In the richest black neighborhood in America, people are still reeling from the economic crisis. In hopes of holding onto their home, the Boateng family has been living in limbo with rising debt and a constant threat of foreclosure.
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I just bought my first home and I qualified for one amount but I chose to buy a cheaper house. These lenders don't care if you can afford it or not because once the papers are signed they got their check. I didn't let them put me in more house than I could afford because not only do you have a mortgage but heating and cooling bills, maintenance, and insurance to name a few. When buying a home you have to be aware and smart because they have no problem taking the house if you fall behind in your payments.
sxycrml35 Don’t blame the lender..this couple brag about their college degrees yet are so ignorant that they blindly accept a hone they can’t afford, then move on when its too hard to pay
Banks always try to sell you more house then what you can truly afford you have to really know what you're signing. It's not just the house your buying its real estate taxes Insurance utilities up keep
@@danielshy2545 Exactly why do these Africans think they ae more special than other Americans?? Do what the rest of we had to do, not stay on the titanic!
your write all the way if i don't a fix rate i refuse the mortgage or move to a cheaper house can't find work with a driver license trucking company will pay for you cdl for free and driver over the road till things get better
There are literally too many people losing their homes...Not enough Bank employees, Lawyers, Judges, etc to properly process and evict every family from the property in a timely manner. This has NEVER happened before in American History.
kelly...nice try. This is rare. Race was no connection. Blks are likly losing homes at a higher rate. Funny though how all the white priv. you see, you will deny
I own my house, but lost my job...my city pardoned my property tax payments for several years. There is assistance if someone finds themselves in this situation. The city did not try to take my home, they asked what they could do to assist me. Their goals was to keep homeowners in their home.
But a property tax payment is way cheaper than a monthly rent payment. Mine for example is 2500 a year. Average rent in my area is 1400 a month so do the math.
If your mortgage is paid for and you only have real estate taxes and house insurance not counting upkeep it probably is less than rent I know my taxes and house insurance is much lower than what I would pay for rent
This is why you buy less than what you can actually afford. When we bought our house, they approved us for 5x the amount we wanted. We stuck with our decision and didn’t give it. Husband lost his job for 2 years during the depression. I was working and we had no problem paying our bills.
YES!! Less is MORE. Job WELL done. A close friend of mine just lost his 1.5 million brownstone in Brooklyn. He is MORE than devastated. He sunk into a DEEP depression. He bit off MORE than he could chew. Sad scenario by ALL accounts. Kudos to you for living within your means. It saves A LOT of unnecessary heartache & headache in the end. Peace & Blessings
Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr Richard whose strategy/daily signals has proven to be so accurate and well analysed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr Richard can be reach via Insta @richard_brucefx* for inquiries into profitable trading systems.
They should have long moved out. Only reason they stayed was because no one showed up to remove them. Also paper work gets lost, etc. Dumb move for them not to do something about this
life means so much more than having bachelor degrees and owning houses, cars, etc. it's about living simple within your means and thus being free. many people are making bad financial decisions making their lives and their next generation's lives miserable. this family is no exception. we got no one to blame but ourselves.
That’s why I paid cash for my house, lost my job and couldn’t pay property taxes for several years...the city gave me a break me and didn’t take the house🙂. I love my city ❤️
They haven't made a payment in 6 years and they are "working on" getting a loan modification to stay in "their" home? Really? LOL They should have been gone a long. long time ago!
When your house costs $615,000, we are talking about a $3500-$4000 monthly payment depending on the mortgage amount and interest rate. Property taxes is probably over $10,000 a year already. Making 100k a year just doesn’t cut it! I don’t understand what this couple was thinking to purchase this house that they obviously can’t afford, so sad!
This can happen to anyone - whether they make 2 million a year or 20,000. People lose jobs, get sick, convicted of crimes (white, black, hispanic) and go to jail, husbands and wives pass away, and then you don't have the money to pay the bills. That's life. Anyone accusing these people of stuff, it can happen to you.
