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RE: Hard to feel sorry for Ed???? - 6/6/2008 12:14:39 PM
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blessedinnyc
Posts: 1963
Joined: 10/12/2007
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quote:
ORIGINAL: stampinlady
IS it wrong not to feel sorry for Ed M?
http://abcnews.go.com/Entertainment/wireStory?id=4995145
I do feel a little bad for him. He's like 75, has maybe $1 million in equity in his house, and considering he's having trouble paying his mortgage, he may not have much else.
Typically, $1 million means that you can sustainably live on $40K, inflation-adjusted, per-year. You can't do that in CA.
So I do feel at least a little bad for him. Many people on this board will be able to live a richer lifestyle than he will when all of this is done.
I also don't necessarily think people need to feel bad for him. If you make less than $40K, or are angry at all of those homeowners who borrowed, borrowed, borrowed to buy a house they couldn't afford, then I understand your view, too.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 12:15:37 PM
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colliefan
Posts: 2785
Joined: 4/12/2005
From: Raleigh, NC
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We was taken advantage of by the evil mortgage companies. They made him buy a mansion he couldn't afford.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 1:13:01 PM
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rlj
Posts: 2169
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Boot him out and let him die. That's the conservative-crosswalk-christian thing to do.
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: Hard to feel sorry for Ed???? - 6/6/2008 1:41:55 PM
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P31W
Posts: 3005
Joined: 6/13/2005
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I don't feel sorry for him. There is no reason for me to feel sorry for him. He is a grown man and knows how to do math.
He is a risk taker. He reaps the rewards when his risk pay off and he suffers the consequences when his risk fail.
No one forced him to take that type of risk. He did it because he wanted to.
< Message edited by P31W -- 6/6/2008 1:50:07 PM >
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RE: Hard to feel sorry for Ed???? - 6/6/2008 1:53:58 PM
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karlie
Posts: 16966
Joined: 4/10/2005
From: Central California
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I don't feel sorry for him. No one forced him to take out a nearly 5 million dollar mortgage. Like everyone else, he needs to live within his means. If your means change for whatever reason, then you need to change your lifestyle accordingly. That's the most basic financial common sense there is. He doesn't need a multi-million dollar Beverly Hills home to live well. He can sell, pay off his debt and downgrade and still live better than the average American.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 4:12:22 PM
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mapachito13
Posts: 2499
Joined: 10/1/2007
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quote:
ORIGINAL: karlie
I don't feel sorry for him. No one forced him to take out a nearly 5 million dollar mortgage. Like everyone else, he needs to live within his means. If your means change for whatever reason, then you need to change your lifestyle accordingly. That's the most basic financial common sense there is. He doesn't need a multi-million dollar Beverly Hills home to live well. He can sell, pay off his debt and downgrade and still live better than the average American.
You think at his age he would have been smart enough to get mortgage or disability insurance to cover a possibility of an event happening that wouldn't allow him to work. He blew through 5 mil in three years? WOW!
_____________________________
Peace Sells....But Who's Buying!
"I would argue that the most serious threat to the United States is not someone hiding in a cave in Pakistan or Afghanistan, but our own fiscal irresponsibility."-David Walker, fmr comptroller general of the US
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RE: Hard to feel sorry for Ed???? - 6/6/2008 5:35:15 PM
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colliefan
Posts: 2785
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From: Raleigh, NC
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quote:
Boot him out and let him die. That's the conservative-crosswalk-christian thing to do.
No. He had a life-time of living in the "Lifestyles of the Rich and Famous." If he didn't save for a rainy day, I have no problem kicking him out.
