resident wrote on Jan 27, 2008 12:21 AM:It's not that minorities aren't smarter but the banks take advantage of the working class. Oside is turning into south central LA.

Bill wrote on Jan 27, 2008 1:15 AM:The "prosperity" of the last 7 years has been a mirage.

Mary wrote on Jan 27, 2008 2:48 AM:First, the city of Oceanside should fine banks for not keeping up foreclosed property. They should be forced to keep lawns watered and grass cut. I am sure there are laws on the books already. They have these laws in the City of San Diego. Second, Sacramento should investigate creating the option where homeowners should be given the option to rent their homes from the bank when it is obvious they can not sell the home and get a new homeowner in the location in a timely manner. This would keep homes occupied, would be more humane and help shore up the propety values in a neighborhood for those who are still making their mortgage payments. We are all in this together and much of this mess was created by greedy Wall Street firms who were not properly regulated by Washington.

Randy wrote on Jan 27, 2008 4:34 AM:The wages of greed is foreclosure.

Sad wrote on Jan 27, 2008 5:03 AM:It is sad to see such distress and fortunately the people hurting right now are those people who by definition were speculators. They purchased homes they could not afford or used financial schemes that that had a lot of risk involved. That one guy seemed to blindly shop for loans, a huge financial decision.

The bright side is that we won't have to hear about how "unaffordable" houses are to purchase anymore. Prices are going to plummet, as soon as the government stops trying to prop up prices. That day will come. People who wisely waited and didn't make irresponsible purchases of homes will be able to buy.

Joseph wrote on Jan 27, 2008 5:35 AM:As a real estate broker, I always count the fingers left on my hand every time I shake hands with a real estate person .There are so many lying, cheating polecats! Read all contracts completely, or pay someone else to read them.1/2 of the Real Estate Business is threating to sue people.Ask the loan agent if the loan is adjustable and "where does it say that " in the contract.

Tuck wrote on Jan 27, 2008 6:33 AM:Buy beware!!! It sounds like some people did not do their homework when buying a home. I am sure these are the same people who did not do their homework in school. I guess some people will never learn their lesson.

RandyR wrote on Jan 27, 2008 6:49 AM:Randy...you're an idiot. It has nothing to do with greed. It's called putting your money to work...no different than investing in mutual funds. If you had a penny to invest, you would come to the realization that your stocks/mutual funds are losing everyday. The issue at large? Days, weeks and months have been slipping by...and the Bush White House has done very little to solve the economic situation that our country has been facing. Simplistic people...middle of the road (hard working people) are losing their homes because our government hasn't been focusing their attention on jobs, salaries...and a long list of requirements that are necessary to live a quality way of life.

Don't you mean ... wrote on Jan 27, 2008 7:50 AM:Forclosure? or maybe Fourclosure? Or Phoreclosure?

CARGOD wrote on Jan 27, 2008 7:50 AM:THE BANKS BROUGHT THIS ON THEMSELVES!! WHAT DO THEY EXPECT WHEN THEY OFFER 100% FINANCING...I CAN'T BELIEVE MOST OF THEM WILL PUT AN EQUITY LINE OF CREDIT BEHIND A NEG-AM LOAN..THEY SHOULD BLEED FOR A STUPID LOAN LIKE THAT!!!

As usual wrote on Jan 27, 2008 7:57 AM:it's the banks or the government that should backstop Americans when economic times turn. We live in the land of the free, yet we expect a lot from government and businesses. Spoiled and greedy describes us now.

Either we change our socialist attitudes now, pay much higher taxes, or do nothing and our country goes broke.

The foreclosure mess is just another wake up call for us to control our material consumption and expectations. We spend like we're the richest country in the world, but are the biggest debtor in the world.

Deanna wrote on Jan 27, 2008 8:03 AM:So, when someone's home is foreclosed on by the bank, and the bank sells that home for way less than the loan was for...how does the bank get the difference from the person they foreclosed on? Do they take the person to court for the balance between what was owed and the loss it sold for, like they do for car repo's? Do they garnish wages? Can the person file a bankruptcy chapter 7 to protect themselves? Let's talk about what the homeowners who were foreclosed on will be faced with after their home is taken.

