Life After Forclosure - Economic Collapse in America - Victorville Ca Part 5

[Sassymarkrep]

Renting a house is bad advice. Investors are taking the rental money and not paying the mortgage and you won't know this until the bank sends a foreclosure notice. By then, its too late.

[lambotama]

since ive lived in victorville for 18+ years, i like to watch these videos and knwo where they are haha

[Fridaey13txhOktober]

How long before a Californian revolution?

[Fridaey13txhOktober]

California needs contestation, subversion and revolution against its regime to get out of the depression?

[fenriswolf6699]

I never watch the news anymore. It is all spin, all lies, all comentary and absolutely no facts. I watch these videos by real people like these guys, who actualy do some INVESTIGATING!

[TheDreamer4u]

Excellent video! It shows the very sad reality people is living loosing their homes and the money they put for down payment and fixes or upgrades to their homes. Thanank you George and Sam.

[ThinkReal]

Excellent videos. Thank you.

[brettfoshager]

Isn't he the same guy that did the Las Vegas video?

[4u2btrue]

The banks and the insurance companies have taken us all down. They poisoned me for 18 months, and I literally crawed out after I stopped breathing . I discovered that Wachovia bank, Home Eq Serv had taken over 100 m I put in a trust and mismanaged my account and released the money before my home was safe or habitable. Anything, anybody does to survive, don't feel guilty. These evil entities are consciousless . Everything went up except social security...Greed...

[narcolepsy2006]

Excellent series here!

[testbooster]

this guy should be on Prime time TV

[tifacola]

We're "walking away" from our house in Seattle. After two loan mods that only would lasted 6 months each. That's the best they'll do. Been nice living mortgage/rent free since christmas (it's july now)

[Heatherific182]

see my dad wants to move up to Victorville. I need to show him these vids and change his mind. I rather not be living next to gangbangers and let my house be robbed every other day haha

[XXXGRAPENUTSXXX]

Starbucks?... You guys aren't going to the Bar? Keep up the great videos!!

[Aarondephysic]

He is comming from Victorville going to Adelanto and Phelan..

[juanflx]

The bank just sold my home while we were trying to modify the loan. What can we do. I have two small children, I contacted my senators, congressman, and the white house. The banks simply said move out its our house now.

[theroilsoil]

Houses were built in Victorville to primarily benefit those who don't live there - who were hoping to continually bend renters over the barrel.

Now it's over EVERYWHERE - no more stimulous money - no more jobs - no more housing - alot more devestation across the nation.

[iluvmym4]

what are the cops doing about the crime? Or are they just as bad as the criminals running the City? Great job on your vid by the way!

[jackattack303]

I never understood why they were building homes way out in Victorvile. There's no jobs, no big cities, and it's in the middle of fucking NOWHERE. I live in Orange County, and there are a few foreclosures in my neighborhood, but they sell within a month because it's still a desireable area. People are now realizing how much it suks to live in Victorville and getting the hell out of there.

[60odeeman]

What's the point of owning a home in a jobless city / area like Victorville???

[dinamo4889]

purchasing a home is a money drain you will be a slave to your own property.

[37361811]

I have family members that lost thier house, But they lived ABOVE THIER MEANS, when they were rolling in the money they spent more instead of SAVING AND PAYING THINGS OFF!!!!!

[rentonsentinel]

Good advice...

[drudometkin]

Be angry at yourself not the banks. I drive through victorville on my way to mammoth every summer and saw these houses going up in 2005/2006 and remember thinking to myself. "300k out here? that's crazy." My grandfather bought his retirement house in a retirement community in victorville in 1988 for about 10k. Not because it was all he could afford, but because he loved the high desert. This place is like vegas without the casinos. No economy.

[RikaKazak]

Why should a bank, who wrote a loan (with collateral) not reposes that collateral when you default? Just because you have a sob story doesn't change the fact that you agreed to pay $x amount each month....the paperwork is quite clear on both parties obligations when you sign for the loan. If you can't afford a house....or if you aren't smart enough to understand the loan docs....try renting instead ;)

You sound like some bleeding heart liberal. Can't pay your bills? get a 2nd job.

[trevormac77]

first of all there is no collateral because the house is worth much less than the mortgage and secondly the banks get welfare bailouts when they make stupid decisions, so if people shouldn't get a break, neither should the banks and they should be allowed to go under.

[kevkaotic]

because they didn't even have the money on the books in the first place. learn how fractional reserve banking works.

