOT the solution. If you want help find a certified Short Sale Specialist, such as myself. We can HELP you, but ONLY if you qualify for the help. Stop whinning!!!!!!!!!! Stop asking for freebies, get the illegals out of our country, and off of our paycheck hand out. And most of all get the politicians out of our lives!!!!!!!!! BamBam can't and won't help you!
I have wanted to purchase a second home in Las Vegas for 10 years. In July 2007 my wife and I almost purchased a wonderful home in Lake Las Vegas. The prices had started to drop then. The only thing that stopped us was a real estate agent who kept assuring us that the market had bottomed and we would double our money in 5-7 years.
We had observed several housing busts through the years and had 2 homes go down over 30% in value. No goverment help, we just made our payemnts and wrote big checks at closing. We concluded that buying a home in the Vegas market was closer to gambling than we wanted to be. We are still waiting to pay cash for something, but the market still does not seem stable.
Tundra and all of you other insane,rude commenters. I'll tell you who would have two mortgages, a person who had a primary house and married someone who had a primary house! Should you continue to live in separate houses or do the right thing and rent one of them out to keep payments current. When the market went crazy, both houses turn upside down and due to appraisal conditions refinancing is out of the question. Also, streamline is out due to the homes not being Fannie or Freddie. Stop being so condescending and angry Ellie etc. People are trying to do the right thing, but when the interest rates adjust and noone will refi your property, it is an almost impossible situation. Stop casting stones before disaster strikes you
The level of anger at each other is really misplaced. As a former realtor I can tell you that there is a long line of people who caused this problem and people like the Girards are a small insignificant blip in this mess. First of all when you buy a house a bank has to approve your loan and an appraiser has to certify that the house is worth what you're paying for it. If the banks and appraisers were doing their jobs this mess would not have happened. And what about the greedy sellers who wanted 'top dollar' for their home. After that you have the 'investors' who should not have been allowed to buy more than one new home under construction but were actually allowed to buy as many as thirty at a time and flipping them before the house was even finished. Don't waste your anger on the little guy who wanted a better home for his or her family or wanted a second home so they would be a little better off financially. The buyers in Las Vegas were paying for grossly inflated prices and everyone involved in the transaction from the seller, the realtor, the appraiser and the banks were all in on it for one reason only and that is GREED. No, we should not be happy to bail out people who are in trouble but why be so mean and hateful because good honest people, the little guys, were caught up in this mess and are only trying to save what they can.
I tend to agree that people who have multiple houses don't deserve much help in saving all of them.
But what about those of us who bought our homes before the bubble, at reasonable prices, have never missed a payment in 7+ years and now are facing problems making the mortgage because our spouse lost their job? Are you saying that we don't deserve some assistance in lowering our payment to a better rate so that we might actually be able to MAKE the payment while on unemployment? Losing 60% of your family's income makes even a reasonable mortgage payment too much.
Not all of us are looking for a 'handout' - some of us are in this situation even after doing everything right. We don't want out of our obligations, we just would like a little assistance during this tough period. In case you hadn't noticed, jobs are a little hard to come by in this town these days.
EnglishmanInVegas;
Bully for you!
you are exactly right.
Why do people enjoy other people's suffering to the extent they need to FLAUNT it? Sick!
And why the heck don't they understand that their neighbor's misfortune by extension will become THEIR misfortune???
"Holmstrom is a union plumber who lost his job when work finished at CityCenter."
What exactly did Homstrom think would be the outcome when the CityCenter was finished???? That the CityCenter would keep him around for grins and giggles?
There is no good reason why a person like Holstrom can't afford a $250k house after being out of work for a few months. What's a union plumber make $35-40/hr. He has no savings? No additional money from the union for unemployed? No retirement funds he can tap into? I know there has been a number of non-union plumber job listings.
The fact is money is tight. Some people waisted there good fortune. Some people don't know how to readjust their lifestyle. Cancel the cable TV and kids cell phones. Eat cheap food. The list gos on. Do these people think they'll get such a great deal renting? If their houses had the same loan to value they would be fighting to keep them.
