Life on the brink of foreclosure
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- Опубліковано 27 вер 2024
- 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.
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
🍷😊👏👏👏👏👏👏👏👏👏👏👏👏
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
No house payment in SIX years?! WOW I would like to get away with that! Think of ALL the money I would have! lol
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.
How is that even possible?
@@Collageartist69 Banks have so many houses to foreclose on, that it takes 6 year to get to them.
Sell the house. Buy a much, much cheaper one.
bruh A duuhh? Where a lot of others go who lost everything . You start packing.
@@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
yes i drive a 1996 saturn and always look for somewhere cheaper
@@patrickmorrison6253 ☺️
HOW can you NOT pay a house note for 5 YEARS and still live there?!!!!
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.
Probably better to have it occupied than leave it open to vandalism ! , evict them as soon as it's saleable at a high price .
Black privilege...
Equity...
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
Nobody truly OWNS their home .
Stop paying your property tax and see just how long you'll stay there .....
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.
@@greenearthblueskies8556 what city do you live in?
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.
@@MrTmenzo exactly.
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
Forget the fact that a lot of people go scammed on the adjustable mortgage, On a income of $100,000 no way you should be buying a $600,000 + house
eric wsmith
As usual, living above their means
eric wsmith and if you listen carefully they had another property...pride before the crash.
Don't get yourself into a mortgage you can't afford to pay. Simple
What is this American dream nonsense time to wake up
Why do people make these silly simple arguments
Haven't made a payment in six years!! What are they doing with the money they are saving by not paying the mortgage?
Remember the F word, Fixed rate, if not offered run, never take a variable rate, never!!!!
More than 6 years without paying the mortgage? I need to know the name of your mortgage holder. Please.
Why don't they garnish there wages and sell both of the property. If anyone else tried to skip one moth of rent you would be evicted fast
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
6 yrs....Im 3 months behind and the bank has already started the foreclosure process, I've paid 12 years on a 15 year loan. WTF!
you need to sell everything you own. Pay off the remaining three years ASAP
We need an update. Did you start back paying on your home?! Hope you were able to have the foreclosure process reversed.
Red Divinity 😳 👍🏽
600,000 for this house Double Yikes.
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.
NQ L what depression?
Very smart....
Very true
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
Same here. If one of us lose our job we still can make it.
How can you be distraught making 100k per year?
S James they bought a house ment for someone making 200k+ duh!
100k a year is poor
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!
And I don't want to hear "that's why you pay cash for the house" either. The tax man can and will take your house for a missed payment.
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 ❤️
At one hundred thousand a year, they still make a good living
We never got paid that much. Ive lived in a barn and old ranch house we moved. Our home was pd off when we were 28
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.
Quite simply, they are THIEVES!!! And stupid to boot they belong in jail!!!
They are living beyond their means ...move to Tennessee or Texas
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.
$617,000??? That is a huge mortgage!!
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 !.
Robert Carey Also, with her weight problem the last thing she needs is a high calorie pastry.
k. rich
Financial illiteracy, is usually the reason; Unfortunately, being in debt is the norm
k. rich: you can have all the masters degree you want but school is designed to make you a good employee and not an astute consumer.
@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
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.
I would never get a loan for 600k!! you have to be smart about your money and really think about what you can afford
oh, those poor, poor victims....NOT!
my aunt lived for 14 years in her house without paying it, and took out two mortgages on the house. In the end the bank gave her money to leave
Where does ur aunt leave? I want to move there.
We make 120K a year. No WAY we could get a loan for 600k!!! I know better than to even try.
$617K? What?! A house like that is like $200K in Texas.
NC Styles where exactly in texas are you talking about?
@@Humbleears Right?!
@@Humbleears you can get a house that size for 200k in East Texas. Good luck finding a decent paying job in the available areas.
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
Where is this family NOW - September 2018?
Clean that oven🤮
Dear christ. Don't buy a house you cannot afford. Naive immigrants. Jesus don't write no checks.
Jesus was homeless...” The Son of man has NOWHERE to lay his head”....
This couple should have never qualified for this home to begin with
No payment in 6 years??? How’d they get away with that?
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.
six years rent free,,not bad
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.
The sad thing is that they eventually lost the home to foreclosure in 2021.
Theses people is all about showing off. They bought a home beyond their means. What does that tell you???? Am sure they brag thru they teeth.
Any update on this family?
They had to move back to Africa
America is fucked. American dream died in 2013 onwards.
It's called vanity
Get on the Dave Ramsey plan yall.
Act your wage. Don't buy a big home if you cant afford it.
Time to pay the piper..
I am happy they did not have to make a payment in 6 years. I would do the same. No one should have to pay so much for housing. It's a money grab.
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.
