• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

A sad story

fff

Well-known member
Bob served his country for well over 20 years in the Army. Carol was at his side, raising the family, wherever the military sent them. On Bob’s second tour of Vietnam, Carol and the kids stayed in Las Vegas to be near some of Bob’s family and she got her realtor’s license. After Bob came back, they lived in other states and Carol became licensed in that state. There are always homes being bought and sold around military towns. She was good, hard working, knowledgeable about the military and the market.

When Bob retired, they lived in several states, but finally returned to Las Vegas. They bought a nice home, reflecting his LT Col status, and she jumped back into the Vegas real estate market. After a few years there was a new area being developed. The buyers could pick the lot, home style, etc, etc. So Bob and Carol bought a lot and built their dream home. Nothing too outrageous, but with a pool and a couple of extra bedrooms for the kids when they visited. They were able to rent the first house out for more than enough to make the payment, taxes, upkeep, etc.

Las Vegas was booming. Their son’s company decided to put a branch office in Las Vegas. Bob and Carl were very excited at the idea of having their son (Bob, Jr) and his family living close again. When he decided to take the manager’s position in Vegas, Carol found a “deal” on a house and bought it for them to live in. The plan was that in a few years, he’d buy it from his folks.

We all know what happened here, don’t we? The George W. Bush Recession hit. Jr’s company closed the Vegas office without offering him an opportunity to move back to the company HQ. His marriage broke up. Mrs. Jr was able to get her old job back, took the kids and moved back home. Jr couldn’t afford to make the payments on the house, of course, so Bob and Carol had to pick them up. People were abandoning Las Vegas like rats leaving a sinking ship and the renters of their first house left town. Now Bob and Carol are making payments on three houses. A retired Lt Col’s pay is pretty good, but not that good. Put the houses on the market? Sure, but they’re not worth anywhere near what they paid. They’re upside down in three houses.

So they went to the bank, and luckily had enough equity in all the houses to just deed them over to the bank and walk away. At 70 years old, they’re living in a friend’s lake house until they can decide what next. They have enough income to live comfortably, unless he dies. Then she would lose his Army retirement pay and she’d have to make do with Social Security. You know: that Socialist program that Bush wanted to get his hands on?

Were they dumb? No. Were they greedy? No. They invested their money into real estate, something they knew (both had brokers licenses). The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today. And it’s a shame.
 

Mike

Well-known member
They’re upside down in three houses.

Anyone stupid enough to have a mortgage on 3 homes with only a finite income deserves everything they are getting.

Poor pitiful idiots....................


My family sold the family farm at a loss during the Carter bust and we weren't asking anyone to bail us out. Paid it off and started over.

How's that GM stock doing? :lol: :lol: :lol:
 

PrairieQueen

Well-known member
If the son couldn't afford to buy and pay for a home on his own, he should have rented. Hey, he could have rented from his parents.

Pay down debt and save for a rainy day folks....
 

hypocritexposer

Well-known member
You are right FFF, it is a sad story.

I was watching a report of Obama's trip to Vegas to do a fund-raiser for Reid on the news last night. Quite a few protesters picketing the area.

They were wondering why Obama had told Corporations that going to Nevada for conferences was a waste of taxpayer money.

One guy said that if bailout money was being wasted on Corporations, the least they could do was to come to Vegas and throw it back into the economy. He was about to lose his house.

That one guy stated that he figured it will be like this for years to come, because Obama keeps throwing money down a black hole, and blaming Bush for everything, instead of doing something constructive.
 

TexasBred

Well-known member
Were they dumb? No. Were they greedy? No. They invested their money into real estate, something they knew (both had brokers licenses). The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today. And it’s a shame

Not necessarily dumb but very naive. Long term investments are not good ideas for folks their age. And apparently they were dumb about the inflated real estate market. Having a brokers license only means you knew the answers and passed the test. It's no indication of business savy at all. Had he been smart he would have taken his Lt. Col. retirement money and he and his wife could have sold real estate as a hobby and a nice supplemental income for "luxuries" or additional savings.
 

Sandhusker

Well-known member
"The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today.”



A comment that only the willfully ignorant or a complete moron could make.
 

TexasBred

Well-known member
Sandhusker said:
"The lack of oversight, of enforcing the laws by the Bush Administration led this couple to where they are today.”



A comment that only the willfully ignorant or a complete moron could make.

Sounds like this couple needed the "oversight" of a good investment counselor.
 

Steve

Well-known member
and luckily had enough equity in all the houses

why turn over all three houses?


why not keep one and pay it off over time?

if there is enough equity to cover three homes.. then surely one was worth keeping.. ?

as for the pay when he dies.. .. if he looked ahead and payed into the SBP and continued his SGLI,.. she would do fine after he is gone..

it looks like they didn't plan ahead, and only lived on what was happening... really sad.. but because they didn't plan ahead and now are still making bad decisions...



When a servicemember dies, family members are offered several forms of compensation. These include Dependency and Indemnity Compensation, proceeds from SGLI, various basic benefits, and the Survivor Benefits Plan.
 

aplusmnt

Well-known member
Looks like one of them made up stories that fff loves to bite on!

Just some more drive by posting of fff. She swoops in between hot flashes for a quick post and off she is on her broom stick!
 

Faster horses

Well-known member
While I feel for their predicament, it was no one's fault but theirs.
They were betting on the come and it never materialized.
We have a friend who has a saying that really sums up what a lot
Americans were thinking:

"Never go short in the land of plenty.". :shock:
 

Richard Doolittle

Well-known member
This is obviously a made up story by someone who is trying to sensationalize an issue and doesn't know many facts.

For one thing, how can you be upside down on three houses and have equity at the same time? If they had equity, why did they walk away from it?

And Steve is right, she would have military survivors benefits even if he would pass.

Will this couple be featured on Oprah?
 
Top