One of my buddies lost his home today

[abqdart]

GEESH........ he originally bought his home for 120K 7 years ago. He refinanced a year ago for 170K to help his daughter move to New York , she never went. He retired from K-mart some years ago and then realized he still needed to work so he picked up a job at Office Depot as an assistant manager. I guess in the last 6 months he was having to help out his son and daughter and got behind on his mortgage. I guess the mortgage company said they were processing the paperwork and he ended up coming up with the money, they told him NO! I don't get it...... I hear stories all day long how these companies are bending over backwards to "help" people stay in their homes, yet they told this guy NO............. He builds smokers on the side to, makes great money........ I guess the company who holds the note sold it to some rental company......

[318_Magnum]

That's shitty, my best wishes to him.

[b569rr]

Retired and lost his home? The mortgage crisis hasn't hit the Seattle area as bad as other parts of the country. But I still have two close neighbors (friends) that lost their homes this year.

[65bcuda]

That really sucks for your buddy!!!!!!!!!  Especialy being brought down by his own offspring, I guess some parents just try to hard to help their kids.
My kids would have to move into the garage before I mortgaged a home for them though.

I raised my children with the same words of advise my father gave me " Do us both a favor, don't ask to borrow any money and I will not have to tell you no"
I used to think he was a real hard ass but looking back on it , I respect him now more than he could ever beat into me

But to have the mortgage company not work with him makes me wonder if this hasn't been an ongoing thing? 

[68_Val_Sedan]

GEESH........ he originally bought his home for 120K 7 years ago. He refinanced a year ago for 170K to help his daughter move to New York , she never went. He retired from K-mart some years ago and then realized he still needed to work so he picked up a job at Office Depot as an assistant manager. I guess in the last 6 months he was having to help out his son and daughter and got behind on his mortgage. I guess the mortgage company said they were processing the paperwork and he ended up coming up with the money, they told him NO! I don't get it...... I hear stories all day long how these companies are bending over backwards to "help" people stay in their homes, yet they told this guy NO............. He builds smokers on the side to, makes great money........ I guess the company who holds the note sold it to some rental company......

sorry no sympathy here .... he had a mortgage he could afford then borrowed 50k to move his daughter ?    Please ... if the daughter decide not to move what did he do with the money ?  50k would cover the payments forr more than 1 year ... look like good old poor money managment to me ...

[abqdart]

sorry no sympathy here .... he had a mortgage he could afford then borrowed 50k to move his daughter ?    Please ... if the daughter decide not to move what did he do with the money ?  50k would cover the payments forr more than 1 year ... look like good old poor money managment to me ...

He used the money to help his kids. I don't know about his money management skills but I know his kids cant do it. He gave money to his son ALL THE TIME and his daughter just had a baby. Im not saying that money management did not have a part in it, but I don't know. It just sucks, his wife is really nice and so is he. Good guy to have in the neighborhood.

[St.Louis-Dart]

there is 8 empty houses by me when i walk the dog around a single block...never seen anything like it... and i live in a 40 year old neiborhood.

[Capt Jack]

yup.  the two houses on either side of my are vacant and for sale/in foreclosure.

if things were more stable I might try to pick one of them up, but anymore its too risky


my prayers for your friend and his family.  these are some shit ass times we're in

[lazarus]

 Hopefully his kid's will help him out. Sounds like they owe him.

[NYrr496]

Hopefully his kid's will help him out. Sounds like they owe him.

Really, Man.

[jamesdart]

my uncle is in the process of losing his home. it is a really sad thing to see. he bought the house 15 years ago and sucked al lthe equity out with some of the most crooked mortgage brokers around. he renovated the house and started a 2,000 sq ft addition on it and just kept doing the re-fi he did a real nice landscape job on a 380' long yard. it was hard for me because my sick father was living with him while he wasnt paying the bils. my dad was giving him cash every month. we knew somethign was up thought and were looking for a place for my pops. he couldnt move in with me as we have a 2 story home.  shortly after my dad passed the electric was turned off we were cleaning out the basement of my dads belongings and tons of memories in waders, that was real depressing. it flooded out with a heavy rainstorm and the pumps couldnt turn on. one of my best friends also is in the process of losing his home in PA they just went in too deep and things got out of hand, it ended i na divorce and they both walked away from the house. things seem to have gotten so bad i nthis area my uncle hasnt paind a dime in about a year and no one has come to take the house over. he is trying to do  aahort sale with the bank, they say it wont be as bad on his credit but who knows. he told me some lawyers he knows dont even want any more short sales they have so many to deal with.

[Dcuda69]

That really sucks for your buddy!!!!!!!!!  Especialy being brought down by his own offspring, I guess some parents just try to hard to help their kids.
My kids would have to move into the garage before I mortgaged a home for them though.

I raised my children with the same words of advise my father gave me " Do us both a favor, don't ask to borrow any money and I will not have to tell you no"
I used to think he was a real hard ass but looking back on it , I respect him now more than he could ever beat into me

But to have the mortgage company not work with him makes me wonder if this hasn't been an ongoing thing? 

I agree! I have 2 girls(16,18) The oldest just started college. Mom and I agreed to pay for the 1st yr(13K), she will pay for the 2nd. She has already saved 14K to do so! That was after she paid for her first car at 16(2K). My youngest just turned 16 and has bought her 1st car(1200.00). They both pay all ins. and gas associated with the cars. No free rides in this house and the girls know it.We have our house paid for(in less than 20yrs.) We are trying hard to instill good financial skills to our girls.
 I'm also surprised at the mortgage comp. in this case,but in this economy you really have to watch your p's and q's! I hope your friend comes out OK!

[CARNUT]

if I where him I would just send the payments in to the bank often times when you fall behind you are dealing with the collection department tell him to just send the payment in like nothing is wrong I guarantee they will take the money and they cant foreclose if the accounts caught up
good luck
ray