@Chuck Anya --The context,s of that statement was sarcastic
Chuck Anya 😂😂😂😂 Got sued several times for that, not to mention the money he stole from the Vets.
After 6 years their now trying to get a loan modification what the hell have they been doing for 6 years ,swatting.
if i behind in my mortgage for 1 or 2 months i get my cdl license and do what ever job to pay the bills
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.
Who paid for her masters degree?
they said it in the video, loans
Good question; maybe the money that should have been used for house payments did, but I doubt it.
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!
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 !
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.
Such beautiful people. So sad. 6 years without paying Wow! That’s a blessing. Hopefully they became wiser.
Being foreclosed is pretty stressful that's why if you can short sale it.... fuck it
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.
Bless this family
They should have plenty of money due to not paying their damn bills!!
Big homes are big money, upkeep, utilities, HOA's, and so forth. Live modestly and enjoy life.
the kid was playing roblox
"Haven't made a payment in more than six years"!! No surprise here!
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.
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.
Wow, 617 thousand dollars. How is that cheap in DC?
Severe case of living beyond their means. And when it goes to hell it all comes crumbling down
Wait 6 years? How can they do that?? There has to be something going on there...
This family has OTHER properties they OWE money on??? No, just no.
617.000 for two people Yikes.
America still selling pipe dreams. 😪
6 years, no payments? Why are they allowed to be there?
Good for them F the mortgage company and their inflated prices. 😂😂😂
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???
It was explained in the video
Nice neighborhood
How are the botangs now
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.
Omg my people. Hope they pull through
Washington Post is there an update on this family
They need dave ramsey
Seriously. Really think about this situation...NO PAYMENT in 6 years??? So within that 6 years, think of ALL the money that could have been stashed away to PAY a good chunk on this home. Hmmmmm...that tells me they must not care that much.
Life with Mandy
I concur 100%
Or not "stash it away" just pay your fucking bills !
eric wsmith Exactly! That's what I meant. With no payments being made all that time, there had to have been money to pay freaking bills! It is ridiculous!
If you really want to achieve the American dream, purchase income-generating assets like rental properties. Scale that up and then buy your personal home, using only a portion of your income from your Investments.
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.
To all the people who feel sorry for those poor people, and glad they are sticking it to the greedy banks, Just think of the millions of hard working people who lost billions, in '08 - '11 when there 401K and other retirement funds tanked and never recovered, Those are the people you should feel bad for, not this dead beat.
It’s not these people fault...blame the banks....I’m glad they’re sticking it to the banks. More people should have did this. 😂
My 401k came back to normal. I didn't touch it.
I am in this position right now. Am also making bread to feed my dogs. Cannot believe this country has no safety net for me.
These people have went through a lot. Sub prime mortgages are targeted to black communities, via banks under another name. Now,the home is not worth half of the money, and of course, the bank wants you to pay the original $600k plus late fees, penalties, ect. They keep on working. They are hard workers!
WOW and there it is the race card. Look dumbass they signed the papers now pay it back. I bet if the house doubled in price they wouldn't be complaining. You sorry ass is OK with them not making a house payment in 6 years. They should have been thrown out 5 years ago.
Troy Fulmer IKR!!! Race has nothing to do with them being dumb. I am black. Refer to my comment above. The rest of us have to pay our rent/mortgage every month!!! We aren't allowed to stay for free. I agree. They should have been thrown out at least five years ago! It is not the subprime mortgage lender's fault. Didn't they read their mortgage contract prior to signing? I assume that they CAN read. Also, why and how did they think they could afford a $600.00 home on a $100,000.00 per year salary? Really???
I call B.S. If you can't pay your bills, you should be held accountable.
fifty years that would be your grandma and her sisters....don’t get it twisted
Come on 614,000?
that life guys
May god bless and keep you!!! And above all help you!!!
A well to to black area is there such a thing.
Good tip just buy a house which is not worth then 200,000 dollars that it
Angie mama
Bet they still pay the god at least 10% of their income , can't see him letting them off for 5 years !.
Sell the house and escape the American trap, oops, I mean dream. Buy a cheap lot on Ebay and build something like this cottage :
gumroad.com/l/MSeWwY
easybuildingplans.com
Yes the church friend lied to you. That house was out of their reach from day one. This is sad.
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 don’t feel bad for them if they haven’t paid there mortgage in 6years
6 years without payment and yet still live in the property, banking industry in America is really a con job.
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.
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!
jjenson2006
My sentiments, exactly!
6 years of mortgage payments in 617k house is a lot of money. I hope they were at least saving it
Wait...what?? They have lived in that house free for six years?? Wow!!!
what did you do with all the money if no house payment for 6 years?
I could just hear it now if this clip started out about 'a successful white neighborhood'. Everyone would be crying 'where's the diversity'
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.
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.
Living in a half million dollar home for free?!! Sign my ass up!