Don't blame these people blame the disgusting mortgage lenders who agreed to give people shady loans with adjustable rates. THOSE people are the reason that the housing market collapsed.
I live in Florida, in one of the hardest hit areas, as prices were really inflated before the downturn. So many people went into foreclosure. Many stayed in their homes over 3 years without paying a dime, because the banks didn't want these houses, they wanted money. Free rent for over three years means the homeowner can stash away some serious cash and recoup most or all of the equity in the home. If saved, one has a nice down payment on a new home when the bank finally comes to take the house, or plenty for a brand new start without worrying about money. Foreclosure in many cases is a gift.
Lynn Proctor: you do know that in Florida, you are still liable for the difference between what the bank recoups from the sale of the house and what your original debt was... you can never get away by just giving up the house.
Anyone know how the Watangs are doing now? This video is a few years old. Wow they've got a fantastic community in Fairwood Maryland. You sure couldn't find anything like that here in Seattle.
No payment in 6 years yet still allowed to live there. Am in the wrong state. 4-6 months is all that's allowed typically elsewhere by the banks especially in west coast. I guess some lenders are more forgiving than others. Best wishes to the family.
Wait no payment for 6 years? I heard legally this may just be in my state but I heard if they haven't taken you to court I think after 5 years then the house is pretty much yours. Yes, nothing in life is free but when dealing with foreclosure in the past I heard about that. Though there could be a twist in that. Hoping only for the best for them though even though this video was in 2015.
6 years and not a single payment made but she was able to go to school with student loans... Hope she was saving during that 6 year period! Oh wait...1M+ in loan debt... Nevermind
If your income is $100,000 why would you buy a $600,000 house? if u are educated and have a master degree, how could u not understand the terms of your loan? Stop tithing to the church, buckle down, and downsize. Get a loan modification and a better job. The housing boom did produce ugly and predatory lending but ppl really need to use common sense when making financial decisions.
It's pretty obvious that the masters was probably in Theism , which is just as make believe as the qualification , couldn't have been in baking as her produce looked pretty simple and boring !.
@Barbara, what do YOU look like? If you and all of your family members aren't perfect, stop expecting someone else to be FYI, Most Americans are overweight
My spouse and I bought our third (and final home) after 14 years of marriage (our forever home). Nowadays you need to be pre-approved before you can even look at a home (that pre-qualification can last anywhere from 30 - 90 days because many Americans love to rack up debt). Yet I am hearing stories from people who think they are a step away from selling their home and then it comes out that the buyer is not qualified.
They have a 2nd property and car loans as stated in the video. I don't think its too judgemental. They make 100,000 a year and live in a really nice community for free basically.
they also have student loans; if they stop paying on THOSE, they would be up a certain creek without a paddle; because student loans are actually the most collectible loan out there. the collections agencies would be beating down their door to collect the loan payment.
Sorry, but no payments for that many years, they shouldn’t still be there. That’s crazy. They say they are struggling to stay there? They haven’t paid anything!!!!
No mortgage payment for 6 years ? Granted the new rate may have been too high, but what are they doing with the amount they used to pay ? How can anyone not pay mortgage or rent for that many year and still live there hoping to refinance? This would have given them the time to pay off all other debts off. There must be something I didn't understand.
It’s interesting: if banks refuse to loan to those with poor credit they are accused of class favoritism. If they loan at a high interest rate to cover risk they are considered predators. Can’t win. People need to be responsible for their own bad decisions.
Well they were already in debt for the house, why not add an expensive degree on top it? She has a master's degree but is selling bakery outside the church...hmm something is wrong with this equation. Oh wait I know, stupid financial decisions!
Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr Richard whose strategy/daily signals has proven to be so accurate and well analysed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr Richard can be reach via Insta @richard_brucefx* for inquiries into profitable trading systems.