The people that want sympathy for homeowners that are upside down are rediculous. That is not the issue.
The issue is when ANYONE buys a home, you are suppose to take responsibility for your purchase and do your homework. Don't blame lenders, realtors etc.. No one put a gun to your head and made you sign anything.
The bottom line is that most of the time home prices rise. For the past few years they have went down. That's the risk associated with buying anything. When home prices go up, do you give some money back to the lender because you made money? Just because home prices went down does not mean we should not pay the mortgage or ask for a decrease in what the contract says.
When we buy a car do we go back the next day and ask for a decrease because the car devalued when we drove it off the lot?
The people on here asking for sympathy and understanding are the same bleeding heart liberals that think everyone should be even in the world whether you work hard or not.
why are some people so stupid? when a property forecloses it lowers the value of all the houses in the neighborhood. it decreases the tax revenue going to city hall, which in turn, lays off workers and cuts city services. why would a citizen want that to happen to their own neighborhood? THINK before you start playing the BLAME game. why would you want to live in a cesspool?
people are losing their jobs and there are no new ones available. can some of you sadists understand that concept? shove your bible, your corn pone wisdom and your sick hatred up your a**!
Home ownership is not for everyone.
The day will come when the story of living within your means will come home to roost for our country.
We can't afford our current path and when the bills come due and we can't pay and our money is worthless in the world economy, look out.
The emotions of feeling sorry for the Girards and disgust at what we have done as a nation won't matter.
Pay your bills, save for a rainy day because the monsoon is coming.
I bought my house in 2001, did not refi to 315,000.00 which was suggested to me. because I did'nt want to put my kids at risk and why risk your home for vacations huge gas guzzling suv's and keeping up with the jones' right? Now my husband lost his job of twelve years he did get a menial job but our income is less than half of what it was. I have made my house payments sometimes late. we don't carry credit card debt, But here's the new bottom line for me when do you draw the line? When do you stop holding up the nation and the collapse of the house of cards created by the greed of wall street, ceo's realtor's, loan providers etc. My children are adjusting their lifestyle at the age of 5 & 7 through no fault of their own. When everybody else just throws in the towel because they can, and they don't want to do the struggle it effects each and everyone of us. But isn't this exactly the problem? there are no more core values it's every man for himself and if you can make it to america you can sign up to get everything provided to you, but if your stupid enough to work and take care of yourself then you can pay for all of it. There is no such thing as United we stand. we are moving towards the economic positioning of most third world countries we will have the extremly wealthy and the extremly poor, So alll those bleeding hearts out there who feel like you're in a postion to provide for everybody who asks for it I pray your on the extremely wealthy side and remember your stand today when we arrive at the mess we created. Don't forget to give me a chance cuz I fear I'm headed to the extremly poor side because I was stupid enough to take care of myself and ANYBODY else who told the government they did'nt have the same oportunities as I did.
How dumb is this ? Near retirement and you put yourself into heavy debt? At his age,he should not be going into ANY high risk items.Buying a home in Vegas should have been "cash".But then greed steps in. Now at 69 he's starting all over again.He will never see those care free days any more.He has lost his chance.He will work until he drops,its just a fact.People need to wake up.Even if this severe recession hadn't taken place, he still shouldn't put himself into that position at retirement age.He should be debt FREE on all fronts.
So I call Countrywide in 2004 to get a lower interest rate on the mortgage. It was 7, I got 5.5. Fine, took no money out. So the blabber on the phone says "Want another mortgage?" I said no, I'm unemployed, living on Soc Sec. He says "Wait a minute, I'll check". 2 minutes later, I was approved for another 300G! All based on my excellent credit score. He was told to take the offer and put it where the sun doesn't shine.
The point is that there are crooks out there, and people need be informed and not get carried away. My little house isn't underwater, but there sure are a bunch of them in my subdivision that are in foreclosure.
Live within your means, kids.
