How to lose your home in a few easy steps

[bsrsharma]

San Diego woman chased American dream, now lives in a garage

SAN DIEGO – Delia Toothman once pursued the American dream of owning her own home. Now, she is living the American nightmare.

In just three years Toothman, 30, a former Navy officer and bioscience technician in San Diego, went from $18,000 in savings to $16,000 in credit-card debt. She once lived in a home she co-owned; now she lives in her father’s garage.

Toothman is just one of thousands or even hundreds of thousands of Americans who find themselves homeless and broke in the aftermath of the housing bust. Hers is a cautionary tale of hard-working and well-intentioned young woman who got swept up in the real estate madness of Southern California, helped along by what she describes as bad advice from industry professionals.

“I feel like my life is ruined,” she said in an interview, wiping away tears. “I only wanted a house. I wanted my own property.”

Toothman’s story began when she left the Navy in 2004 and returned to San Diego at what turned out to be the peak of the city’s real estate boom. By mid-2004 the median price of a home in the metro area had risen to $520,000, up 30 percent from a year earlier. Condo prices also were up 30 percent year-over-year to a median of $368,000.

Fearful of missing out, she and her younger sister decided to buy a home together. “We just wanted to get a piece of land, something we could own, so we weren’t paying rent; we were buying,” said Toothman.

…….

http://www.msnbc.msn.com/id/21082646/

[nostradamus]

She could barely afford the initial payments so she signed a 100% interest-only adjustable rate loan? Poor thing. Let’s bail her out!

[nostradamus]

She could barely afford the initial payments so she signed a 100% interest-only adjustable rate loan? Poor thing. Let’s bail her out!

[SD Attorney]

Two hilarious quotes from that article:

1) The picture on the front page, “Delia Toothman stands in front of a condo she once owned that is now being sold in a foreclosure auction”

Hmmm, I thought she was renting it from the bank for 30 years until she becomes the “owner”.

2) In the last paragraph of the story, “I’ve always been one who paid the bills on time. I always did things the right way.”

Obviously, she hasn’t always done things the right way…FOR INSTANCE TAKING INVESTMENT ADVICE FROM A REALTOR SELLING CONDOS IN SAN DIEGO. That’s like investing all your savings in the next Tori Spelling movie.

Sorry to be so harsh, but man is she a dumbass and how come her Dad makes her sleep in the garage. WTF.

[SD Attorney]

Two hilarious quotes from that article:

1) The picture on the front page, “Delia Toothman stands in front of a condo she once owned that is now being sold in a foreclosure auction”

Hmmm, I thought she was renting it from the bank for 30 years until she becomes the “owner”.

2) In the last paragraph of the story, “I’ve always been one who paid the bills on time. I always did things the right way.”

Obviously, she hasn’t always done things the right way…FOR INSTANCE TAKING INVESTMENT ADVICE FROM A REALTOR SELLING CONDOS IN SAN DIEGO. That’s like investing all your savings in the next Tori Spelling movie.

Sorry to be so harsh, but man is she a dumbass and how come her Dad makes her sleep in the garage. WTF.

[drunkle]

a navy vet, skilled worker and clean cut looking young woman. hornswaggled by the Subprimes, a nefarious gang of used home salesmen. we have to help her! Mortgage Bailout Man, do something!

have no fear, Mortgage Bailout Man is here… kapow! blam! owwie! take that you nefarious used home salesmen!

Subprimes, we’re outta here! coo coo cachoo!

oh, thank you Mortgage Bailout Man, you’re my hero!

that’s ok, little lady. just remember: the next time someone wants you to pay your debts, just say NO!

meanwhile, back at Seedy O headquarters…

the Subprimes have failed! Heli-Ben Kenobi, you’re our only hope!

[drunkle]

a navy vet, skilled worker and clean cut looking young woman. hornswaggled by the Subprimes, a nefarious gang of used home salesmen. we have to help her! Mortgage Bailout Man, do something!

have no fear, Mortgage Bailout Man is here… kapow! blam! owwie! take that you nefarious used home salesmen!

Subprimes, we’re outta here! coo coo cachoo!

oh, thank you Mortgage Bailout Man, you’re my hero!

that’s ok, little lady. just remember: the next time someone wants you to pay your debts, just say NO!

meanwhile, back at Seedy O headquarters…

the Subprimes have failed! Heli-Ben Kenobi, you’re our only hope!

[ibjames]

ha Drunkle, classic

[ibjames]

ha Drunkle, classic

[Diego Mamani]

I was having difficulty waking up… (I’ve been in front of the computer since 8 am) but Drunkle’s superhero comic satire made me laugh loud and now I’m fully awake!!

[Diego Mamani]

I was having difficulty waking up… (I’ve been in front of the computer since 8 am) but Drunkle’s superhero comic satire made me laugh loud and now I’m fully awake!!

[CBad]

Didn’t she see any red flags when she only qualified for 360K yet they wanted her to buy a house for 415K? Her monthly take home pay is 2K for goodness sakes! If you can’t do basic math maybe you shouldn’t own a house.

[CBad]

Didn’t she see any red flags when she only qualified for 360K yet they wanted her to buy a house for 415K? Her monthly take home pay is 2K for goodness sakes! If you can’t do basic math maybe you shouldn’t own a house.

[bsrsharma]

If you can't do basic math maybe you shouldn't own a house.

How does it make you feel to know she might have worked with Carriers/Destroyers/Submarines/Missiles/Bombs/Aircraft… may be even Nukes?

[bsrsharma]

If you can't do basic math maybe you shouldn't own a house.

How does it make you feel to know she might have worked with Carriers/Destroyers/Submarines/Missiles/Bombs/Aircraft… may be even Nukes?

[Author]

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