Middle Island couple's mortgage is modified -

Full story: Newsday 63
In a Nassau County courtroom, dozens of foreclosed homes are auctioned. In Middle Island, a family tries all it can to hold onto their home. Full Story
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LegalUSCitizen

Brooklyn, NY

#2 Nov 12, 2007
I cannot believe we live in a country that treats their hard working citizens like this. Its embarrassing when other countries see this.
so angry

Copiague, NY

#3 Nov 12, 2007
Yes, i felt bad about their situation too, until i read the other related article about businesses being affected by the motgage problems, and this same couple, the Shels, were said to have come into one guy's italian restaurant 5 or 6 times a week until their recent mortgage problems.
Maybe they should have been cooking at home and saving that money for things like, oh, medical bills and their mortgage????
It just makes me think they have likely been wasting their money in other frivoulous ways, too.
Oh Please

Milford, CT

#4 Nov 12, 2007
I feel bad for anyone loosing their home but home ownership in this country is not a right, and there have always been risks, hence the term buyer beware. Using subprime lenders has always been a bad idea, and refinancing a 5.5 percent mortgage for 7.5 is just stupid.
chemo-sabi

Shelbyville, TN

#5 Nov 12, 2007
Well, I had open heart surgery, colon cancer surgery, rectal cancer, going to radiation & chemo all since March. Guess what? Blue Cross/Blue Shield drops me after paying $10K. Reason? I didn't disclose on my original application of a broken shoulder (1976)or a car accident (1994). Simply forgot. LOOK OUT FOR THE SWINDLERS AT THE INSURANCE COMPANIES. THEY'LL SCREW YOU IN A HEAR BREAT !!!! JUST LIKE MORTGAGE COMPANIES ! They'll suck the blood out of you like vampires. And what do I have left? Crap ! At least I'm above ground & in this country they don't arrest debtors... or will that change soon ?
esteban

Hicksville, NY

#7 Nov 12, 2007
and i care bc?
Simon Barsinister

Sarasota, FL

#8 Nov 12, 2007
LegalUSCitizen wrote:
I cannot believe we live in a country that treats their hard working citizens like this. Its embarrassing when other countries see this.
Correct. You live in a country that provides its citizens with free will and liberty. You have the right to purchase a home you cannot afford. You have the liberty to then refinance at a teaser rate. You are able to get yourself into all types of financially destructive arrangements of your own choosing. Yes, the good old USA allows you to continually self destruct. And then, when all is said and done, you have the freedom to blame someone else for the sad predicament you end up in.
guild

Tobyhanna, PA

#9 Nov 12, 2007
Thank you Simon Barsinister for telling it like it is... If you read the piece it says there credit went bad for several reasons... They hung this out in puplic and i would like to know the reasons for the bad credit they only mentioned identity theft i wonder if most of the dept was self imposed, Overspending credit card dept? Lets have the truth!
Spare Me

United States

#10 Nov 12, 2007
guild wrote:
Thank you Simon Barsinister for telling it like it is... If you read the piece it says there credit went bad for several reasons... They hung this out in puplic and i would like to know the reasons for the bad credit they only mentioned identity theft i wonder if most of the dept was self imposed, Overspending credit card dept? Lets have the truth!
Yea, you would think that Newsday would ask these questions. It is called reporting. Oh, that's right, they have no interest in reporting...only promoting their own objectives.
I Know More Than You

Medford, NY

#11 Nov 12, 2007
The whole concept of a mortgage SHOULD BE to pay DOWN the debt owed on your principle dwelling. If one refinances to pull out more money or to "consolodate debt (i.e. credit card debt)", I have little or no sympathy for them.

You see it every day.....people pulling out the inflated equity of their homes to buy vanity items (i.e cars, boats, other crap).... Then they have a much larger "mortgage".... It isn't the mortgage that's the problem, it's their wasteful spending.

"Stupid is as stupid does"
Real Facts

New York, NY

#12 Nov 12, 2007
LegalUSCitizen wrote:
I cannot believe we live in a country that treats their hard working citizens like this. Its embarrassing when other countries see this.
I agree.

The government has not helped me at all!

I pay my bills on time. I don’t spend more than I make. We go on vacation using the money that we have saved for vacation, not charging the vacation and paying it back for a year. I read the fine print on the mortgage.

Yet, no one is willing to just give me money to help pay my mortgage.

We have nice things, my daughter even has a couple of those “Hollister” shirts. Yet because I have no credit card debt, no one is willing to wipe away any old debt. While everyone else is going out to dinner every night, we only go out once a week, and that is normally Friendly’s. You would think someone would give us some money so we can go out to dinner more!

My daughter is going to want to go to college, and I am going to have to pay for it!

No one helps the responsible ones!
Dr Spock

United States

#13 Nov 12, 2007
All brought to you courtesy of the greatest Fed Chairman of all time, Alan "I didn't see the bubble coming" Greenspan.

Home equity for the last few years has been used as a credit card. In 1982 I had secured a 13.5% mortgage which was refinanced by the Bank between contract and closing to 11.9%. This was the market rate and was no problem for me. Now people can't handle 7.5%.

What is going to happen when rates go up again (they always do)? Until home prices adjust to historical levels of 3 times median income (about $70,000 or so on L.I.) we are going to have tons of foreclosures.

If people are waiting for these companies to rework these mortgages they can forget about it because these mortgage firms can't raise the capital to do it. Two big firms Countrywide and Indymac have their banking arms offering above market rates for CD's trying to raise capital just to stay afloat. They CAN'T afford to rework any existing ones.

