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Seminars planned to help those with housing, mortgage problems

Original post made on Jun 1, 2011

The city of Pleasanton will co-host two free housing education symposiums to observe Tri-Valley Housing Opportunities Week starting Saturday.

Read the full story here Web Link posted Wednesday, June 1, 2011, 9:34 AM

Comments (12)

Posted by resident
a resident of Downtown
on Jun 1, 2011 at 12:00 pm

How about this for one session -- "What were you thinking when you agreed to buy something that you could NEVER afford?". Next session -- "Explain to me just why the taxpayers should fork over money to pay for your greed and stupidity?". Final session -- "Now that you took tax deductions for mortgage interest, you will be forgiven the debt but allowed to keep the taxes you should have paid".
Am I the only person who is just plain tired of funding the irresponsible and irrational actions of realtors who encourage non-qualified buyers to get loans from greedy mortgage brokers who do not use any due diligence before submitting those loans for funding?
Does anyone else think that the people who signed their agreement to pay for the house, took the tax deductions, then walked away from the obligation should owe SOMETHING? Or should the rest of us just continue to try to pay off the national debt because we actually PAY for what we purchase?

Posted by Pat
a resident of Another Pleasanton neighborhood
on Jun 1, 2011 at 3:06 pm


I'm not defending what those people did, but this is small potatoes compared to the bailouts of large financial institutions like AIG. Many of those responsible for this disaster got big bonuses from us, the taxpayers. I hope you will direct some of your anger at them. Also please keep in mind that unemployment is currently at 12% in California. Many people could afford their homes when they bought them, but are now out of work or working for much less pay.

Posted by Boner
a resident of Another Pleasanton neighborhood
on Jun 1, 2011 at 4:57 pm


In most cases I believe that the people who bought the homes thought or were told that they could afford the payments and the home, afterall that is what our elected leaders told us, "everyone has a right to own a home". I heard yesterday that one out of every four homeowners nationally are upside down in their mortgages and in California one out of every two is upside down. This is why you are seeing housing prices drop like a bomb. If you think that these homeowners are the only ones living above their means then look at the state of California, Grey Davis, Arnold, and our democratic leadership in Sacramento...........they are continuing to live way over their heads and I believe judgement day is right around the corner for all of us.

Posted by resident
a resident of Downtown
on Jun 1, 2011 at 7:34 pm


I agree that many people are living well above their means. However, I can personally come up with names of half a dozen or more people who can well afford to pay their mortgages but choose not to because the home is under water. One of those people is a high ranking manager in a city in the Bay Area, making well over a quarter of a million dollars a year -- and just does not feel obligated to pay the mortgage on a home that is worth half what they paid for it. How is that right? Oh, did I mention that this is the second time this couple has walked away from a mortgage in the past 15 years for the same reason?
The big money guys on Wall Street should all be in prison, that will never happen. In the meantime, the local realtors and loan brokers continue to prey on people who feel entitled to own property even when the numbers will never work out. Payment doubles in 2 years? No problem, just refinance and use the 50% equity that you have gained to get that payment back down.
Grey Davis is also the idiot who gave the public safety unions 3% at 50 but that is another story entirely.
Live within your means or suffer the consequences. I am tired of paying for those consequences myself.

Posted by Mike
a resident of Highland Oaks
on Jun 2, 2011 at 7:42 am

The advice I have always followed is to save first, then spend.

Posted by steve
a resident of Parkside
on Jun 2, 2011 at 8:07 am

Mike, that is the best advice anyone can take. Just because you may be able to get a loan from Freddie or Fannie, doesn't mean you should. Our entitlement society doesn't teach people financial responsibility and our politicians don't lead by example. Seems like the 'me' generation of the 80's is now in power and swiping the credit card without restraint or thought of long term ramifications to themselves and others.

Posted by Boner
a resident of Another Pleasanton neighborhood
on Jun 2, 2011 at 9:39 am


I think it depends a bit on your perspective. I have a home out in Tracy which I purchased to help one of my kids. They did not make the house payment so I have been doing so for the last couple of years even though I could just walk away under the law in California since it is listed as my primary dwelling. I have chosen not to because I can afford the payment. The home is worth $45,000 less than what I owe.

My son on the other hand has a home and lost his job and could not make the entire payment. At my guidance he contacted the lender to let them know if his situation and to offer to make part of the payment until such time as he could find work. They told him that he qualified for the Obama mortgage relief thing and not to worry (Bank of America). He literally called them everyday and sent letters and documentation everyday for 6 months trying to make arrangements and literally could not get anyone to call him back. He finally got a return call and they told him that if he wanted to get some attention just stop making the payment! He has not made a payment in over a year and a half and still lives in the home. The whole system is corrupt.