[RikaKazak]

What part of my comment leads you to believe I don't understand it?

I was stating a political comment, not an economic one.

Why didn't this idiot just buy a house he could afford? After all, that's what I did. (my bank said I was approved for up to $2mil, I chose to buy a $300K house that's now worth $200K...I'm not upside down because I pay extra each month)...what a novel idea...live below your means, save money, invest wisely.

[tonmagicwon]

this is sam speaking, you know the guy who you called an idiot .not so , i could afford it, just chose to walk away during the collapse!

[john2knj]

About the tax credit, I don't believe it's $8k or 10% but rather 10% up to a max of $8k. Unless I'm mistaken.

[john2knj]

George, from the look on your face it didn't seem that you agreed when Sam first said that "walking away is a good thing."

[pobaldy66]

what's the program you did on loan modifications?

[whiskerchild]

Thank you George and Sam

[truthseekr4life]

I really enjoyed this series, George. Hope to see your friend on you tube again. Let your subscribers know if he does his own videos. I would like to hear more from him. Good work!

[skyding8962]

LOL George is headed to starbucks. You can't stop going there can you George?

[duncanhunter2008]

Detroit can't give their empty houses away. They had an auction last week and scores of empty houses went without even an opening bid.

Hi george - howz the dog?

[mookixox]

The Chinese will put those detroit homes to good use when america defaults on the debt...

[spoiledbrat1440001]

this is what I am thinking is down the road for America. Someone else will own all of our country soon. God forbid...

[northpal2]

Chinese are scheduled to take ownership of the west coast.

Detroit will be owned by some other foreign nation.

Prices will go down but property taxes are outrageous, New Jersey $10,000.00 and up.

Cap n trade will add another 5-10 thou taxes on your ass.

State Governments are just as bad as Federal.

[UVpirate]

They still want outragous property taxes on those empty houses in Detroit. You buy a house for $500 and you pay $3000 in property taxes. Sounds like a bad investment to me.

[rayme4raw]

80% of those houses at the Detroit auction had no opening bid of $500.00.  Shoot the land alone could be worth that.

[duncanhunter2008]

UVPirate bailed it - the taxes are devastating, and the neighborhoods are run by warlords.

[k1111117]

George's eyes at minute 2:55 say it all "walking away is a good thing--wow!"

[milleniumproof]

What sort of economy has Victorville ever had? It didn't seem really like a place that would support a bunch of homes in the first place. Prior to 05 I was thinking when I stopped in Barstow "I'd hate to try to make it here".

[Dajuhan2u]

just the name "victorville" is enough to deter me from even moving there.

[milleniumproof]

if you ever gone to vegas and stopped by barstow. That might give you a idea about the area and it doesnt look like its really well shall we say stocked. Even vegas which was hit by the foreclosures would look hurtin if the supplies ceased to come.

[necronomicjustice]

Ever? Before 1987ish there was George Air Force Base. There are a handful of cement plants. And the Prison Industrial Complex. and a lot of low end service sector stuff, like that Starbucks.

[winner502]

the greatest depression is on.

wheres our fearless leader bush thief

obama is the capatin of a sinkin ship

i feel sorry for us

great job george

[eighteenin78]

Instead we've accepted this mortgage madness as if it were normal.

It is not even sensible whan you really think about it.

But we'd rather be debt slaves to our stupid banks and we don't seem to remember any alternative to this lifestyle.

[eighteenin78]

And the more they allow us to amortize: 30- 40 yrs, the more we can "afford" it on a monthly basis. But this just adds to the high price pressure in the housing industry...

And the banks make $700,000 for a $300,000 home that shouldn't have cost us more than $50,000.

[eighteenin78]

Our great great grandparents who started out, built simple structures of maybe 400 sq feet or less. ("Working class" could not get loans, they did not even have bank accounts.) They made their homes water tight, & heated & furnished them, paid off local people who helped with favors in kind. After a few years, if they'd saved, they'd add an extention to double the living space. Never would they be in debt for many of years. And if their fortunes went bad at least they would not go homeless!

[eighteenin78]

If you really think about it, the domestic real estate industry is a piece of modern madness designed by money lenders to create indebted surfs out of all of us.

Somewhere in the past four generations, we have accepted it as "normal" to purchase something we know might take up to 30 plus years to buy - using borrowed money and with interest working against us.

The housing industry has had nothing to do with putting roofs over our heads, it is about the creation of debt. cont'd.

