[Maddog78]

$this->bbcode_second_pass_quote('WildRose', 'I') can see this happening with so many people in Alberta in the future. Here, $350,000 or so will buy you a small bungalow. However, you can get a considerably nicer home for $500,000. It's just hard for me to understand why it has to be so difficult for a person or persons to get into a small home. Imagine, even if you manage to save $30,000 for a downpayment, you're still mortgaging $320,000. It's just crazy. What's going to happen when the jobs aren't here anymore?

[threadbear]

$this->bbcode_second_pass_quote('Maddog78', '')$this->bbcode_second_pass_quote('WildRose', 'I') can see this happening with so many people in Alberta in the future. Here, $350,000 or so will buy you a small bungalow. However, you can get a considerably nicer home for $500,000. It's just hard for me to understand why it has to be so difficult for a person or persons to get into a small home. Imagine, even if you manage to save $30,000 for a downpayment, you're still mortgaging $320,000. It's just crazy. What's going to happen when the jobs aren't here anymore?

[MarkJ]

We've donated time, materials and labor on a couple of charity builds only to have the owners lose their homes since they used them as collateral for home equity loans. Once the homes were rebuilt, the property taxes skyrocketed as well. As mentioned, some of these low income owners can't handle the costs of taxes, maintenance, repairs etc.

We helped rebuild another home after a fire, only to have the owner sell it for a large profit months later.

Many of the furnaces and boilers we've installed for heating assistance programs fail prematurely since the owners don't maintain them, let their basements flood or their boilers, boiler piping and water piping freezes/cracks/bursts when they run out of fuel or their utilities are shut off.

[PrairieMule]

$this->bbcode_second_pass_quote('strider3700', 'T')hey used the house as collateral on a $450,000 loan. Whatever they spent that money on looks like it was a total failure and now they're back to screwed. I wonder what the business was that lost them so much so quickly.

[jbrovont]

Excellent point. In order to make those loans, the broker would probably have to conceal that the house was a gift, and is probably in breach of contract, and possibly illegal as you suggest.

At the very least I'd expect they would owe the price of the house to the charity if they transfer title for cash.

$this->bbcode_second_pass_quote('PrairieMule', '')$this->bbcode_second_pass_quote('strider3700', 'T')hey used the house as collateral on a $450,000 loan. Whatever they spent that money on looks like it was a total failure and now they're back to screwed. I wonder what the business was that lost them so much so quickly.

[3aidlillahi]

$this->bbcode_second_pass_quote('', '"')construction business" = dice game gone bad

[Carlhole]

Foreclosure Phil

$this->bbcode_second_pass_quote('David Corn', 'W')ho's to blame for the biggest financial catastrophe of our time? There are plenty of culprits, but one candidate for lead perp is former Sen. Phil Gramm. Eight years ago, as part of a decades-long anti-regulatory crusade, Gramm pulled a sly legislative maneuver that greased the way to the multibillion-dollar subprime meltdown. Yet has Gramm been banished from the corridors of power? Reviled as the villain who bankrupted Middle America? Hardly.

Now a well-paid executive at a Swiss bank, Gramm cochairs Sen. John McCain's presidential campaign and advises the Republican candidate on economic matters. He's been mentioned as a possible Treasury secretary should McCain win. That's right: A guy who helped screw up the global financial system could end up in charge of US economic policy. Talk about a market failure.

[Sixstrings]

$this->bbcode_second_pass_quote('', 'C')INCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.
Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when police came to the home on Wednesday to serve an eviction notice, Akron police spokesman Lt. Rick Edwards said on Friday.
Polk survived the shooting and is being treated in a hospital.
It was the latest attempt by sheriff's deputies to evict Polk from her modest single-family home because she could not keep up with her mortgage. "It appears they're evicting her over her mortgage. She's lived in the house, the neighbors said, something like 38 years and in the last couple of years fell prey to some predatory lending company or financial institution," Edwards said.
Local news reports said deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's shooting.
Home foreclosure rates are at record highs in the United States, in many cases because buyers with adjustable interest rates could not keep up with sharp increases in monthly payments. The foreclosure crisis has sparked a wider housing market downturn and is at the heart of the U.S. financial crisis.(Reporting by Andrea Hopkins; Editing by Peter Cooney)

[oilluber]

$this->bbcode_second_pass_quote('Sixstrings', '')$this->bbcode_second_pass_quote('', 'C')INCINNATI (Reuters) - A 90-year-old Ohio woman, facing eviction from the home she has lived in for 38 years, shot and wounded herself this week, becoming a grim symbol of the U.S. home mortgage crisis.

Addie Polk was found lying on the floor of her home with what appeared to be a self-inflicted gunshot wound to her shoulder when police came to the home on Wednesday to serve an eviction notice, Akron police spokesman Lt. Rick Edwards said on Friday.

Polk survived the shooting and is being treated in a hospital.

It was the latest attempt by sheriff's deputies to evict Polk from her modest single-family home because she could not keep up with her mortgage.

"It appears they're evicting her over her mortgage. She's lived in the house, the neighbors said, something like 38 years and in the last couple of years fell prey to some predatory lending company or financial institution," Edwards said.

Local news reports said deputies had tried to serve Polk's eviction notice more than 30 times before Wednesday's shooting.

Home foreclosure rates are at record highs in the United States, in many cases because buyers with adjustable interest rates could not keep up with sharp increases in monthly payments. The foreclosure crisis has sparked a wider housing market downturn and is at the heart of the U.S. financial crisis.

(Reporting by Andrea Hopkins; Editing by Peter Cooney)

[seazar]

this has nothing to do with gun control - puhleeeezeee

this woman could have just as easily taken prescription drugs

[alpha480v]

$this->bbcode_second_pass_quote('seazar', 't')his has nothing to do with gun control - puhleeeezeee

this woman could have just as easily taken prescription drugs

[eXpat]

What does it has to do home foreclosures with Gun control??????

[Ludi]

She was aiming the gun in the wrong direction!

Aim at the bankers.

[Sys1]

She should have shot on the policemen before attempting to kill her.

[eXpat]

$this->bbcode_second_pass_quote('Ludi', 'S')he was aiming the gun in the wrong direction!

Aim at the bankers.

[americandream]

Guns, greed, the elderly facing eviction, taxpayers money being used to bail out champagne drinkers all adds up to a society that has lost its direction and sense of purpose. You are only here for a few decades. Then it's timeless infinite non-being. Surely this short experience of self should be a better one?

[MarkJ]

More Details HERE

$this->bbcode_second_pass_quote('', 'C')ourt records show Polk took out a 30-year, 6.375 percent mortgage just four years ago for $45,620 with a Countrywide Home Loan office in Cuyahoga Falls. She took out a line of credit that same day for $11,380.

Her La Croix Avenue home was appraised by Summit County in 2004 at $31,230.

Following foreclosure this year, Polk's six-room, 101-year-old home was bought by Fannie Mae at sheriff's auction for $28,000

[jasonraymondson]

Her loan was forgiven

http://www.cnn.com/2008/US/10/03/evicti ... index.html

[nobodypanic]

$this->bbcode_second_pass_quote('jasonraymondson', 'H')er loan was forgiven

http://www.cnn.com/2008/US/10/03/evicti ... index.html

[IndigoMoon]

$this->bbcode_second_pass_quote('jasonraymondson', 'H')er loan was forgiven
http://www.cnn.com/2008/US/10/03/evicti ... index.html