[Coronita]

People being foreclosed actually spent money on buying the caulk, paint, sledgehammer needed to do the vandalism? They probably put it on a credit card. 🙂

 

[Coronita]

People being foreclosed actually spent money on buying the caulk, paint, sledgehammer needed to do the vandalism? They probably put it on a credit card. 🙂

 

[Coronita]

People being foreclosed actually spent money on buying the caulk, paint, sledgehammer needed to do the vandalism? They probably put it on a credit card. 🙂

 

[Coronita]

People being foreclosed actually spent money on buying the caulk, paint, sledgehammer needed to do the vandalism? They probably put it on a credit card. 🙂

 

[Coronita]

People being foreclosed actually spent money on buying the caulk, paint, sledgehammer needed to do the vandalism? They probably put it on a credit card. 🙂

 

[Coronita]

esmith,

zzzz I must have been asleep when I read that.

I meant their curse will be Countrywide willing to rewrite their loan…blah blah blah… The point I was trying to make was that it won't help them in the long run, because they are in over their head. 

Misread the braces were for her kids, not the wife. 

 

Anyway, still don't understand why they have a financial advisor that advises them into hole after hole. 

[Coronita]

esmith,

zzzz I must have been asleep when I read that.

I meant their curse will be Countrywide willing to rewrite their loan…blah blah blah… The point I was trying to make was that it won't help them in the long run, because they are in over their head. 

Misread the braces were for her kids, not the wife. 

 

Anyway, still don't understand why they have a financial advisor that advises them into hole after hole. 

[Coronita]

esmith,

zzzz I must have been asleep when I read that.

I meant their curse will be Countrywide willing to rewrite their loan…blah blah blah… The point I was trying to make was that it won't help them in the long run, because they are in over their head. 

Misread the braces were for her kids, not the wife. 

 

Anyway, still don't understand why they have a financial advisor that advises them into hole after hole. 

[Coronita]

esmith,

zzzz I must have been asleep when I read that.

I meant their curse will be Countrywide willing to rewrite their loan…blah blah blah… The point I was trying to make was that it won't help them in the long run, because they are in over their head. 

Misread the braces were for her kids, not the wife. 

 

Anyway, still don't understand why they have a financial advisor that advises them into hole after hole. 

[Coronita]

esmith,

zzzz I must have been asleep when I read that.

I meant their curse will be Countrywide willing to rewrite their loan…blah blah blah… The point I was trying to make was that it won't help them in the long run, because they are in over their head. 

Misread the braces were for her kids, not the wife. 

 

Anyway, still don't understand why they have a financial advisor that advises them into hole after hole. 

[Coronita]

I think 6 things did them in, combined.

1) $40k in college loans

2) Credit card debt (Trying to understand how they got into this)

3) Car loans

4) No savings prior to purchase ==> 2nd mortgage

5) Owning in Buffalo (no appreciation and low salary)

6) Expense of 2 kids (judging by the picture, they look older and are probably consuming a good deal of the income).

Yup, seems like a recipe for a disaster. I think the family probably sucks at money management…..But the interesting thing I'd point out. Anyone catch that they are using a "financial manager"?

Financial planner Kevin Barrett was able to renegotiate the loan to give the Hornbeeks breathing room, as somelenders are increasingly willing to do to avoid foreclosing on a property.

Um, ok. If I were them, I would have  have fired the financial planner for letting them get into this mess to begin with. They were knee debt in debt, and it was a good idea to do an interest only? What are they paying the financial planner to plan? Planning how to get further into debt? Geessh. Why does a family that have no assets, no savings need to use a financial planner to begin with? Buy a book from Suzi Orman and follow the book. 

If I were betting, unless something drastic happens..I'd say these folks are going to be foreclosed 3-5 years down the line. They're close to 40. Continuing going down this road, they're going to have nothing when it comes time to retirement/savings. Still need deep in debt across the board, and on top of that need to juggle a mortgage. They're still living a high cost life, and they're already talking about buying kids braces, etc.