I am the president of an HOA and we had to foreclose on a homeowner who did not pay her dues. The dues are reasonble - $25 a month - pay for maintenance of common areas, monthly inspections to see lawns/homes maintained, lift station maintenance. A woman with three kids did not pay her dues for over a year and after a year we foreclosed. Yet, she has satalite dish on the house. Her home was cited almost monthly for trash in the yard, junk cars, etc. Not sad to see her go. I guess I am one of those cold hearted conservatives.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 5:51:48 PM
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my2cents
Posts: 13
Joined: 10/30/2007
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quote:
$25 a month - pay for maintenance of common areas, monthly inspections to see lawns/homes maintained, lift station maintenance. A woman with three kids did not pay her dues for over a year and after a year we foreclosed.
You threw a mother and three kids out of their home over a $300.00 debt?
Or was that a typo? I hope.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 7:28:41 PM
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stampinlady
Posts: 1542
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From: Northern IL
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quote:
Yet, she has satalite dish
This is where her priority was. She couldn't afford to pay $25.00 a month for maintenance yet she managed to pay her for her satalite?
I just found the whole "Ed" thing weird.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 10:07:18 PM
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Jenny-Fair
Posts: 6288
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From: WA
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quote:
You threw a mother and three kids out of their home over a $300.00 debt?
No, they forclosed on her house because she did not fulfill her contractual obligation. She signed the papers, knew what she needed to do, and chose not to do it. I am sure she was warned, but obviously she did not care.
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RE: Hard to feel sorry for Ed???? - 6/6/2008 10:51:15 PM
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rlj
Posts: 2169
Joined: 4/14/2005
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quote:
I am the president of an HOA and we had to foreclose on a homeowner who did not pay her dues. The dues are reasonble - $25 a month - pay for maintenance of common areas, monthly inspections to see lawns/homes maintained, lift station maintenance. A woman with three kids did not pay her dues for over a year and after a year we foreclosed. Yet, she has satalite dish on the house. Her home was cited almost monthly for trash in the yard, junk cars, etc. Not sad to see her go. I guess I am one of those cold hearted conservatives.
Refusing to pay because you just don't want to pay isn't the same thing as breaking your neck and being out of work for 18+ months. Granted though at his age it is easy to get hurt like he did and he should have been more careful with his finances because of that. So in all honesty while I do think it is awful to boot a mother of 3 kids out of her home if she has enough for satellite tv she had enough to pay her obligation. I am also sure that there was some kind of legal process you had to go through also that took a few weeks and such so it shouldn't have been that big of a surprise to her. I'm not jealous of Ed McMahon or his wealth so the fact that he's missing work and going to lose his house no matter how big or small saddens me.
quote:
We could send him & his wife home to live with you, but you might have to upgrade your menu and accomodations.
That wouldn't bother me at all. I'll be more than adequately repaid in the next life. ; )
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: Hard to feel sorry for Ed???? - 6/7/2008 8:27:00 AM
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mapachito13
Posts: 2499
Joined: 10/1/2007
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quote:
ORIGINAL: rlj
I'm not jealous of Ed McMahon or his wealth so the fact that he's missing work and going to lose his house no matter how big or small saddens me.
Again, he should have also taken out insurance to plan for this eventuality. That's one of the products he hawks on TV. I mean, the man doesn't have enough life ahead of him to pay off a 30 year mortgage. What was he thinking!
BTW, I am sure that foreclosing on his mansion will not put him out into the street. I am sure he'll still be living better than two thirds of America. He is still making income off his royalties for all the shows he's been on.
_____________________________
Peace Sells....But Who's Buying!
"I would argue that the most serious threat to the United States is not someone hiding in a cave in Pakistan or Afghanistan, but our own fiscal irresponsibility."-David Walker, fmr comptroller general of the US
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RE: Hard to feel sorry for Ed???? - 6/7/2008 1:49:11 PM
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colliefan
Posts: 2785
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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quote:
You threw a mother and three kids out of their home over a $300.00 debt? Or was that a typo? I hope.
This took over a year of legal work. And is the second time we have foreclosed on the home in a period of seven years. The first time she refused to pay until the deputies came to thow her out.
