Foreclosure Crisis Hits Hard in Brooklyn

[urbanandra]

why blame homeowners, especially new homeowners for what the INDUSTRY MADE STANDARD!

[pineapple1969]

There is no personal responsibility from the buyer. What makes she think she can buy a HALF A MILLION dollar home? Seriously, people don't want to live within their means.

[urbanandra]

If you have 1 credit card or more then you are probably living outside YOUR means. half million dollar homes in New York City is standard mainly in Brooklyn. Most people were told that calculating tenant income coming something around 4000 a month, spilt that between two families and there your rough estimate.

[urbanandra]

then throw an adjustable rate in there and you dont know whats happening. throw repairs into it because the home was never worth half a million and you got some serious costs,let say 30k or more. then throw in your hours being cut or loosing your job because the who economy was held up by you paying your high cost over appraised home. then take into account your tenants stop paying rent. maybe they lost their job or repairs were not finished cause your contractor walked away with your money.

[pineapple1969]

This is my point exactly. If you don't know what Adjustable means get a dictionary or better yet don't sign terms you don't understand. Home repairs/maintenance, job loss, unreliable contractors, and people who don't pay their rent should all be taken into account when you take on a mortgage. You have to look down the line at all these potential problems. As a homeowner, I know I don't have a landlord to fall back on anymore in case something goes wrong.

[urbanandra]

You are right ... im wrong. i will tell the 3.1 million families and counting that this all happened because they didnt look up ARM in the dictionary and and i will tell half of them they lost their home to simply poor budgeting.

[ciro9]

We The People (through the electionprocess) should have equal seats and voting power on the Federal Reserve Board. The FED care's only of bailing out the CEO's of Wall Street & the Bank's.Not the familie's that are losing their homes to foreclosure.Enough of bailing out Wall Street & the banks with our money from the FED and we have no say in it. It's time we deep-six the FED for the sake of the working class people of our nation.

[benfamilyvideos]

This is typical. Dishonest brokers took advantage of someone with little financial knowledge.

A proposal to get me a mortgage to buy a $500,000 home would've scared me away. I'd know right away it's a scam. If it's too good to be true, it is.

[cjzzzzz]

TAKE YOUR AZZ BACK TO MEXICO. LOL LOL

[urbanandra]

you are stupid. wtf are u talking about?

[Kaasko]

@cjzzzzz

soon you might be looking to go to, america is falling, i hope kapitalism is falling, for the wellness of the ppl.

I am from central amerika. Mexico is geting real crazy.

21 may 2011 acording to harold camping a old bro. 87 yold, all this will have an END.

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