patrick.net

Oh god! Please help them! They bought a $1.3 million home and can't afford to make the payments... Here's a hint Mr. Computer Engineer: Sell your MacBook Pro and stop popping out babies and you might be able to afford the $41,000 to make your loan current.

It's pretty pathetic that a family in a $1.3 million home is begging the public for handouts. They've had every opportunity in the world and have pissed away all their money...

These people are making their financial decisions only based on emotions. "This is our house, we don't want to leave" They are probably over 400k underwater, but if someone gave them 42k today they would give it away to a bank and not improved their situation at all. With 42k they could move somewhere cheaper and prepay 1 full year rent on another house.

You know, some people act like rabbits.
Good at making babies, suck at financial reality.

http://www.helpuskeepourhome.org/

linky for their beg-site, complete with nice picture of famliy (aww!).... if any Patrick.netters want to contribute

I think he's a tool just as much as the guy here. But what's with the resentment about people having kids?

A foreclosure just might be the thing that gives those kids Character moving forward.
I don't feel sorry for the kids or him. This to will pass. I have my own problems and the best I can muster for these people is a yawn.

But you guys bitching about other people with children need to get a grip.

No, it's not about kids part, its about irresponsibility part. *yawn*

Wow.... All I can say is.... Wow. What a freaking moron. Kids are EXPENSIVE. I'm not sure who I should laugh at more - this idiot who has a ~1.3M mortgage or the fools who are sending them money.

I'd like to run a records check on this place to see if/how many times they've refi'd and what kind of mortgage they have.

Tenouncetrout says

I think he’s a tool just as much as the guy here. But what’s with the resentment about people having kids?
A foreclosure just might be the thing that gives those kids Character moving forward.

I don’t feel sorry for the kids or him. This to will pass. I have my own problems and the best I can muster for these people is a yawn.
But you guys bitching about other people with children need to get a grip.

TPB,

The root problem is that people don't THINK about the consequences of anything they do. Option-ARM? Sure, I can just refinance. Have another kid? Sure, they're just so darn cute.

Science is sufficiently advanced that we now have the luxury of deciding when and if to have children. Children are EXPENSIVE and you should think about your ability to provide for them before you decide to have one. If you can't afford it you shouldn't do it. If you live on a farm (or you have a family-run business and can put those kids to work) then that changes things but in this case every one of those kids is a huge financial burden on that family for decades.

Besides, the planet is already overpopulated. No one should have more than 2 kids.

6th kid on the way :)

Crazy guy, he did not have steady job since one year, still planned for a kid.

His guts are great.

YOU HAVE GOT TO BE KIDDING ME!!!!!!!! why is this guy so special?? does ABC know that MILLIONS of people (that are probably a lot more intelligent then this moron) are losing their houses..??? just because this guy knew how to make a website he makes it to the news? what is this world coming to? and WHYYYYY are people donating to this nonsense?

Seems like 10-12 idiots have actually sent them money so far.

grywlfbg says

Wow…. All I can say is…. Wow. What a freaking moron. Kids are EXPENSIVE. I’m not sure who I should laugh at more - this idiot who has a ~1.3M mortgage or the fools who are sending them money.
I’d like to run a records check on this place to see if/how many times they’ve refi’d and what kind of mortgage they have.

I'm on it.

Ok let's see -
SALE 9/15/2006 $1,295,000.
Deed of trust #1: 2006 $1,000,000 loan, ARM, interest only.
Deed of trust #2: May 2007 limit of $145,000 (HELOC ?).
Deed of trust #3: July 2007 limit of $189,950 (new HELOC?).
NOD September 2009, $23,700 or so.
So they couldn't afford the first loan, and then added to it. Yeah, I've got a LOT of pity for them.

Like others have said, it's not about having kids, it's about proper family planning. If I had 5 kids already, lost my job, and fell behind on my mortgage payments, the last thing I'd do would be to get pregnant again.

Reminds me of the Enron wives crying on good Morning America about how they had to cancel their gym memberships, sell the beach house, stop the weekly spa visits, blah, blah...all the while thinking, oh, god, I sure hope this isn't being broadcasted overseas...how embarrassing!

grywlfbg says

Tenouncetrout says

I think he’s a tool just as much as the guy here. But what’s with the resentment about people having kids?

