"I loved property," he said, wistfully. I had property everywhere. Now I just want to survive."

[NNN0LHI]

http://www.chicagotribune.com/business/chi-upside-down-mortgage-monoct13,0,2329863.story

Mortgage crisis has turned homeownership upside down

Homeowners drowning in mortgage debt

By Rex W. Huppke | Chicago Tribune reporter
October 13, 2008

Joey Goldner always approached real estate with a gardener's zeal. He'd plant his money in a building, patiently care for it and watch its worth grow. For 30 years, it was a brilliant avocation—right up until the heavy thud of the housing market helped flip Goldner's mortgage upside down.

Facing debilitating health problems, Goldner refinanced his Highland Park home repeatedly only to wind up with a $729,000 mortgage on a house that eventually sold for $450,000. snip

"We just never thought we'd be faced with this," Flynn said. "Real estate was supposed to be the one investment you could really count on."

That's certainly what Goldner believed, ever since he was in his early 20s. Now at 55, living in a townhouse his father had to sign for and driving a friend's car, he wonders if he'll ever own a piece of property again.

"I loved property," he said, wistfully. " Wicker Park. Bucktown. Logan Square. Wrigleyville. I had property everywhere.

"Now I just want to survive."

[MadHound]

1. Sounds like one of millions of idiotic real estate investers

Who thought they had the world by the tail, until it turned around and bit them, hard. Sorry, but with properties in " Wicker Park. Bucktown. Logan Square. Wrigleyville. I had property everywhere." the man bought the problems on himself. Another example of greed meeting stupidity, and we all lost. Thanks guy for being part of the problem.

[skooooo]

2. Boo hoo.

Capitalistic pig!

[tosh]

3. The RE speculators certainly played a part in this fiasco

of greed. It's unbelievable that some lacked the awareness tht it was, indeed, a bubble. Now so many of us are burdened with outrageous property taxes that will take forever to correct because there are no SALES taking place to force them to adjust.

"Facing debilitating health problems, Goldner refinanced his Highland Park home repeatedly only to wind up with a $729,000 mortgage..."

Where's any wisdom in that? Sorry, I can't muster any empathy.

[pnwmom]

5. It doesn't sound like he was a speculator -- he just bought a series of houses

over the course of thirty years. That's not unusual.

Your lack of empathy for someone who ended up losing his house because of health care bills is disturbing. I thought most Democrats understood how easy it was for people to wind up in financial trouble due to catastrophic medical bills.

[tosh]

8. "I had property everywhere."

[pnwmom]

11. He didn't say "at the same time." And it's clear that he only had one house

at the end -- the one he was living in.

[Horse with no Name]

14. Not only that

In the article:
>>>snip
Goldner walked away from his three-bedroom home once he could no longer make the mortgage payments. A friend who is a real-estate broker was able to arrange what's called a short sale—the home was sold for less than Goldner owed, all the proceeds went to the bank and the remainder of Goldner's mortgage debt was forgiven.

He used his house as an ATM. He had already TAKEN the equity out. He paid the proceeds of the house and the rest of his debt was RELIEVED.

Why pity this man? How many can say they walked away from their mortgages free and clear?

>>>snip
Now at 55, living in a townhouse his father had to sign for and driving a friend's car, he wonders if he'll ever own a piece of property again.

He has a place to live, he has a vehicle, and he has no debt from his wheeling and dealing days. There are MANY more out there who didn't land on their feet "quite so well".

[Dover]

4. Little has changed...speculators get the 'gold fever'.

And the banks/mortgage companies encouraged and preyed on that.

But real estate speculation isn't what brought our economy to the brink.
It was the very high roller speculators and hedge funders who did and STILL do
create their own unregulated reality. And it looks as if this 'crisis' has helped
the big financial houses to perform radical consolidation without, apparently, being
fettered by anti-trust laws and other concerns. Now a few are bigger than 'god'.
And there will be more to come, squeezed in before Bush leaves office in January.

[pnwmom]

6. This wasn't a speculator -- it was a guy who over thirty years bought a

series of homes. And he lost the last one due to medical bills.

[sinkingfeeling]

7. And he 'repeatedly refinanced' the last one. Draining out all his equity. Dumb.

"I kept refinancing it to pay the mortgage," he said.

[pnwmom]

10. Yeah, it was really dumb of him to lose his job and run up all those medical bills, too.

If he were smart he would never get sick.

:sarcasm:

[Horse with no Name]

17. This had very little to do with him getting sick, IMHO n/t

[Horse with no Name]

9. Real Estate USED to be an investment you could count on

Until it was deregulated and homes allowed to be turned into ATM's.
Goldner was NOT the brilliant Real Estate Magnate he pretended to be.

"Goldner refinanced his Highland Park home repeatedly only to wind up with a $729,000 mortgage"

His home was NOT worth all that money in the first place.
I have NO pity for him. He is part of the problem.

[pnwmom]

12. No pity for someone who lost his house due to ill health causing

massive medical bills? I thought most Democrats would have more empathy for someone in his situation.

[Horse with no Name]

13. This man rolled the dice and lost

Instead of using his money wisely...he kept trying to double down and drew deuces.
I'll save my pity for the ones who are ill who are being tossed out of their homes BECAUSE of the actions of this man and those who drove up rates and priced them out of being able to own ONE home while they OWNED several.
This man's avarice was his downfall. I have no pity for that.

[pnwmom]

15. What were his alternatives, given his medical problems? He took out what he

thought was equity in order to pay medical bills. What was he supposed to do? Not pay the bills? Go without medical care? Realize, with his crystal ball, that the market was about to crash?

[Horse with no Name]

16. FWIW

I don't feel sorry for Cheney either.