Like i said, the banks are bailing out folks, not to really help folks out, but delaying things to bail themselves (the banks) out.

I don't know if anyone thinks this way, but I think the loan forgiveness may be a curse for them. Because they are going to continue sinking they're money into something that isn't an investment, when close to 40, they really should be thinking about maximimize their savings/investments and paying down their high cost debt. This was probably the worst thing that could have happened to this family. I hope I'm wrong, because if it plays out that way, poor kids. 

[Coronita]

I think 6 things did them in, combined.

1) $40k in college loans

2) Credit card debt (Trying to understand how they got into this)

3) Car loans

4) No savings prior to purchase ==> 2nd mortgage

5) Owning in Buffalo (no appreciation and low salary)

6) Expense of 2 kids (judging by the picture, they look older and are probably consuming a good deal of the income).

Yup, seems like a recipe for a disaster. I think the family probably sucks at money management…..But the interesting thing I'd point out. Anyone catch that they are using a "financial manager"?

Financial planner Kevin Barrett was able to renegotiate the loan to give the Hornbeeks breathing room, as somelenders are increasingly willing to do to avoid foreclosing on a property.

Um, ok. If I were them, I would have  have fired the financial planner for letting them get into this mess to begin with. They were knee debt in debt, and it was a good idea to do an interest only? What are they paying the financial planner to plan? Planning how to get further into debt? Geessh. Why does a family that have no assets, no savings need to use a financial planner to begin with? Buy a book from Suzi Orman and follow the book. 

If I were betting, unless something drastic happens..I'd say these folks are going to be foreclosed 3-5 years down the line. They're close to 40. Continuing going down this road, they're going to have nothing when it comes time to retirement/savings. Still need deep in debt across the board, and on top of that need to juggle a mortgage. They're still living a high cost life, and they're already talking about buying kids braces, etc.

Like i said, the banks are bailing out folks, not to really help folks out, but delaying things to bail themselves (the banks) out.

I don't know if anyone thinks this way, but I think the loan forgiveness may be a curse for them. Because they are going to continue sinking they're money into something that isn't an investment, when close to 40, they really should be thinking about maximimize their savings/investments and paying down their high cost debt. This was probably the worst thing that could have happened to this family. I hope I'm wrong, because if it plays out that way, poor kids. 

[Coronita]

I think 6 things did them in, combined.

1) $40k in college loans

2) Credit card debt (Trying to understand how they got into this)

3) Car loans

4) No savings prior to purchase ==> 2nd mortgage

5) Owning in Buffalo (no appreciation and low salary)

6) Expense of 2 kids (judging by the picture, they look older and are probably consuming a good deal of the income).

Yup, seems like a recipe for a disaster. I think the family probably sucks at money management…..But the interesting thing I'd point out. Anyone catch that they are using a "financial manager"?

Financial planner Kevin Barrett was able to renegotiate the loan to give the Hornbeeks breathing room, as somelenders are increasingly willing to do to avoid foreclosing on a property.

Um, ok. If I were them, I would have  have fired the financial planner for letting them get into this mess to begin with. They were knee debt in debt, and it was a good idea to do an interest only? What are they paying the financial planner to plan? Planning how to get further into debt? Geessh. Why does a family that have no assets, no savings need to use a financial planner to begin with? Buy a book from Suzi Orman and follow the book. 

If I were betting, unless something drastic happens..I'd say these folks are going to be foreclosed 3-5 years down the line. They're close to 40. Continuing going down this road, they're going to have nothing when it comes time to retirement/savings. Still need deep in debt across the board, and on top of that need to juggle a mortgage. They're still living a high cost life, and they're already talking about buying kids braces, etc.

Like i said, the banks are bailing out folks, not to really help folks out, but delaying things to bail themselves (the banks) out.