A foreclosure just might be the thing that gives those kids Character moving forward.
I don’t feel sorry for the kids or him. This to will pass. I have my own problems and the best I can muster for these people is a yawn.

But you guys bitching about other people with children need to get a grip.

TPB,
The root problem is that people don’t THINK about the consequences of anything they do. Option-ARM? Sure, I can just refinance. Have another kid? Sure, they’re just so darn cute.
Science is sufficiently advanced that we now have the luxury of deciding when and if to have children. Children are EXPENSIVE and you should think about your ability to provide for them before you decide to have one. If you can’t afford it you shouldn’t do it. If you live on a farm (or you have a family-run business and can put those kids to work) then that changes things but in this case every one of those kids is a huge financial burden on that family for decades.
Besides, the planet is already overpopulated. No one should have more than 2 kids.

Oh wise one, you and only you should posses the power to tell when people when to breed.

No I think the problem is, Morons like him and you thinking it takes a 1.3 million dollar mansion to raise kids. Just because you have kids, doesn't mean you need a 4 grand mortgage. I think the kids will understand sharing rooms with bunk beds.

Kids are coming, you can't plug all of the holes.

ptiemann says

Edit:

never mind. The domain is registered to “440 Carlos Avenue, Redwood City, CA”. Hm… strange something does not add up

I actually read the site thanks to permanent_marker.
The address specified for donator is "751 Laurel St. #801, San Carlos, CA 94070"
It looks like an apartment or an office address, and it won't show up on redfin.

I searched the County grantee/grantor deeds by name. This is not online, you have to go to a kiosk at the offices.

seaside says

ptiemann says

Edit:
never mind. The domain is registered to “440 Carlos Avenue, Redwood City, CA”. Hm… strange something does not add up

I actually read the site thanks to permanent_marker.

The address specified for donator is “751 Laurel St. #801, San Carlos, CA 94070″

It looks like an apartment or an office address, and it won’t show up on redfin.

That's a UPS Store in the town - not the house address.

Thanks for the info pkowen!

Tenouncetrout says

Oh wise one, you and only you should posses the power to tell when people when to breed.
No I think the problem is, Morons like him and you thinking it takes a 1.3 million dollar mansion to raise kids. Just because you have kids, doesn’t mean you need a 4 grand mortgage. I think the kids will understand sharing rooms with bunk beds.
Kids are coming, you can’t plug all of the holes.

The world has more than enough people already. In my opinion if you want to have more than two kids you should adopt. There are plenty of kids who needs homes. You can adopt as many as you want and I will applaud you for your effort.

I never said it takes a mansion to raise kids. My wife and I (along w/ a dog and 2 cats) live in a 1,046 sq ft 3/2/2 and we're doing fine. We could have 1-2 kids in this house and still be fine. The other thing to keep in mind is that at the top of bubble, $1.3M in that town didn't buy a mansion (our place was $800k at the peak and it's in a "less desirable" area).

Can we at least agree that if you already have 5 kids and no job, having a 6th one isn't such a great idea and maybe you should wait until your situation is more stable?

grywlfbg says

Can we at least agree that if you already have 5 kids and no job, having a 6th one isn’t such a great idea and maybe you should wait until your situation is more stable?

Yes, thank you grywlfbg. I wasn't trying to insult families that have kids. My wife and I are trying to have our first one right now as well. I just have a hard time understanding why people should make a series of terrible life choices and expect all of their fellow men to bail them out.

Anyone with 2 brain cells to rub together could have said "gee $1.3 million for an average house is a little bit too much; maybe we should rent for a little while instead..." Anyone with 2 brain cells to rub together could have said "gee, I lost my job, maybe we shouldn't have a 6th kid..."

If we reward stupidity by giving them money, we're basically telling everyone we don't care how stupid they are, we'll pay for their mistakes for them.

I can't even imagine how much "you're an idiot" mail he's received so far.