[TabbiBmore]

I agree completely. Where I live, I see town homes going for 300k to 450! The prices were moving down (still unreasonable prices imo), but since the prices are "too low" people are not selling anymore, just renting..... It's just mind boggling.... like the housing industry took on the fashion slogan, less is more or something....

[metalplace567]

people work hard for alot of years to keep their homes and to loose it.. i would be depressed as shit.

[RCinPAWA]

"Just walk away."

You think it's bad now? Wait until people start walking away from their credit card debt and income taxes.

[Hybrid5226]

people outside of the us will come in an buy the property

[powergirl901]

The only people left in the world with actual cash are the Arabs because oil is needed by every advanced economy...it is something we all absolutely need at any cost.

But don't worry because there are many more Americans than Arabs, so they may buy our property, but they won't change us.

[charloteer]

Our taxpayer money is not free money!

Our taxpayer money is being spent to allow people NOT to pay their bills, but rather to keep spending money on stuff/junk they cannot afford.

Learn to not live above your means people. Because I for one am sick of my hard earned money being taken in taxes and given to people who don't spend it responsibly.

Wake up and realize this is not free money from the government. It was taken out of my pocket without my permission and put into yours.

[6283125]

The banks allowed these people to live above their means with the help of the government. Your anger is misdirected. Now take the time it took you to write your comment and write your congressman and other representatives.

[brown55061]

It's not so much that it's punishment. It's more that they know they can find a sucker who will take over those payments in a more responsible manner. If someone is struggling the bank knows they wont be paying much in the future either, whereas the new sucker probably has stable income immediately.

END THE DRIFFIN FED ALREADY!

[stephen5237]

This guy isn't a good guy or a bad guy - he's just a regular guy in a bad situation trying to make the best decisions he can. If you play 100% by the rules in a rigged game you lose. You can't blame someone for looking out for their own best interests.

[SuperGozzy]

its gonna get a hell of a lot worse brother wait and see i wouldnt buy a house yet they will be giving them away before its over

[SuperGozzy]

dont worry the bank are closing right &left i think there been over 100 this year the bankers think this is funny but when this shit comes back they will be crying

[9secondsflat]

its called "too big to fail" not too small to fail....

[captaintlc]

I wonder if the bank will use this video to show the judge when they ask to garnish his pay. LOL

[PontVedra]

Ya know in normal America as most remember,the rules applied- got a loan pay; now some see the way the rules only apply to the general pop.Therefore, 28 trillion later, survival inspit of any contract

[pretorious700]

The banks are not "punishing" anyone. If you cannot keep up your end of the bargain, you lose your house-simple as that. If the bank had not loaned you the money, you would have never been in the house.

What's wrong with renting? You can build a life full of memories and happiness in a rented house just as easily.

For some reason, home ownership is now considered a "right"..it clearly isn't.

[TheTruthHurts732]

I understand your point, but I also understand his. What he's saying is you could have someone who has paid their loan every month, never late, for 15 years, lose their job and be forclosed on.

[bj4paul]

This guy and G4T are the problem, they expect the taxpayer to absorb the loss but if there is again they keep it. Obama deadbeats, pathetic

[bj4paul]

Yeah, ya gotta pay ur mortgage, deadbeat

[1scubaman]

If you can not afford it then do not buy it. The problem is most people live way above their means and if any little thing happens they are in trouble. This mindset upsets me because I have done everything right and went without for a long time. California thinking is why America is doomed.

[meikagirl]

Sam you need to start a channel.Very informative.

[clarkbaker]

Hey George and Sam.. this is some of the best video I have seen on this subject. Great work! I put it on DVD to document the collapse for my kids.

[tyronebiggums3]

Here is the walk-away formula...

If the house is worth ~20% less than what you owe WALK AWAY!!!!

[skyding8962]

Many states allow you to walk away.

[askmeif]

Bt if you walk away, and you have a job, won't they sue you for the Loss? You are telling people to "WALK AWAY" but if they are in a refinanced house, they are walking into a legal situation whereas the bank can garnish there wages 25 percent? Soneone please correct me if I am wrong.

[pfowler20]

i know that in states like texas they dont allow wage garnishment, but most states allow 25 percent on credit card debt and i would guess foreclosure debt, but you would have to check google or other sources for that.

[chiyerano]

Thank you again for the info.

[jimbobubbadj]

Good work George. Is it possible to use HQ video, it is so much better and easier to the eye. Thanks.

[vashguud]

Sam rocks thanks.