Mr Holstrum, our union brother, come to Tri-Cities WA. There are plenty of jobs opening up. New houses are being built daily, rent is not cheep but affordable. There are flights to LV through Alliegent that are cheap. It is a dry region on the Columbia River. There is talk of building another nuclear plant, but in the mean time they are producing the parts for other plants that are going up nationwide. We have good schools. Decent police and firefighters. It's "country" and that may take adjusting to but great for kids. Check Local 598 for information and get your card in.
where's it gonna stop? are we just going to print money to give to people until it's worthless? are we going to tax people at 90% so we can afford gas for the fighter planes and tanks that defend us? should EVERYONE own a home, making it less special for the people that do?
people...just LET the home GO.
it's a box of stucco and wire, that if you bought in 2004 - 2006, you'll probably never, ever get enough equity in it to pay off the loan.
unless there is a huge boom in construction in vegas (i wouldn't hold my breath), there will always be more homes on the market than buyers to fill them. most of the 1200 sq. ft. homes with 1 car garage were built so people here to build citycenter, the palms, red rock station, etc. had a place to live the 2 or 3 years they were here. they were essentially "dorms".
and the lady with the 3 kids...why do you have 3 kids? maybe if you had 1 kid...you could afford to feed it.
and if any of you ever...EVER work with a realtor that tries to tell you a market has bottomed out or will increase in value...get a new agent. that's not their job. their job...and ONLY job is to represent you in a real estate transaction, not be your fortune teller.
lvreside
You're definitely living in the wrong century. Comments like yours harken back to Atilla the Hun, ancient Rome, Midieval England or Nazi Germany. (Not that I'm calling you one.) This country was not supposed to be founded on rich vs. poor and the haves and have nots. This was a capitalistic based country and you have no qualms when the people making the money destroy others to do it. That's not American.
stevem
I agree - a house is just a house. But when you're 69 and your credit rating goes to 500, you have ten years of hell.
Blaming these people for trying to take advantage of programs that EXIST is like blaming illegal immigrants for using the systems that EXIST. Don't blame the people using the tools available to them - as was the case with banks and mortgage companies who knew full well that their tactics would crash on them some day. Blame the people that passed the laws to allow these things to happen.
Las Vegas was a thrieving city jus over 6 years ago.The problem at hand was the boom was not forseeable to many people as comming to an end.
I do not remember when the last time our banking industry was on the verge of complete collaspe.I am 45 years old so I have no way of knowing the days before the great depression.I believe that is the last time this country was close to the collaspe of the banking industry.
The generations who were of age to remember the Great Depression are now either gone and or close to being gone.Sadley to say.The country has thrieved virtully ever since except a few bumps in the economy.This country even during those bumps was strong in its pride and was able to pull out relatively quick.
What happened to this Country in the last 20 years is disgusting.Where is the pride and the faith in our country gone.
I hope this country has learned through this recession almost depression that it must be united and strong.Little people have faith in our government no matter which party in in office.Corperations have turned jobs into misery.
Customer servive from your local fast food resturant,to you big industry has gone down the toilet.The overall attitude of the American employee is down and it relays into the consumer.
You have just become a number and not a name and a human being.The have no willing of understanding in the home life.
For example: I have a friend who recieved a distressing personal phone call and she became very upset.She excussed herself for the area of business to find out what she needed to do to help rectify the situation and when she cautiously excused herself to her manager she was told not on my time get back to work.
Mind you this person works a job that is 100% commission.She is required to punch a time clock and she does recieve a draw.Now being 100% commission she has to pay that draw back so if she does not cover that draw then the balance of that draw rolls over and added to the next draw totals and has to cover that much more the next pay period.So technically if you have to pay this hourely wage back to the employer who's time is she really on.This person is also required to come in 30 mins. before the buisness opens to clean the floor and that 30 mins. a day of cleaning is considered a part of her draw and pays that 2 1/2 hours a week back to her employer
Where does this relate to the storey.This countries attitude has grown into greed and is shown as corperate domination and control of people.Coperate America has grown into an attitude that it can treat people the way it wants and will hang your lively hood over your head as ransome do make you do things for free and still not have any respect towards you or your family in a time of need.
