"I do something I want even if I know I don't have the money. I don't see why I shouldn't buy a sweater or go out with friends." That's 23-year old Crystal talking, and she and her 25-year old husband Jeremy are $25,000 in debt.
on Yahoo! |
"I do something I want even if I know I don't have the money. I don't see why I shouldn't buy a sweater or go out with friends." That's 23-year old Crystal talking, and she and her 25-year old husband Jeremy are $25,000 in debt.
on Yahoo! |
Many people are reluctant to give anything to strangers that isn't unwanted clothes or out of fashion furniture, but Marilyn Mock has gone above and beyond in dishing out Good Samaritan deeds. When Marilyn purchased a foreclosed home for the stranger who was watching her home being auctioned by the bank, she surprised everyone but her husband, who is used to hearing about his wife's giving tendencies. His response to the news?
on Yahoo! |
Many young couples are betting that it's an ideal time to buy their first homes because there's better value on the real estate market, but barriers from banks' stricter requirements have caused them to turn to another lending source. These want-to-be homeowners, many who never asked for financial assistance in their adult lives, are turning to family members for help with down payments and related buying expenses like closing costs and co-op fees. Arguing that the properties will likely appreciate, some of these relatives are obliging with hope of participating in the eventual gain.
on Yahoo! |
Anyone would be beyond thrilled to call a six-bedroom Mediterranean style home their own, and former drug addict turned community charity founder Sadie Holmes was especially grateful the Extreme Makeover: Home Edition team built her a home fitting that description. While they were at it, the team built an office for Sadie's charity adjacent to her home.
Sadie was all moved into her Florida home by February 2006, and a month later she was cleared to run a volunteer organization from her home office.
on Yahoo! |
on Yahoo! |
While this episode of Maxed Out was filmed many months before the recent slew of economic news, the home equity credit trouble the couple has in the show is connected to what's going on today: According to The New York Times, Americans owed about $593 billion in home equity loans in 2003, but the current related debt is $1.1 trillion. The couple in this Maxed Out, Rhonda and Les, make a combined income of $104,000 but they've used up their total $100,000 home equity credit line and don't have a penny in savings.
When financial guru Allison Griffiths asks the couple why they came to her for help, Rhonda doesn't skip a beat with her answer that "he spends too much," to which Les turned the pointed finger back around.
on Yahoo! |
Much of the banking drama from the last few weeks can be traced back to bad mortgage bets, making us wish that homeowners were never approved for loans they never could have afforded. Yesterday, a government drafted mortgage aid program launched into action that aims to contain the mortgage crisis from causing more trouble. The $300 billion, three-year initiative aims to allow about 400,000 homeowners to exchange their existing mortgages for more affordable ones, therefore staving off potential foreclosures.
on Yahoo! |
The housing crisis has highlighted just how many people are living in homes they can't afford. According to data recently released by the US Census Bureau, about 15 percent of American with mortgages are spending at least half their income on housing costs. Do you know how much the government and most lenders say is the most you should spend on housing costs?
on Yahoo! |
When, in August, 54.2 percent of Californians with homes on the market sold their properties at a loss, the sellers were involved in short sales. The term refers to selling a home for less than the value of the mortgage, and the owners end up still owing money on the property after they've sold it.
While it's ideal to stay in your home until the market improves, sometimes there are circumstances like changing jobs that make it impossible.
on Yahoo! |
Enter your email below:
|
"I’ve been renting for 25 years. And when I add up all that I’ve poured into that rental black hole, it’s formidable."