With 1/3 of 2006 Mortgages being sub-prime on the Island, people had better get ready for a rough ride because hosing prices have a long way to go.
John

Smithtown, NY

#14 Nov 12, 2007
The guy got throat cancer and cannot work. I am curious if the guy was a smoker? If so I have no sympathy for what he got. Maybe if he didn't spend over $2,500 a year on his cancer sticks for the last 20+ years he'd have money.
Jim _ Plainview

Westbury, NY

#15 Nov 12, 2007
Simon Barsinister wrote:
<quoted text>
Correct. You live in a country that provides its citizens with free will and liberty. You have the right to purchase a home you cannot afford. You have the liberty to then refinance at a teaser rate. You are able to get yourself into all types of financially destructive arrangements of your own choosing. Yes, the good old USA allows you to continually self destruct. And then, when all is said and done, you have the freedom to blame someone else for the sad predicament you end up in.
Absolutely Right, Simon.. Again, people not taking RESPONSIBILITY for their actions and biting off more than they can chew and then have the NERVE to blame someone else when something happens.
Tired Old Man

AOL

#16 Nov 12, 2007
After WWII we came home got a GI mortage had our children and started living paycheck to paycheck. Your home was your savings.
In the fifties there was no such thing as a credit cards you saved for what you wanted. The only thing you could buy on credit was your house and a car.
In the sixties lay away plans came into existance buy now pay later done by the store.
In the seventies credit cards appeared people got things now No waiting for anything.
In the eighties the banks sold the idea that your home was cash waiting for you to spend.
In the ninties the myth that your home equity is like a stock dividend that it can be spent with no effect on the principle was sold.
At every stage some people got in over their heads.
If you didn't do the math on a loan that's your fault.
YOU AND ONLY YOU ARE RESPONSIBLE FOR YOUR DECISIONS NOT THE SALESMAN NOT THE BANKER YOU.
One Cent

Medford, NY

#17 Nov 12, 2007
I Know More Than You wrote:
The whole concept of a mortgage SHOULD BE to pay DOWN the debt owed on your principle dwelling. If one refinances to pull out more money or to "consolodate debt (i.e. credit card debt)", I have little or no sympathy for them.
You see it every day.....people pulling out the inflated equity of their homes to buy vanity items (i.e cars, boats, other crap).... Then they have a much larger "mortgage".... It isn't the mortgage that's the problem, it's their wasteful spending.
"Stupid is as stupid does"
You know something.....you are right.
Billy Graham

Medford, NY

#21 Nov 12, 2007
Roger Stanton wrote:
This couple has sinned in the past and they paid for it. Plain & simple. "For the lord will punish thy sinner, as he who seeks vengeance on the shepherd will lie with the Beast" Luke 12:9. This news from Middle Island is a clear example of what happens to those who seek false gods.
Now reach down deeeeeeep into your pocket.......deeeeeeeper...... ...deeeeeeeper!!! Now give me, uh I mean the lord, all of your hard earned money!!!! Deeeeeeper!!!!
Joe Perkowski

Safety Harbor, FL

#22 Nov 12, 2007
Solution: Get off Long Island. Go down south or upstate. Sooner or later Long Island will be full of either the rich or the poor.

I grew up on Long Island, but since got smart and moved off of it. Move somewhere you have a fighting chance.

People who are staying their are just digging themselves a bigger hole to climb out of.

Besides a house costing a half a mill, you got the taxes and everything else.

Also, the job market stinks. You are either a landscaper or tradesmen on LI. No more manufacturing or defense contractors.

Long Island is king of the service industry and king of cost of living.

get out as soon as you can!
it was colon cancer

Shelbyville, TN

#23 Nov 12, 2007
John wrote:
The guy got throat cancer and cannot work. I am curious if the guy was a smoker? If so I have no sympathy for what he got. Maybe if he didn't spend over $2,500 a year on his cancer sticks for the last 20+ years he'd have money.
No smokes involved.
Housepooronli

Huntington Station, NY

#24 Nov 12, 2007
Hey.. Why is everyone getting so mad. First, the couple did not recieve any money from the gov't out of tax payers money to keep their home.
The lender worked with the borrower and gave them a fixed rate... no skin off anyones back. They get to stay in their home and continue to pay the mortgage, their home doesn't go to foreclosure driving down the values in the neighborhood.. bank gets to keep collecting their principal plus interest.
The best solution for this whole problem is for all the mortgage companies to renegotiate terms with the homeowners to avoid foreclosure. It may not work or be sound for everyone.. but let's say some are paying a "normal" rate on their mortgage rather than a low teaser and they have paid on time the entire time that they've been in the home paying that normal rate..don't they then deserve to stay and become part of the solution rather than part of the problem? Makes sense to me.
Art Vandelay

AOL

#25 Nov 12, 2007
Don't you see? This is the American way. Screw yourself by borrowing more than you can pay back, then get Newsday on the case and look to lay blame on someone else. It's the lenders fault for giving the tease rates. It's the county's fault for making taxes too high. It's the Federal government's fault because they haven't stepped in to help pay back the defaulted loan.
The hardest thing to do is look in the mirror and blame the person that is looking back at you.
It is never the fault of the person who went into default, it's those lenders who want to be paid back, how dare they want to be paid back with interest, no less!
A special thanks to Newsday, we can always count on you to tell us about those sad victims. Makes me want to start a collection up for those people losing their houses because they borrowed more than they could payback.

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