The banking system put thereselves in a position
of almost complete bankruptcy but expects our Government to help bail it out
People, people, people.... these stories are always multifaceted... For every person out there trying to do it the right way, there's someone who is just lazy and irresponsible. I have lived in Las Vegas my whole life. In fact I worked for a home builder right as the bubble was growing, only to be laid off once it burst. I've had some hard times, but I'm slowly getting through it. Why? Because I put forth the EFFORT. Being through what I've been through, I know sometimes people need a little guidance or a little encouragement (and I don't mean a "hand-out"). I also used to work for the Welfare office. Yes, there are people there that genuinely need help for a short time, but then there's the people that drive up in their big SUV's or Mercedes...Or have their Coach purses... So lame! I would always think "Why not sell the expensive car, and get a more economic one?" I think one shouldn't be so quick to judge. Lend a helping hand to those who truly want to better their lives and ignore those who are too lazy or "entitled", that just want to get that government cheese. You know what they say about about throwing stones at glass houses...
it is totally amazing,
the whole problem here is immigration make it difficult for investors from other countries to invest in the USA thus starving the USA of much needed money to create jobs..
this will severely damage the economy long term so there will be more people like these losing their homes...
I will say what has happened to housing is so far from usual that you cannot apply normal logic to it. Normally people should expect the value of their assets to fluctuate a little, but when you bought a home you could afford and met your needs for 240K and 3 years later its worth 75K that is devastating on so many levels.
I was single with no children when I made the purchase but now I am planning to get married and she already owns a home which is underwater as well. Her house is larger and in a more family friendly area.
I can never rent my house out and cover the $1500 mortgage. Its tough situation to find yourself in. Something that the baby boomer generation was never faced with. So when they come out with very harsh words on these blogs i think it is discusting.
Wait4Jaden:
"I'll tell you who would have two mortgages, a person who had a primary house and married someone who had a primary house!"
This wasn't the case, in the above story. They moved here, PREVIOUSLY married, and bought a house. When things were going well, they chose to 'upgrade'.
You should understand that your example would still leave you with A house, even if you lost one.
Joia:
I've often Wondered why it's so hard on your credit rating, if you pay your debts late- as long as it's paid in the end. What happened to the idea that 'some' was better than 'none'??
Even if you HAD been late/missed payments, the fact that you're trying SHOULD be considered. It's not as if they can't tack on the difference, at the end of your contract...the whole point is that you're trying to make GOOD on that contract.
It's like paying the light bill- I know people who will pay the light bill this month, and the gas bill next month- because they do NOT have enough money to pay for both. Yet, neither of these places are willing to accept partial payments- no matter HOW long you've been a customer. It's asking for CREDIT- more time to pay off what you owe- not asking them to just eat the cost!!!
SteveM:
"and the lady with the 3 kids...why do you have 3 kids? maybe if you had 1 kid...you could afford to feed it."
She had 3 kids because she had a husband with a job to sustain them. Then he ran out on them all.
But no, without jobs, you cannot even afford to feed ONE child.
This country was founded at a time when all you had to do, was work long enough to buy a gun, an axe, a hoe, and a few seeds...then walk west, until you found 'open land'. You would use the gun to hunt/eat. The axe to fell trees, to turn into your house, and the hoe to plant your seeds, to feed you next year.
With hard work, and some luck, you could make it.
I happen to own all of the above items- and then some. But there is no more 'claimable land'...no matter how far I walk.
So, we need JOBS, to survive. Hard work isn't enough anymore. It HAS to be hard work- for PAY.
"Something that the baby boomer generation was never faced with. So when they come out with very harsh words on these blogs i think it is discusting."
I doubt the babyboomers are making the disgusting comments because MANY of the boomers are in terrible straights right now. Many ARE facing something they never thought they would face. I know I never thought I would end up the way I did and there are several on here who are in basically the same position. Many boomers lost all or most of their 401K's, many have lost their jobs with no job prospects in sight because they are either overqualified, or basically too old for anyone to hire them to put it bluntly. So I doubt you'll get nasty comments from any of the boomers here. The nasty comments are usually from those who really do not understand how things really are out there, which is a mistake because they can be the "next one" who suffers hardship.
i'm not blaming anyone.
if you put out sugar, you're going to get ants.