Why Not.... wrote on Jan 27, 2008 8:07 AM:...live below your means and have peace of mind. Oh wait, this is the U$A!!!

...This isn't so bad... wrote on Jan 27, 2008 8:22 AM:...
This seems fairly normal to me. I don't see a big problem here...
...

Wise wrote on Jan 27, 2008 8:23 AM:It all comes down to GREED. Not only in Oceanside , but all over. Real Estate agents (trying to make the most they can), lenders with all their "creative financing" (they should be prosecuted) , the people (buyers), trying to make a fast buck and borrowing and borrowing to finance things they have no business getting. I have seen it with hundreds of people I know and talked to. People try to use (more like abuse) their homes and equity to stay up with the rest of their friends, and neighbors. I have seen this happen many times. It is not going to get better for a real long time.Sad!

citizen wrote on Jan 27, 2008 8:24 AM:so he rfinances and then uses that money to fund a trip to Hawaii. Wish I could have had a trip to Hawaii but then I probably wouldn't be able to pay my mortgage either. You have to pick and prioritize bills or fun. When people live above their means this is what happens.

Karl wrote on Jan 27, 2008 8:31 AM:"Mary
[-] wrote on Jan 27, 2008 2:48 AM:". Mary, most cities do have ordinances that state that a homes landscape must be maintained. I know, when doing a remodel on my home in Escondido, I scraped my front yard down to dirt and left it that way too long. I was turned in by a neighbor and was served a notice. I had to landscape immediately. If any out there have this problem call your cities "Code Enforcement" and file a complaint.

Do_the_math wrote on Jan 27, 2008 8:57 AM:Right on, Bill.
"The "prosperity" of the last 7 years has been a mirage".

The average person CANNOT afford $400K+ houses. Or even $300K+ houses. Do the math.

2RandyR wrote on Jan 27, 2008 8:57 AM:I love the liberal mentality, blame the Government for peoples bad decisions. People need to take responsibility for getting in to loans they could not afford. This is a lesson in basic finance.

EthnicStudent wrote on Jan 27, 2008 9:00 AM:I hate it when people blame others for not doing their own due diligence. I'm not the brightest bulb in the batch but I do understand that if I make $50K a year, a $300K house is not in my budget. Yet, I had friends who are accounting, finance, business majors buying $400K plus homes and I made more than them! Some tell me that they didn't realize their loan was an adjustable, others say they didn't say anything when the bank said they made $$$ over what their real salary was. So while I am savoring at buying a nice home at a super low price, my friends are contemplating short-selling or simply walking away. Let the market correct itself.

Remedial_math wrote on Jan 27, 2008 9:06 AM:Why doesn't this article focus more on house prices relative to earnings? House prices need to come way, way down. It's coming, folks.

Bandwagon wrote on Jan 27, 2008 9:14 AM:This was created by all the people who jumped on the bandwagon and listened to all the hype. As prices rose people profited. It's the capitalist way. Too many people bought into the frenzied hysteria and financed themselves far beyond their means, did not fully understand the loans they singed and got in way too deep to recover. Then they act surprised that they did not get rich in a couple of years? When you invest you take a risk, and sometimes you lose. Don't risk more than you are willing to gamble. I have seen people get into homes only to refinance and spend the equity on cars, televisions, vacations, etc. instead of paying down the debt or improving the property. This is not the lenders fault. It's good old fashioned greed and desire to get wealthy. If you sign a loan contract without understanding exactly what you are getting into, don't complain about the consequences. I did not buy into the hype, continued to rent and save, and look forward to paying a realistic price for a home.

Jan wrote on Jan 27, 2008 9:33 AM:A fool and his money are soon parted. I am do not want to pay my taxes to help fools.