Posted by Good finish last
a resident of Another Pleasanton neighborhood
on Jun 2, 2011 at 4:41 pm

My 55 yr old son in a neighboring community has been making payments faithfully on his 30 yr FIXED Wells Fargo loan since he purchashed it with 20%+ down in 2001. But the scammer buyers and brokers who caused drop in VALUES affect his value. He had a good steady position in your typical 100+ employee manufacturing company. While stimulus went to public employees, inner-city, and green companies, most others suffered. Finally his employer went broke in 2010, and this 55 yr old became UNemployed, and is still unemployed.
He has no pension has been making payments with his small savings.
Should he let Wells Fargo know that he has been UNemployed and is nearing the end of his savings. His home is his only asset...,.his only reitrement. Value has fallen, so to sell it he would have to use his last $70,000. to give Wells Fargo to be able to sell short. Once he's told them he's UNemployed, would they cause him to use those last $$ to his name,just to continue to protect his credit name. Have you ever heard of Wells adjusting loans ???. He's been a bank customer forever. At 55 he feels if he 'loses' this house he'll check out, since there's no time for him to ever recover....truly hopeless. He's been a honest,steady dependable mid-level employee all his life...never had a break ever. He's a good son and has always made me proud.. But, This year he and I have finally learned, the good finish last.!!....unless someone can show us a way out. He wants to hang on, and go down with his house. I don't have a solution for him. I did him wrong by teaching him to work hard, be honest and right would prevail.... the Golden Rule no longer applies. Be good and you will get screwed.

Posted by OWKS
a resident of Canyon Meadows
on Jun 3, 2011 at 9:48 am

I purchased my home as a first time home owner back in 2004. I felt I had to or I would need to move out of state and away from my family. The median home price was in the $600-700K’s. The cheapest house I could find was a 750 sqft condo in the “low” $340K range.

The mortgage folks told me I could refinance in five years “with all that equity” to something more affordable. Everyone had done it; it was how the industry worked. If only we could have known…

Fast forward to house is underwater by $141K (almost half of its original value). It is estimated it will be at least ten years before the market comes back. I live like a pauper, never go on vacations or trips, but I can still make my payment. Does that make sense to keep paying if in ten years the interest rate will be more than I can afford and they take my house anyway? If a corporation lost almost half their investment wouldn’t they claim bankruptcy? Why should I keep paying?!

I understand the mortgage companies are making money on the losses and starting up companies to buy foreclosed houses to resell at a profit. They are making money on both ends. Makes sense why they tell people to stop paying, refuse to modify the loan, and then take the house back.

I think they only way to fix this is to pass a law that mortgage companies HAVE TO modify loans or fix the rates. Otherwise, there will be more and more foreclosures and more and more dropped home values.

Posted by Marcia
a resident of another community
on Jun 3, 2011 at 11:18 am

Good finish last and OWKS understand what has been going on. Many people could afford their homes plus other pay their other debts until the economic free fall commenced that started with the housing crisis. It disturbs me how many are faulting the people who have been literally victimized by the scumbags that caused all of this. All anyone has to do is watch the Emmy award winning documentary "Inside Job". This will educate you immensely as to what really happened and why there should be lawsuits or actions taken by the stupid politicians to support the people who have suffered. (ie. all guilty banks should allow refinancing of upsidedown homes at the current FMV and at today's rates for up to a 30 yr fix whether the original loan was through them or not).

My condolences to all those who have lost their jobs, homes, savings, marriages, and in some cases, their lives through suicide. Yes, this has happened and to think these Wall Street people are still out enjoying life on all their bonus checks and bailout monies depresses me. Worse yet, our beloved politicians haven't done a damn thing about it.

Posted by Marcia
a resident of another community
on Jun 3, 2011 at 12:43 pm

Boner knows too how corrupt and deceiving and.....this whole thing is and the only ones to suffer are the home owners (victims) and people who actually work(ed) hard and aren't benefiting from the pension scam(s) that are just as corrupt. THEY (banks and unions) are the true bullies of our society today.
Try to get gov't support? Not going to happen and to think there are too many uninformed voters who voted in a Socialistic minded "idiot".

Posted by Mike
a resident of Highland Oaks
on Jun 3, 2011 at 5:30 pm

20% down means 80% in the hole and a commitment to pay over a significant chunk of your life. On top of this is the fact that the 80% you are paying doubles over the span of the loan: it is pure and utter madness to consider such a commitment when no one knows what may happen over the next 30 years.

I say 80% down and a 20% loan would have kept most of these unfortunate people out of trouble.

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