Drop down all these idiots thinking, idolatrous labor system creates any reason for jobs. Lackadaisical speeches.
To wait4jaden, I did not see my comments as rude, just stated the facts. This story is an investment issue. They had one mortgage and decided to finance one additional. If you are going to buy a rental it should be paid for with cash. If two people get married, and they both had a mortgage prior to getting married then with the combined income, both mortgages should be covered. I do feel for the people who have lost thier jobs and can no longer pay the mortgage. This is not the case of this story. A true investment in addition to your primary mortgage should be paid for in cash.. If you buy stocks you do not do it with a credit card or borrowed monies....
I am shocked at how hateful some people can be in this city. You have no idea what it is like to be unemployed after working for the last 10 years obviously. Have you ever worried about losing your home? Have you ever worried about how you were going to feed your kids dinner? How hard is it to put your self in someone else's shoes for a moment? How about thinking for a moment before you recycle some crap you heard Glenn Beck or Rush Limbaugh say about Obama. What is wrong with helping people who need help? Wouldn't you want the same treatment?
momofthree, yes, we have worried about these things and that is why we live within our means. owning a house is not a necessity - live in an apartment. and no, I don't expect the hand outs for being irresponsible!!!!!
I stayed in my little house while my neighbors "moved up".
I keep my vehicles longer than most, and bought mostly used or if new, with huge discounts, rebates, etc.
I buy American vehicles to save American jobs.
We keep our furnace and A.C. use to a minimum.
I mow my own lawn.
And I make my payments (sometimes barely) on time.
It's living within our means.
When my job went away, I found many other places to cut costs. (the grocery store is only a mile away, we walk).
If there's a chance at an extra hour of work, I take it.
If there's a side job available, I take it.
If not, I find one.
I have no sympathy for those who spent to oblivion and cry for "help".
If you own 2 houses and can't pay, get rid of one house (keep the small one to live in).
If you have retirement savings and are "retired", that's what the savings is for, use it if you have to.
Just don't come crying to me because you can't afford your $300,000 house any more. Move down!
SteveM- Great advice about the real estate agent, people forget that their function is to SELL you a house, no give financial advice. And let the freaking stucco and wood go if need be.
"and the lady with the 3 kids...why do you have 3 kids? maybe if you had 1 kid...you could afford to feed it." -well you cant sent'em back
"where's it gonna stop? are we just going to print money to give to people until it's worthless? are we going to tax people at 90% so we can afford gas for the fighter planes and tanks that defend us?"
I think people are missing the big picture, givng money to failed companies that should have died and borrowing money to buy things we cant afford as a whole is where we are digging our hole. The money they have sucked up DWARFS what we are giving people.
People need to wake up to the real problem we are facing:
"The figures are part of a tough new quarterly report to Congress from special inspector general Neil Barofsky, who accuses the Treasury Department of repeatedly failing to adopt recommendations aimed at making one component of the government financial rescue effort more accountable and transparent.
The $4.7 trillion commitment to the industry takes into account about 50 initiatives and programs set up since 2007 by the Bush and Obama administrations as well as by the Federal Reserve. Barofsky oversees one of the initiatives -- the $700 billion Troubled Asset Relief Program.
Much of the government assistance is backed by collateral and Barofsky's $23.7 trillion estimate represents the gross, not net, exposure that the government could face."
That money IS NOT going to "hand outs" to your neighbors,its going to the ones who caused the problem and its coming from us.
momofthree -
You're absolutely right. What the "live within your means" people are blind about, is that people had lived within their means and then the feces hit the fan and people lost their jobs, etc. Now if things got even worse, then those that say they "live within their means" can also find themselves out on the street. They really don't understand. They funny thing is if they ever needed help their pride would be too great to ask for or receive any. I think that's why it's one of those sins. After all, if we're not here to help each other then why are we here at all?
Guys like me (60's) grew up in a world where people always told you to invest in stocks,business, and real estate.But we were also told that nothing is certain in life and that will always be winners and losers.I did well because my homes were in a solid area,NJ at the time anyway.