Wake up p!eople wrote on Jan 27, 2008 9:42 AM:Give me a break, Leau refinanced 3 times and then used the money to fund a trip to Hawaii!!! And now isn't worried, he'll just rent somewhere else!! Boy that's a great attitude!
People are amazing, and greed sure does play a HUGE role in all of this! People can't be happy unless they have "THINGS" even if they can't afford it. I mean really before we purchased our home in Oceanside we worked the numbers, then reworked them and then created all kinds of different scenarios to insure we would still be able to afford our home prior to buying it. We also EDUCATED ourselves and understood that these interest only mortgages were a HUGE risk. We also didn't try to live above our means and have to keep up with the "JONESES". That is why today we are sitting pretty with a 5.3% interest rate and about $450,000 in equity in our Oceanside home.
It's all about EDUCATING yourself and knowing what you are getting into.
I guess this will wake up a lot of people!!

To RandyR. wrote on Jan 27, 2008 9:44 AM:Investing is great, but before you just go and buy "some" mutual funds and stocks....you do some RESEARCH!!! Geez, haven't you all heard of the old saying about if it sounds too good to be true it probably is!!

It's always about blaming someone else! wrote on Jan 27, 2008 9:49 AM:Oh, it's the banks fault. No it's the mortgage companies fault, how about the realtors!! Come on guys let the blame fall on the people who lept before they looked.
If you weren't informed enough to know what you were signing, then you probably shouldn't be a homeowner. Plain and simple!
Here's a novel idea, IF YOU CAN'T AFFORD SOMETHING, DON'T BUY IT!!

Janet wrote on Jan 27, 2008 9:59 AM:Having had the personal experience of being lied to by a lender that I had done business with for 18 years and who seemed to be reputable, I have some sympathy for those who were fleeced. I have no doubt that many of them were the victims of lies and fraud. Yet, at the same time, a lot of others were greedy or foolish. A law requiring banks to water landscaping? Heck, we are also in a water crisis!

Herb: wrote on Jan 27, 2008 10:00 AM: What it comes down to is people being hoodwinked by rogue realtors and bankers. Both knew when they made the sales contract that this was likely to happen. They know a solid contract when they see it, and they know one that is likely to fail. I can hardly blame a person for wanting to own his own home, and taking a gamble on the market remaining such that he could get his income increased to where his financial head is well above water. Didn't those of us that own our homes do it? I did in 1962. I had $19.00 in a checking account and a developer said to me, "Let me build you a house." There are laws now prohibiting what we did then. I signed a side loan with the owner of the lot to pay $1000.00 down at the end of construction and $20.00 a month for three years with an $1100.00 balloon payment to the man that owned the lot. I was an enlisted man in the Navy. I did a great deal of the work on the house and earned the $1000.00 for the end of construction payment. We made it to the balloon payment by the skin of our teeth and I signed a side loan with the bank for the $1100.00 that cost me $10.00 a month but I got rid of the $20.00 payment to the man that was trying to rook me. frankly, the bank bailed me out on that one. Somebody up there was looking out for me, and I am very thankful.

Ross wrote on Jan 27, 2008 10:02 AM:I bought my place in South Oceanside in 2003 in the middle of the boom. I put some money down, got a fixed APR loan and built equity in it for the last 5 years. Now I'm trying to sell it to fund a bigger house and more than likely I'll purchase up there in Mesa Margaritea . And now, house prices have back down to where they should have been

This is nobody's fault but the homeowners. I read the terms of my loan, I saved for 3 years for a down, I never refinanced, I didn't go to Hawaii, and I didn't borrow another 30 grand on top of everything.

This is nobody's fault but those homeowners.

Cal Housing Bear wrote on Jan 27, 2008 10:14 AM:It is quite simple. People bought homes they could not afford -- period.

And this created a false spike in prices that was reinforced by NAR and 95% of the RE "Professionals" as a done deal -- "Prices always go up" and "It is always a good time to buy" (when was the last time you heard a RE professional say it was a bad time to buy).

I don't care what you are "investing" in, no investment is always good to buy and anyone with a brain would have known prices simply were not sustainable.

Goldman Sachs clearly saw this two years ago -- why did no one else?

