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Briefly - family being foreclosed on in Mendham due to various factors - slowdown in construction, signing loans they couldn't afford, possible fraud with mortgage company.
The ultimate blame is on the Sylvester. They used their home to secure a loan for their business. A failed business so blame it on everyone but the person in the mirror.
Oh please. It seems like a lot of these stories have been popping up lately. "Poor" people can't afford their 1-2 million dollar homes in hyper affluent towns. Boo friggin hoo.
Bottom line, these people have other options. Move to a smaller house in a less affluent town. Make the older kids get jobs if they don't have them.
My heart goes out to the hard-working families with two or three kids who put everything on the line to buy a modest 300K home in a semi-decent neighborhood, who lost their jobs through no fault of their own, may be facing foreclosure and have no other options to purchase another home. These people need help far more than the people living in their 4000 s.f. mansions. Give me a break.
Oh please. It seems like a lot of these stories have been popping up lately. "Poor" people can't afford their 1-2 million dollar homes in hyper affluent towns. Boo friggin hoo.
Bottom line, these people have other options. Move to a smaller house in a less affluent town. Make the older kids get jobs if they don't have them.
My heart goes out to the hard-working families with two or three kids who put everything on the line to buy a modest 300K home in a semi-decent neighborhood, who lost their jobs through no fault of their own, may be facing foreclosure and have no other options to purchase another home. These people need help far more than the people living in their 4000 s.f. mansions. Give me a break.
well said & I agree...did you see what they actually paid for it??? Holy crap all that equity down the tubes..idiots
I have not read it all - admittedly - and the parts I skimmed showed that YES the lenders were idiots, but so were the borrowers. I think the fact that they are in Mendham and that the home is worth over $1.0 mil takes some of the sympathy factor away.
THAT SAID....we always have "business ownership" and "starting your own small business" touted as one of the tennants of the American Dream and, truly, one of the only ways to get ahead. For many, the only OPTION to ever attempt this is to borrow from home equity. (I AM NOT SAYING IT MAKES IT RIGHT- I'm just saying this is a fact.)
I never felt homes should be used as ATM machines nor should they have been used as if they were mere investments to be day traded... I think the economic collapse is almost a good thing and EVERYONE should reevaluate priorities in the good ol' us of a.
I have not read it all - admittedly - and the parts I skimmed showed that YES the lenders were idiots, but so were the borrowers. I think the fact that they are in Mendham and that the home is worth over $1.0 mil takes some of the sympathy factor away.
THAT SAID....we always have "business ownership" and "starting your own small business" touted as one of the tennants of the American Dream and, truly, one of the only ways to get ahead. For many, the only OPTION to ever attempt this is to borrow from home equity. (I AM NOT SAYING IT MAKES IT RIGHT- I'm just saying this is a fact.)
I never felt homes should be used as ATM machines nor should they have been used as if they were mere investments to be day traded... I think the economic collapse is almost a good thing and EVERYONE should reevaluate priorities in the good ol' us of a.
elle,
when they first bought the house they paid $197,000 in 1989
That's a hell of a lot of equity to blow through...nope nada no sympathy from me
the fault of taking loans they could not afford falls squarely on their shoulders.
however, there are some strange things going on:
1) lender is taking escrow for a $16000 prop tax bill when it is less (I verified this personally, gotta love the interwebs)
2) they do have a fixed mortgage that they could afford (at that time), but escrow analysis made their payments leaps by some awfully high amounts. The article doesn't do a good job explaining. The only reason it should go up is because of prop taxes, and they haven't risen that much.
they should've known they were in trouble when the lender suggested using mom since she had good credit. HUGE RED flag right there.
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