The article reflects the real problems real people are facing. "BLEEDING HEART LIBERALS" you have GOT to V*O*T*E....otherwise these people posting here will be running the country and our lives. PLEASE !!!! EVERY VOTE COUNTS!!!!
As my dad always said, "The best thing you can do for the homeless is don't join them". Work hard, live within your means and plan for many rainy days. These are good stories to share with my nieces/nephews on how sh%$ hits the fan when you least expect it.
Vote what? What is the REAL reason why the democratic party holds the majority of seats in the Senate, House and has the presidency??
Don't give me the cause...give me the reason. Why are people who grew up in the 1950's and 1960's totally different than the ones growing up now. Why the change? Why are more people looking for help from their government?
Why has the middle class disappeared?? Why are there more "bleeding heart liberals" than ever before. Why has the guy who took care of his family, his bills, his health insurance taken a new attitude in the 2000's??
Here's my father...a Barry Goldwater republican who now votes democratic...why? This was a man who was walking the neighborhood knocking on doors urging people to vote republican. A man who took care of his family, paid his bills, lived within his means. Why does he now despise the republican party?
He'll tell you. The middle class I knew has disappeared. My engineering job is now overseas. My health insurance is gone or cut to the bone. And on and on. We've become a nation of rich and poor. The middle class is now poor in his mind.
Momofthree and chediski:
I agree with you. Just because you're having hard times now doesn't mean you didn't save for a rainy day or that you went buck wild with a credit card. You do what's right, you use up your "rainy day" savings and it's still a struggle. It's so easy for some judgmental person to say "why did you have kids if you can't afford them?" Well, maybe when the children were born, you had steady income, a savings account, a partner, a working car, etc, and then life had other plans for you. This doesn't make you a bad person or an irresponsible mom, it makes you human. Something these people on their pedestals obviously forget.
SassyItalian
Good post. No one really knows when that other shoe is going to drop and even though they "lived within their means" all these years, when that shoe drops - you're dealing with something that is so beyond one's control. A catostrophic illness can wipe out all your savings in no time at all or a serious accident could leave one party unable to work ever again. BTW - it takes a loooong time to get disability approved and put through so you can't depend on that money to help with mortgage payments, etc. so it may be up to one person to foot all the bills along with using up the savings.
It's frustrating and also annoying that those "pedestal huggers" have absolutely no idea what it's like these days for so many people. And living in Vegas they should know that Lady Luck can get ugly and turn on you in a heartbeat. So instead of preaching on how wonderful they are and how they have lived their lives so perfectly, a little understanding and try not to judge. Put yourself in a scenario - imagine what it would be like NOT to be able to afford your mortgage and barely afford to buy food and put gas in your car - forget car repairs! Not only may Lady Luck come calling to take it all back, but karma is a bitch - especially when it comes to bite you in the ass. A little compassion please because YOU could be next.
Munch_Sassy_Momof3_et alia:
Most of you know I'm with you in this mess. I know what it's like to attemt to 'live within your means', even when you have a $0 income.
I also know that some of the 'uncharitable people' you've referred to above, were speaking of the couple who did NOT live within their means- they bought a SECOND home- and are being portrayed as 'sympathetic figures' in the story.
To say that they should sell (or even lose) ONE of those houses...or even to reccommend that they sell BOTH, and live in an apartment- paid for by the houses- is NOT the same as someone losing their only residence, and having NO MONEY/no income/no savings to pay for another.
Munch: I don't HAVE to 'imagine' your scenario- I LIVE IT...except for the mortgage. But, if it helps, I can't pay rent, either.
I know all of the things I've 'lost' in the past few years have REALLY added up- things I've sold off, pawned, not bought, not done...
I'm not whining about it though. It's MY 'burden' to bear. But, as we all march along- don't pull up beside me in your limo, ask me for some water, and then expect me to feel bad for you because it's not cold.
It is NOT 'hateful' for me to suggest that you sell your limo, or save gas money by walking- so that you could afford some ice.
It would be 'hateful' for me not to share my water with you, at all.