Greed and letting emotions run you financial house is the answer.

Yes it is hard on these families but until prices correct to normal levels -- 100 year trend levels as multiples of income -- we will see only more misery.

Greg in Oceanside wrote on Jan 27, 2008 10:15 AM:Dear foreclosed property owners and shady mortgage lenders; Gee thanks for doing this to the housing market and to the rest of us who have scrimped and saved and worked hard to purchase our homes. Now we're looking at a housing market that is in a virtual backward transgression and neighborhoods that have spotted occupancy. I guess we'll have to be sure to let our friends and relatives who come to visit that the house on the street that looks abandoned was one of 'those kind' of homes, you know the ones that were purchased as an adjustable rate or the interest-only kind that the borrower thought they could afford. On the brighter side, with interest rates so low, maybe I can purchase a second home for a bargain.

Don wrote on Jan 27, 2008 10:18 AM:Wouldn't it be nice if taxes were lower so it could be used on ones bills instead creative ideas by city councils and other government agencys. Melrose extension is a perfect example. Studies just to waste monies WHAT A WASTE!

Traci wrote on Jan 27, 2008 10:19 AM:please don't expect the government to bail those homeowners out. We the taxpayers are the ones who's money they are going to use. Itz neither fair nor right to take my money to pay for somebody's vacation, I mean defaulted home loan when I don't even own a home.

Thinking outside the box wrote on Jan 27, 2008 11:00 AM:Banks and Mortgage Companies loose BIG on foreclosures, but still can't seem to figure out how to keep the money flowing from people who are over-extended. A simple solution for the Banks and Mortgage Companies would be to offer a Loan Reset and Reduction program. Under such a program the homeowner would be offered the opportunity to have their loan reset back to its original time period (typically 30 years), and the interest rate reduced by a point (or whatever is the current rate the Bank or Mortgage Company) feels would work best for the situation. True, the Banks and Mortgage Companies would be losing some money on these lower rates, but by resetting the loan period their loss over time would be less. Also, this would ensure cash flow, as opposed to the total loss of cash flow seen under the foreclosure option. The risk is reduced with this sort of program, and the losses to both the Lender and the Buyer are avoided or significantly lowered. Yes, in a normal market foreclosing on a buyer can reduce risk by selling the property at market value and at least recovering some of your loss. But, in a declining market, where loan values are significantly higher than the home values, and where the market is saturated by foreclosed or distressed homes, cash flow becomes critical to keeping your Bank or/and Mortgage Company running. Think outside the box, and maybe you will survive this little hiccup in our economy.

Mike wrote on Jan 27, 2008 11:12 AM:As John Wayne said, "Life is tough, but it's tougher when you're stupid..."

Bright Side wrote on Jan 27, 2008 11:15 AM:There are always two sides to these things. Yes, there are a bunch of very foolish people, who not only bought houses they couldn't afford, but they are also all driving around in new cars, have lot's of toys (desert toys, jet skis, boats, big TV's, etc.), all of which they bought on credit, so the fact is they were foolish with their money because they wanted all these things. On the flip side, housing is going to be more affordable, and with the increase in supply and the drop in price, all those that were NOT foolish will have the opportunity to now own a home, the RIGHT way. Don't you think I wanted to go to Hawaii? Don't you think I wanted that brand new $40K car? Sure! But I couldn't afford it, and I still have a house. I personally want not a penny of tax money going to help these folks out. They just need to suck it up, sell whatever assets they can, work their tails off, and get back on their feet. Some will; some won't. But that is their decision. Whining victim? Or self reliant American? Their choice.

Fred H wrote on Jan 27, 2008 11:19 AM:Way-back-when I bought my first house, I had 5-years worth of mortgage payments available in savings as a cushion. I see my young neighbor driving a $65,000 SUV and boasting he "paid cash" for the behemoth. The family is long-gone, the house sits empty and I hope they are comfortable living in their Escalade. Most folks (my adult kids included) can't even balance their checkbooks. Why does none of this surprise me?

