May/10
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Life After Forclosure – Economic Collapse in America – Victorville Ca Part 5
25 Comments · Posted by admin in California construction loan
5th in series about the hardest hit cities in CA. The high desert is the poster child for economic collapse in Ca. Sam leads us through whats happening now and the stories of people losing everything.
Duration : 0:6:52
advise · california · credit · debt · forclosure · loan · modification · mods · realty · repair · scam
juanflx · May 4, 2010 at 9:32 pm
The bank just sold …
The bank just sold my home while we were trying to modify the loan. What can we do. I have two small children, I contacted my senators, congressman, and the white house. The banks simply said move out its our house now.
theroilsoil · May 4, 2010 at 9:32 pm
Houses were built …
Houses were built in Victorville to primarily benefit those who don’t live there – who were hoping to continually bend renters over the barrel.
Now it’s over EVERYWHERE – no more stimulous money – no more jobs – no more housing – alot more devestation across the nation.
60odeeman · May 4, 2010 at 9:32 pm
What’s the point of …
What’s the point of owning a home in a jobless city / area like Victorville???
tonmagicwon · May 4, 2010 at 9:32 pm
this is sam …
this is sam speaking, you know the guy who you called an idiot .not so , i could afford it, just chose to walk away during the collapse!
iluvmym4 · May 4, 2010 at 9:32 pm
what are the cops …
what are the cops doing about the crime? Or are they just as bad as the criminals running the City? Great job on your vid by the way!
jackattack303 · May 4, 2010 at 9:32 pm
I never understood …
I never understood why they were building homes way out in Victorvile. There’s no jobs, no big cities, and it’s in the middle of NOWHERE. I live in Orange County, and there are a few foreclosures in my neighborhood, but they sell within a month because it’s still a desireable area. People are now realizing how much it suks to live in Victorville and getting the out of there.
RikaKazak · May 4, 2010 at 9:32 pm
What part of my …
What part of my comment leads you to believe I don’t understand it?
I was stating a political comment, not an economic one.
Why didn’t this idiot just buy a house he could afford? After all, that’s what I did. (my bank said I was approved for up to $2mil, I chose to buy a $300K house that’s now worth $200K…I’m not upside down because I pay extra each month)…what a novel idea…live below your means, save money, invest wisely.
dinamo4889 · May 4, 2010 at 9:32 pm
purchasing a home …
purchasing a home is a money drain you will be a slave to your own property.
necronomicjustice · May 4, 2010 at 9:32 pm
Ever? Before …
Ever? Before 1987ish there was George Air Force Base. There are a handful of cement plants. And the Prison Industrial Complex. and a lot of low end service sector stuff, like that Starbucks.
trevormac77 · May 4, 2010 at 9:32 pm
first of all there …
first of all there is no collateral because the house is worth much less than the mortgage and secondly the banks get welfare bailouts when they make stupid decisions, so if people shouldn’t get a break, neither should the banks and they should be allowed to go under.
kevkaotic · May 4, 2010 at 9:32 pm
because they didn’t …
because they didn’t even have the money on the books in the first place. learn how fractional reserve banking works.
37361811 · May 4, 2010 at 9:32 pm
I have family …
I have family members that lost thier house, But they lived ABOVE THIER MEANS, when they were rolling in the money they spent more instead of SAVING AND PAYING THINGS OFF!!!!!
rentonsentinel · May 4, 2010 at 9:32 pm
Good advice…
Good advice…
northpal2 · May 4, 2010 at 9:32 pm
Chinese are …
Chinese are scheduled to take ownership of the west coast.
Detroit will be owned by some other foreign nation.
Prices will go down but property taxes are outrageous, New Jersey $10,000.00 and up.
Cap n trade will add another 5-10 thou taxes on your ass.
State Governments are just as bad as Federal.
RikaKazak · May 4, 2010 at 9:32 pm
Why should a bank, …
Why should a bank, who wrote a loan (with collateral) not reposes that collateral when you default? Just because you have a sob story doesn’t change the fact that you agreed to pay $x amount each month….the paperwork is quite clear on both parties obligations when you sign for the loan. If you can’t afford a house….or if you aren’t smart enough to understand the loan docs….try renting instead
You sound like some bleeding heart liberal. Can’t pay your bills? get a 2nd job.
drudometkin · May 4, 2010 at 9:32 pm
Be angry at …
Be angry at yourself not the banks. I drive through victorville on my way to mammoth every summer and saw these houses going up in 2005/2006 and remember thinking to myself. “300k out here? that’s crazy.” My grandfather bought his retirement house in a retirement community in victorville in 1988 for about 10k. Not because it was all he could afford, but because he loved the high desert. This place is like vegas without the casinos. No economy.
spoiledbrat1440001 · May 4, 2010 at 9:32 pm
this is what I am …
this is what I am thinking is down the road for America. Someone else will own all of our country soon. God forbid…
john2knj · May 4, 2010 at 9:32 pm
George, from the …
George, from the look on your face it didn’t seem that you agreed when Sam first said that “walking away is a good thing.”
john2knj · May 4, 2010 at 9:32 pm
About the tax …
About the tax credit, I don’t believe it’s $8k or 10% but rather 10% up to a max of $8k. Unless I’m mistaken.
TabbiBmore · May 4, 2010 at 9:32 pm
I agree completely. …
I agree completely. Where I live, I see town homes going for 300k to 450! The prices were moving down (still unreasonable prices imo), but since the prices are “too low” people are not selling anymore, just renting….. It’s just mind boggling…. like the housing industry took on the fashion slogan, less is more or something….
pobaldy66 · May 4, 2010 at 9:32 pm
what’s the program …
what’s the program you did on loan modifications?
duncanhunter2008 · May 4, 2010 at 9:32 pm
UVPirate bailed it …
UVPirate bailed it – the taxes are devastating, and the neighborhoods are run by warlords.
whiskerchild · May 4, 2010 at 9:32 pm
Thank you George …
Thank you George and Sam
rayme4raw · May 4, 2010 at 9:32 pm
80% of those houses …
80% of those houses at the Detroit auction had no opening bid of $500.00. Shoot the land alone could be worth that.
UVpirate · May 4, 2010 at 9:32 pm
They still want …
They still want outragous property taxes on those empty houses in Detroit. You buy a house for $500 and you pay $3000 in property taxes. Sounds like a bad investment to me.