I figured it out. Buy a house for way more than it's actually worth and then just not pay the mortgage. The bank won't foreclose on you because they know they won't get anything close to the loan value if they short sale the house, and they would rather have a family living in it and at least making some effort to take care of it than evicting them and having squatters move in. Then you can live there until the home value improves, putting every mortgage payment into savings, and then when you're finally kicked out just pre-pay rent for a year out of savings and who cares if your credit score is crap.
They also got a second house, so what's with that ? Whose living there ? Are they renting it out, while paying down the mortgage on THAT one, and withholding payment on where they are currently living? If that is a cheaper home, maybe they can freehold it before an eviction, so they wouldn't even NEED to worry about rentals or credit ratings. Just wondering, 'cos I don't know how the system works in a situation like this.
Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr Richard whose strategy/daily signals has proven to be so accurate and well analysed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr Richard can be reach via Insta @richard_brucefx* for inquiries into profitable trading systems.
In Ireland that’s how much our houses are and most people only on a salary of €40k for a nurse role if lucky nowadays ! It’s maddness but in Ireland I won’t get into the house for 600k unless u have two people earning 100k job and that’s rare unless u are high consulting doctor job ?! That’s why we have so many homeless because rents are higher than mortgages these days !
Should the carpenter, the roofer and every one else who built the house also not get paid ? how about the garbage man, or the school teacher because the district isn't getting there tax money ? People from the water and sewer departments supplying them for free , should they "step up " and help out those ungrateful thieves living for free ? You " happy" there not paying what they promised to pay ? YOU are what wrong with this country, ungrateful self entitled cry babies .
eric wsmith The ones who built the house already got paid long ago. I work full time. Nothing is free. I just thought this was hilarious. Any time people get one over on the real estate industry is a good thing. I did not say everything should be free although that would be nice. Housing should definitely be a socialized expense.
Yea, in the history of development , no developer has ever stiffed a contractor, go ahead and keep believing that. For some one ( YOU btw ) who thinks they should stop paying there bills at the first sign of trouble, your assessment is as dumb as a piece of wood. As for your socialized housing, the US has had that for years and years, You have heard of HUD, haven't you ? It provides all levels of housing for people in need. NOT dead beats who want something for nothing. THEY can plunk there ass down at the homeless shelter.
First of all 650,000 is crazy for that house cheap in Canada I live in a city of about 100,000 people and the houses in my area at 700,000+ and they are not as big as those. First I have no clue how you have 1.4 million in debt when the house is 600,000 that’s 800,000 in other debt how???
If the price of your home drop, it shouldn't matter unless you're trying to sell. Again, if you're not selling, why does it matter. Keep making your payment, and ALWAY, alway get a fix rate; 30 years not 15 just to give you some breathing room, if one person loses a job, you can still make your payment.
Thanks for this video, its very detailed Having got involved in the stock market and made little profits, i still greatly believe in bitcoin trading mostly as the market is very bullish at this point in time. I strongly advice us to get involved in DAY TRADING properly guided by a pro traded with a working strategy/daily signals. For me it's been very successful because i was being guided by a pro trader called Mr Richard whose strategy/daily signals has proven to be so accurate and well analysed. Trading and growing my portfolio from 0.9btc to 5.8btc within 4 weeks is so awesome and credible. Don't you think this is the right time to grow the little we hold ahead of more bullishness ? Mr Richard can be reach via Insta @richard_brucefx* for inquiries into profitable trading systems.
Here's some food for thought: just because you were approved for a $600,000 mortgage doesn't mean you should by a house anywhere near that. Not sure what they actually borrowed, but damn they should have went with something more affordable. Also not paying their house payment? WTH? At least pay what you can afford towards it. Next time don't buy beyond your means.
Never buy a house more expensive that your income ×3. For example He makes $100k ×3= $300k. They should have never bought that house, too expensive for them. Bad decision.
Yes and it used to be 2.5 times one's salary. But during the time they purchased their home, mortgages were being issued with no money down, whic meant higher monthly mortgage payments. Financial institutions used to require 10-20% down. A down payment substainably reduces ones monthly payment.