Realtor wrote on Jan 27, 2008 11:23 AM:I blame the banks for giving loans to these people....if you give 100% financing to people with marginal credit, what do you expect? I believe also that these people were using their homes as ATM machines...need a new car? Get it out of your house! Need a vacation? Get it out of your house! A home is a place to live....it isn't a cash machine!

refinancing.... wrote on Jan 27, 2008 11:26 AM:Refinancing a house for a vacation in Hawaii.
People like this get what they deserve.
In no way should the taxpayers bail these "winners" out.

Ken wrote on Jan 27, 2008 11:26 AM:I wonder how many of the foreclosees actually read, or had it read to them by a third party such as a lawyer or knowlegeable friend, the mortgage contract before signing. Isn't it hard to believe that even the least educated of us are able to put absolute trust in someone selling to on a commision basis.

Don't let the government destroy the "Law of Contract" wich in its extreme could really wreak havoc on out country.

The bottom wrote on Jan 27, 2008 11:52 AM:has not hit yet! Don't listen those realitors, they don't care about you --it is and always be about the MONEY!

betta wrote on Jan 27, 2008 12:28 PM:Sadly, this is America's story since the '80s. Borrow and live well. Looks like the kindness of strangers is ending soon.

The blame stage wrote on Jan 27, 2008 12:37 PM:Yep, we're going through the stages of catastrophe: shock, denial, blame, anger, acceptance. Right now we have just left the denial stage and are in the blame stage.

Balance Due wrote on Jan 27, 2008 1:07 PM:If it did go back to the Bank, they auction it off and you pay the difference. Probably an interest only loan they will devise just for you.

ridiculous wrote on Jan 27, 2008 1:37 PM:Who thinks a garage is worth $350k needs to be punished. All of you people need to wake up. You looked at 3 bedroom houses (1200sf) at a price of $350k and up (you were willing to pay/borrow that ammount). And the bigger the house the bigger the nonsense. I moved to California 4 years ago and new I would never buy a house in this bizarre market.

SurpriseSurprise wrote on Jan 27, 2008 1:51 PM:We are ultimately responsible for our actions. No one else. Greed, stupidity, ignorance and a feeling that one has to "look good" are all factors here. The banks, as usual, want to get fat, homebuyers make stupid and sometimes downright ignorant decisions in an attempt to buy things they can't afford many times just to keep up with the Joneses. I cringed everytime I heard that someone had bought a brand new home in an over-inflated market. How could they have believed the market wouldn't change? Now it's someone else's fault. When are people going to learn?

Vista Native wrote on Jan 27, 2008 1:55 PM:Trying to get something for nothing. Live within your means. What did you expect?

FrankP wrote on Jan 27, 2008 2:18 PM:For those of you who want to continue be proud of living in California, good luck. You pay the price every day with your high property values and low avarage wages with high cost of living. I did live in Oceanside and did grow up as a friend and neighbor to Frank Jones ... I hope that things work out well for him in this situation that he did not ask for. As for the rest of you, you did it to yourselves. If you don't like it, change it. I luckily moved to Texas 15 years ago and live in a 1992 3000 square foot home on a 1/4 acre lot near the water that I bought for less than $200,000.00. I feel for those of you who are too proud to move but won't fix what you know is wrong. Yes I do realize that this situation is nation-wide, but it might help if either you situate yourself geographically within your means, or come together and fix the problem instead of whining about it and losing your over-priced homes at the same time.

Here, here Bright Side wrote on Jan 27, 2008 2:56 PM:You said it all in your post, and I agree 100%...I think people are misunderstanding what our forefathers meant by "Land of the Free" - one has to WORK for what they get and spend within their means, no one is going to GIVE it to you!!

Don't worry wrote on Jan 27, 2008 3:22 PM:the banks will raise your credit card interest rates to make up their loses. The banks will always win ....