She came up with $3,000 in legal bills plus the three hundred in past due bills rather quickly. She has refused to clean up her property. When she purchased the home, she signed a legal binding contract agreeing to the services provided by the HOA. She knew her responsiblities in owning a home and refused to comply. Actions have consequences.
She is an example of why there is a housing crisis. Individuals have purchased homes w/o understanding the responsibility that comes from home ownersship. We have had individuals call the managment firm asking them to come unstop their drains. At one meeting a homeowner asked when the board was going to throw them a party. I
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RE: Hard to feel sorry for Ed???? - 6/7/2008 2:17:37 PM
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rlj
Posts: 2169
Joined: 4/14/2005
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quote:
This took over a year of legal work.
Wow, that is a long time. : /
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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RE: Hard to feel sorry for Ed???? - 6/7/2008 2:37:25 PM
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colliefan
Posts: 2785
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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quote:
ORIGINAL: rlj
quote:
This took over a year of legal work.
Wow, that is a long time. : /
Sadly, people do not pay up until the legal notices start coming. By far, our legal bills are one of our highest expenses. The HOA eventually gets our money back when people realize we are serious about collecting what is owed us.
Too many do not realize they are part of the association and they bear responsibility in keeping the community attractive and marketable. There are individuals who purchased homes with no money down and have no incentive in keeping their home attractive because they have no "skin" their home. Since they have nothing invested in the home, they lose nothing when it is foreclosed.
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RE: Hard to feel sorry for Ed???? - 6/9/2008 9:35:15 AM
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relady
Posts: 1282
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
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Well, since Countrywide is in B I G trouble for "forcing" foreclosures, I do wonder exactly what all the details of this particular foreclosure might be. When I found out they've made a habit of this forcing procedure, even while people are trying to catch up it certainly changed my view of Countrywide. They can't be put put out of their unethical illegal misery soon enough.
BTW, forcing foreclosures is illegal and consists of the company dreaming up all sorts of extra fees to tack on whenever a borrower does catch up, thereby telling the borrower they are STILL delinquent and forcing a foreclosure. Countrywide is currently being investigated and is in more than a little trouble for this practice. Like I said, my sympathy for lenders is just about nil. I think most of them wouldn't know ethics if it hit them in the face.
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RE: Hard to feel sorry for Ed???? - 6/9/2008 11:19:13 AM
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colliefan
Posts: 2785
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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quote:
Like I said, my sympathy for lenders is just about nil. I think most of them wouldn't know ethics if it hit them in the face.
To avoid "redlining" a number of ledners were forced to give loans to minorities who had bad credit, These individuals had the economic sense of a brick wall and chose to live beyond their means.
It is EXPENSIVE and time consuming to forceclose. I would assume most lenders will work with owners provided they make reasonable efforts to repay their loans. Lender do NOT want the hassle of evicting an owner, cleaning up the house, and then reselling the property!
As a board, we always will work with a homeowner and make arrangements to establish a payment plan. In the many times we have tried to do this for a homeowner they ****ALWAYS** failed to meet their promises.
Do not believe what you read in the media. They are liars.
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RE: Hard to feel sorry for Ed???? - 6/9/2008 11:27:00 AM
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P31W
Posts: 3005
Joined: 6/13/2005
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Because this is a free country any of you who "feel sorry" for Ed are free to put your money where you mouth is. That is what CONSERVATIVES believe. (you are FREE TO USE THE MONEY GOD HAS BLESSED YOU WITH IN WAYS YOU BELIEVE ARE PLEASING TO HIM)
If you don't believe he should be on the streets then "you" should give him a home. I am sure he will take it.
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RE: Hard to feel sorry for Ed???? - 6/9/2008 11:40:45 AM
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rlj
Posts: 2169
Joined: 4/14/2005
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quote:
That is what CONSERVATIVES believe.
What conservatives? There are none in power now.
_____________________________
-Roger
This is who I'm voting for. He is from the same party I voted for last time. This is consistent with my belief in the failure of the two party system and my disgust with it.
http://www.baldwin08.com/#
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