I don't know if anyone thinks this way, but I think the loan forgiveness may be a curse for them. Because they are going to continue sinking they're money into something that isn't an investment, when close to 40, they really should be thinking about maximimize their savings/investments and paying down their high cost debt. This was probably the worst thing that could have happened to this family. I hope I'm wrong, because if it plays out that way, poor kids. 

[Coronita]

I think 6 things did them in, combined.

1) $40k in college loans

2) Credit card debt (Trying to understand how they got into this)

3) Car loans

4) No savings prior to purchase ==> 2nd mortgage

5) Owning in Buffalo (no appreciation and low salary)

6) Expense of 2 kids (judging by the picture, they look older and are probably consuming a good deal of the income).

Yup, seems like a recipe for a disaster. I think the family probably sucks at money management…..But the interesting thing I'd point out. Anyone catch that they are using a "financial manager"?

Financial planner Kevin Barrett was able to renegotiate the loan to give the Hornbeeks breathing room, as somelenders are increasingly willing to do to avoid foreclosing on a property.

Um, ok. If I were them, I would have  have fired the financial planner for letting them get into this mess to begin with. They were knee debt in debt, and it was a good idea to do an interest only? What are they paying the financial planner to plan? Planning how to get further into debt? Geessh. Why does a family that have no assets, no savings need to use a financial planner to begin with? Buy a book from Suzi Orman and follow the book. 

If I were betting, unless something drastic happens..I'd say these folks are going to be foreclosed 3-5 years down the line. They're close to 40. Continuing going down this road, they're going to have nothing when it comes time to retirement/savings. Still need deep in debt across the board, and on top of that need to juggle a mortgage. They're still living a high cost life, and they're already talking about buying kids braces, etc.

Like i said, the banks are bailing out folks, not to really help folks out, but delaying things to bail themselves (the banks) out.

I don't know if anyone thinks this way, but I think the loan forgiveness may be a curse for them. Because they are going to continue sinking they're money into something that isn't an investment, when close to 40, they really should be thinking about maximimize their savings/investments and paying down their high cost debt. This was probably the worst thing that could have happened to this family. I hope I'm wrong, because if it plays out that way, poor kids. 

[Coronita]

I think 6 things did them in, combined.

1) $40k in college loans

2) Credit card debt (Trying to understand how they got into this)

3) Car loans

4) No savings prior to purchase ==> 2nd mortgage

5) Owning in Buffalo (no appreciation and low salary)

6) Expense of 2 kids (judging by the picture, they look older and are probably consuming a good deal of the income).

Yup, seems like a recipe for a disaster. I think the family probably sucks at money management…..But the interesting thing I'd point out. Anyone catch that they are using a "financial manager"?

Financial planner Kevin Barrett was able to renegotiate the loan to give the Hornbeeks breathing room, as somelenders are increasingly willing to do to avoid foreclosing on a property.

Um, ok. If I were them, I would have  have fired the financial planner for letting them get into this mess to begin with. They were knee debt in debt, and it was a good idea to do an interest only? What are they paying the financial planner to plan? Planning how to get further into debt? Geessh. Why does a family that have no assets, no savings need to use a financial planner to begin with? Buy a book from Suzi Orman and follow the book. 

If I were betting, unless something drastic happens..I'd say these folks are going to be foreclosed 3-5 years down the line. They're close to 40. Continuing going down this road, they're going to have nothing when it comes time to retirement/savings. Still need deep in debt across the board, and on top of that need to juggle a mortgage. They're still living a high cost life, and they're already talking about buying kids braces, etc.

Like i said, the banks are bailing out folks, not to really help folks out, but delaying things to bail themselves (the banks) out.

I don't know if anyone thinks this way, but I think the loan forgiveness may be a curse for them. Because they are going to continue sinking they're money into something that isn't an investment, when close to 40, they really should be thinking about maximimize their savings/investments and paying down their high cost debt. This was probably the worst thing that could have happened to this family. I hope I'm wrong, because if it plays out that way, poor kids. 

[Author]

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