To 2RandyR wrote on Jan 27, 2008 3:28 PM:Blaming the government for your own mistakes doesn't make you a liberal. It just makes you irresponsible. I don't know RandyR's situation, so I can't say which one he is. If he's lost his as a result of borrowing too much or miscalculating the payments, I don't think the government owes him anything at all. But those of us who live between two empty, neglected houses are pissed off at irresponsible borrowers AND irresponsible lenders AND the government AND people like you and RandyR who try to heap all the blame onto one type of person without taking the time to understand a complicated situation.

jsc wrote on Jan 27, 2008 3:34 PM:The market was overheated with too many unqualified buyers buying houses they couldn't afford. Once bought, they used their houses like an
ATM card. They're getting what they deserve and should not be bailed out!
I have an inlaw who used to sarcastically say he wasn't rich like I was. I had purchased a fixer upper, fixed it up over several years, using my own labor. I scrimped and saved for years, no vacation for 2+ years, same car for 13 years. Now my house is paid off. After declaring bankruptcy to get rid of $75k in credit card debt, my inlaw later bought a nice home, FHA, and has taken out at least 4 refinances, 2 home equity loans to pay off credit cards, cars, vacations, etc. Should I pay more taxes to pay for someone else's vacations, gamblings, new cars, high lifestyle? Not on my watch!

Chris wrote on Jan 27, 2008 4:36 PM:Don't forget about the private mortgage insurance that the home purchaser had to buy to protect the top 20% value of the home being financed. The lender will go to the mortgage insurer to recover 20% of the mortgage amount on a zero down loan. The lender also will go to court and get a judgement against the borrower. The borrower may go the bankruptcy route to avoid the judgement. The declaration of homestead may also be a tool to employ by the borrower to protect the borrower against some of the defaulted dollar amount. The defaulting borrower needs to see an attorney before the foreclosure occurs. There can be life after foreclosure.

The Speculator wrote on Jan 27, 2008 4:59 PM:I have seen this before during the early 90s. It is a normal cycle in real estate.

Joshua wrote on Jan 27, 2008 5:13 PM:Most of you people have it right. Greed and foolishness have led to most of these people's situation. Most were speculators hoping to make a profit on borrowed money. They gambled and lost. Having taxpayers pay for this wager is ridiculous. It's like the state of Nevada reimbursing you for losing in the casinos. Also, what is the big deal? These people become renters again. Poor you. People who say they were lied to about their loans are idiots. When you sign loan documents, the same numbers are repeated over and over again. After signing loan papers to refinance, you have 3 days to change your mind and cancel. Suck it up and quit looking for somebody to bail you out after making a bad financial decision. That guy who went to Hawaii bought his home for 283k and now owes 414k. Boo Hoo for him. He had the opportunity to let $131,000 slip through is fingertips. His numbers don't add up.

to resident (first post) wrote on Jan 27, 2008 5:52 PM:Minorities? elaborate...

if you mean racially.. ummm.. Frank is a white.. that's entering foreclosure. Dont assume.

Old Vet wrote on Jan 27, 2008 5:53 PM:I am a 20 year veteran of mortgage finance. I have worked in loan origination, servicing and foreclosure processing.

When I saw Wall Street enter the lending market whole hog in the late 90s with their 100% financing, no income documentation and low credit score lending guidelines I cringed. This seemed like the foreclosure trifecta.

As values went up as a result of this easy money and Federal Reserve policy of low interest rates I would say to myself, "Who is buying all of this nutty paper and how can such deep pockets be so stupid?"

"Fog-a-mirror" no-income doc bad credit loans set up a kind of "bum fights" scenario where Realtors raided apartment buildings for home buyers and then pitted them against each other bidding ever higher for the latest over-priced plywood debtor prison.

I knew this collapse would happen because home prices can't go up forever and a market built on such lending policies is a disaster in the making.

So now that the knuckleheads that were buying this paper have been introduced to reality, we're back to 1980s underwriting criteria. You know - down payments, good credit and verified income and employment.

Values have to descend due to this new sober lending environment. Values will find support when the cost of owning a home after income taxes is equivalent to the cost to rent that same home.

Until we get back to values supported by the historical rent to own comparison ratios, this market will continue dropping.