Looks like a realtor has taken up their cause on a Realtor blog. I wonder if it's the same guy who sold them the house in the first place and advised they could keep refinancing and stay ahead of the payments.

http://activerain.com/blogsview/1414660/family-in-need-of-help

Liz Pendens says

Looks like a realtor has taken up their cause on a Realtor blog. I wonder if it’s the same guy who sold them the house in the first place and advised they could keep refinancing and stay ahead of the payments.
http://activerain.com/blogsview/1414660/family-in-need-of-help

I recognize that realtor's face from really, really bad properties listings on Craigslist, I think. He also can't seem to spell, but what does one expect?

PK, is that a computerized kiosk we are talking about here? And does Santa Clara have the same system?

dbl post

Tenouncetrout says

grywlfbg says

Tenouncetrout says

I think he’s a tool just as much as the guy here. But what’s with the resentment about people having kids?
A foreclosure just might be the thing that gives those kids Character moving forward.
I don’t feel sorry for the kids or him. This to will pass. I have my own problems and the best I can muster for these people is a yawn.
But you guys bitching about other people with children need to get a grip.

TPB,
The root problem is that people don’t THINK about the consequences of anything they do. Option-ARM? Sure, I can just refinance. Have another kid? Sure, they’re just so darn cute.
Science is sufficiently advanced that we now have the luxury of deciding when and if to have children. Children are EXPENSIVE and you should think about your ability to provide for them before you decide to have one. If you can’t afford it you shouldn’t do it. If you live on a farm (or you have a family-run business and can put those kids to work) then that changes things but in this case every one of those kids is a huge financial burden on that family for decades.
Besides, the planet is already overpopulated. No one should have more than 2 kids.

Oh wise one, you and only you should posses the power to tell when people when to breed.
No I think the problem is, Morons like him and you thinking it takes a 1.3 million dollar mansion to raise kids. Just because you have kids, doesn’t mean you need a 4 grand mortgage. I think the kids will understand sharing rooms with bunk beds.
Kids are coming, you can’t plug all of the holes.

I could care less (and is none of my business) how many kids anyone has. It is when they start begging me to help them out financially that I will tell them they should have had less kids. My wife and I decided too have two and only two kids, because that is all we can afford. What ticks me off is when I have to wait an extra 10 minutes for the idiot in front of me at the grocery check out, because the cashier has to process all the WIC tickets. If you can not feed your kids with what you make THEN DON'T KEEP HAVING THEM. Sorry got carried away, just don't like paying for someone else's kids or fun in the bedroom.

@pkowen,
thanks for the research!

Wonder if they'll trash the place before leaving.

justme says

PK, is that a computerized kiosk we are talking about here? And does Santa Clara have the same system?

Yes, there are computer terminals at the San Mateo County clerk with searchable scanned documents. I don't know about Santa Clara, but certainly every County in the U.S. has this information in some form. At worst, you have to rifle through a paper system (which is fun for the historian types).

Another story of a person with overextended finances, this time a lawyer with $30k credit card debt.

http://www.huffingtonpost.com/2010/01/04/ben-pavone-california-law_n_410630.html

Thanks, PK.

Maybe as a renter I should write up some sob story about how I can't afford to buy a home and ask for donations for a down payment. Let's see...disabled, 7 kids with quadruplets on the way, no job, single parent, etc. It shouldn't be a one-way street. If people are really dumb enough to help someone stay in a $1M+ home, maybe they'll help me buy an $800k home. I'm not asking for that much.

update on 1/5:

Looks like they are going for ShortSale.

notable quotes:
"We need new laws enacted directed at the mortgage industry to incentivize lenders to work more quickly with homeowners that wish to stay in their home, and that CAN continue making payments on time"

"we were denied due to our debt ratio coming in at 42%, where they wanted to see 38%. That means we COULD pay for the home, but it was just a bit outside "their" guidelines, so we lost our bid."

read the full update:

"I've learned one thing over the last few days. I've learned that there are a lot of very kind and generous people out there that will help someone in need, even if they themselves are needy. It's absolutely heartwarming to see that.
We have received a fair number of negative messages, but those are far outweighed by the good we have received. After looking at our various options, we've decided to go the route of a short sale. We've gained quite a bit of recognition with our story, and I want to use that recognition to put a face on the foreclosure numbers we all hear on the news.

