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| Tuesday, October 28, 2008 |
| A New Life For (some) IndyMac Borrowers |
 The NPR.org story: A New Life For IndyMac Borrowers which reports that since IndyMac was taken over by the Federal Deposit Insurance Corp., the FDIC has been rewritting about 10 percent shaky loans - saving homeowners from losing their homes. One of the beneficiaries of IndyMac's program is Cynthia Hendrix, who lives in Howell, N.J., with her husband, Tom. The mother of two made a six-figure income and lived in a home with a nanny and a housekeeper until she and her family faced a string of medical bills that left them 30 days from foreclosure.
The family now lives in a small 1940s ranch home that is falling apart. The kitchen lacks cabinets, and the thermostat is dangling from a hole in the wall. Sewage recently flooded the place.
Hendrix said her strategy was to try to pay just enough to avoid foreclosure.
In August, IndyMac offered to reduce her interest rates, which meant her monthly mortgage, including taxes, would drop from $4,300 to $2,600.
"It was like a gift from God," she said. For the first time in years, she is current on her mortgage and saving for retirement. |
| posted by Boston Gal @ 12:01 PM *
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| 9 Comments: |
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Wow ... just speechless. $150k a year in income and they live in a house that isn't new. Laying off the nanny and the housekeeper must have been difficult. I'm glad our government can help them out.
I wonder if things would have worked out differently for them if they had rented for a while, saved some money, and bought a house they could afford? Nah
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I find this completely bizarre. Why would she call it "a gift from God" to have a mortgage on a house that sounds like it needs 5 figures in repairs just to be habitable?
And a mortgage payment of $2600? I'm sure she could find a much nicer place by renting -- for less money!
The attachment some people have to their homes is strange, to say the least.
-Erica
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It kind of seems that the article is saying the Hendrix are living in a different house, it says "The family NOW LIVES in a small ..".
However, it doesn't say what happened to the first house or why they would have paid so much for a house that is "falling apart".
Anyone else find this article unclear and/or confusing?
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I agree .. this story is very unclear. And are these folks so helpless that they can't figure out how to put the thermostat back on the wall?
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Crazy people. She should have never consider the a home with a $4,300 payment let alone $2,600. My folks have fixed mortgage of $700 for a 150K.
They crazy people think they will keep earning six figures or maybe even higher.
My co-worker, a 66 lady, claims she has been taking all her raises in the last 10 years and saved it. So she leaving off whatever salary she made 10 years ago.
I have no sympathy for crazy six figure poor people.
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You guys are forgetting that Central to Northern Jersey is a more expensive place to live than in Central to Eastern Mass. The property taxes are ridiculous there -- think NH property taxes coupled income taxes that are 2x higher than Mass. I'd imagine even Howell which is easily 2 hours from Manhattan in the morning commute is still pretty expensive since it's near the shore.
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Help me with this. They could afford a live in nanny and housekeeper but couldn't afford to save up en emergency fund to cover unexpected medical costs? I'm so relieved that my tax dollars could help this family out. But I sure do wish I could have alive in nanny and housekeeper too.
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One thing I don't understand is if she was injured in a car accident she should of had PIP if she lives in NJ. And that should have covered the vast majority of her medical bills. In know when I lived in NJ and was in an accident I only paid $1,500.00 of over 100K in medical costs. So I would guess that not all thier problems stemed from medical costs.
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This family obviously did not pay attention to their finances. The numbers don't add up, and too many facts are not here.
I cannot imagine that a family is making six figures but cannot afford health insurance that would cover a majority of the bills.
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Wow ... just speechless. $150k a year in income and they live in a house that isn't new. Laying off the nanny and the housekeeper must have been difficult. I'm glad our government can help them out.
I wonder if things would have worked out differently for them if they had rented for a while, saved some money, and bought a house they could afford? Nah