Yes, there are hundreds of thousands if not more individuals going through exactly the same thing, from all walks of life, across this nation. A lot of people found themselves in loans that were predatory in nature, and caused them to move into the red when the loan rates switched after the introductory period. Others, such as myself, found themselves falling behind due to unexpected job loss. One thing most people do not know about our story, is that even though we have a high loan value due on the home, we have paid in payments close to $250,000 since moving in a little over 3 years ago.

We have always lived within our means. It was close each month, like most people, but hard work paid off and allowed us to live in the home we desired, in a nice neighborhood.

Over the next few days, I will make updates to this page giving contact information and assistance for those going through the same situation. We need new laws enacted directed at the mortgage industry to incentivize lenders to work more quickly with homeowners that wish to stay in their home, and that CAN continue making payments on time. We would have been able to re-negotiate our loan with our lender, but we were denied due to our debt ratio coming in at 42%, where they wanted to see 38%. That means we COULD pay for the home, but it was just a bit outside "their" guidelines, so we lost our bid.

This is a serious issue facing this nation, and it's only going to get worse as more jobs are lost and homeowners fall behind in their payments.

For those generous individuals who have donated money to my family, we will be returning the money. We will never forget the generosity we have seen from so many people.

Thank you again for your support. "

OMG.

We need a child permit system. Let's replace the income tax with a head tax.

permanent_marker says

update on 1/5:
Looks like they are going for ShortSale.
notable quotes:
“we were denied due to our debt ratio coming in at 42%, where they wanted to see 38%. That means we COULD pay for the home, but it was just a bit outside “their” guidelines, so we lost our bid.”
read the full update:
"We have always lived within our means. It was close each month, like most people, but hard work paid off and allowed us to live in the home we desired, in a nice neighborhood."

I'd like to know how an interest only ARM is living within your means ...

camping says

Maybe as a renter I should write up some sob story about how I can’t afford to buy a home and ask for donations for a down payment. Let’s see…disabled, 7 kids with quadruplets on the way, no job, single parent, etc. It shouldn’t be a one-way street. If people are really dumb enough to help someone stay in a $1M+ home, maybe they’ll help me buy an $800k home. I’m not asking for that much.

Where shall I send my donations to help with your endeavor?

Sure, this family is popping out the kids like there's no tomorrow. In my neck of the woods (Utah), this is considered to be a small family and people would want to know what's wrong with them. I do sympathize with their problems, but don't think that the bank or anyone owes them anything. Everyone who is in foreclosure says the same thing - that the evil banks shouldn't foreclose because of their situation. However, if they rented or lived somewhere else much less expensive the $250k they've spent over the last two years would have paid off the place.

Drawing attention to their plight invites mean comments - and this has already been done, they're not even original. Hope that they're thick-skinned.

He says on their website that he never had enough left over to contribute to his 401k. I just don't understand how he CAN pay his mortgage and debts moving forward even though he is unemployed but couldn't afford it for the last 7 months.

allthatryry says

He says on their website that he never had enough left over to contribute to his 401k. I just don’t understand how he CAN pay his mortgage and debts moving forward even though he is unemployed but couldn’t afford it for the last 7 months.

It is simple.
He should pay like 5000~5800/month for 1M loan though, he didn't. The loan was ARM, interest only loan. So he's been paying like 3000/month, could be less than that. Also, this guy took two other loans totaling $330,000 out of the house. He may have used that money toward home payments. So, $250,000 he spent for home payment in 3 years is entirely possible. The amount of money he actually putting into the home will be far less than $250,000. Even so, he didn't have enough money for 401K. In other words, he shouldn't have bought the house at the first place.

However, this is what a lot of people did for years. They did this thinking they can make profit by selling the house in few years, because they think the price will always go up. Unfortunately that's not happened, and guys like him lost.

The guy called it "living within his means". I call it "blinded gamble full of greed and stupidity".

They need birth control! I've said it before and I'll say it again, they knew his job was in jeopardy at the time of conception of baby #6!!! Can someone say IRRESPONSIBLE! Live within your means, if not, don't ask for help if your overextended!