To Frank Jones wrote on Jan 27, 2008 5:56 PM:Whatever, dont try n defend your frend. His mishap is like anyone else whos purchased a home and went in on over their heads. dont lie. If you can't pay 50% of the loan off in cash, dont sign the contract. Stay a renter! it's much simple.

To FrankP wrote on Jan 27, 2008 6:42 PM:Bet you LOVE those Property Taxes in Texas! I hear that in some cases the property taxes can actually grow to be greater then your monthly mortage payment. No Pro 13 in Texas, and no income taxes either. So, the State makes its money on Property Taxes! yes, you get what you pay for and you must pay for what you get. Texas is in no better shape than CA, as many people will be forced out of Texas as a result of the high property taxes looming just around the corner! Too bad you won't be able to move back to CA Frank. As most people find out, once you leave CA, you can never return. Of cousre, some might have enough to atake advantage of teh current drop in prices. But, since this seems to be a Nation Wide crisis, that too is doubtful. By the way Frank, how is the Tornado Insurance out there?

jbunniii wrote on Jan 27, 2008 7:08 PM:Even a child knows that if you bite off more than you can chew, you might throw up. SoCal has traded its housing bubble for a vomit bubble!

whaaa?! wrote on Jan 27, 2008 7:23 PM:What is wrong with you people? You're free to do whatever you want(still,thankfully) But do you really think you're impressing anybody? I like people who you meet rarely that have a genuine smile and disposition that you can actually feel. Its NEVER people that are wrapped up in square ft. or stupid cars. Get back down to earth and turn SoCal into something special again not the phoniness and frowns hiding behind plasticity that is all too common.

welcome to the free market wrote on Jan 27, 2008 7:28 PM:"We are all in this together and much of this mess was created by greedy Wall Street firms who were not properly regulated by Washington." Not properly regulated? Considering this is North County, most people aren't going to get it and will just label that kind of regulation (and all other regulation) as evil big government interference. The other day a barrage of Ron Paul supporters flooded one of these articles' message boards. Well guess what people - vote for a totally "free" libertarian market and you'll get stuck being a wage slave owing a lot more than you lost through your foreclosure. Sadly, few are making that connection. And no - regulation is not communism. Communism doesn't work any better than an unfettered free market.

RE: Frank Jones wrote on Jan 27, 2008 8:04 PM:Had the person bothered to read the entire article, they would of also read that Frank's mother recently passed away, & he ended up with that condo & other properties of his Mom's that he couldnt sell & ended up losing this one too. It was NOT from something HE did or didnt do. He tried, and I am sure Frank is already pretty devastated and not only from grieving but also from the loss of the home he grew up in. Hey get some class, and leave the guy alone.

Larry wrote on Jan 27, 2008 8:55 PM:Dear Courtney and Frank - my sincerest apology for the loss of your home. Few things test your character more than what you have gone through. You were most likely taken advantage of by some very unscrupulous individuals and companies. These people and firms did not place your interests ahead of their own and therein lies the lesson - you can not afford to trust virtually anyone who will profit from your transaction. Please just consider it a lesson learned and move quickly to reunite your family and find the love and joy that this will hopefully bring you. You and your family shall be included in my prayers.

C'mon over! wrote on Jan 27, 2008 8:57 PM:I left San Diego about 12 yrs. ago and moved to Ohio. Took a couple of years to get used to the seasons changing and everyone being nice, but I really like it here now.

In the northern part of Ohio you can get a nice 4-bedroom colonial on a 1/2 acre in a middle class area in the 125k - 175k range. Plenty of jobs available in healthcare and IT, but the job market is tighter in other areas. More fresh water in the great lakes, rivers, etc. than this area could ever need.

There's been a slow migration from here to the West over the last couple of decades, so anyone who might want to come back would be welcome!

22RandyR wrote on Jan 27, 2008 9:29 PM:I am sure you are upset about living between two arm pits but the fault belongs to the person who willingly accepted a loan they could not afford. Nobody held a gun to their head to sign on the dotted line. Somebodys mama never tought them the lesson about sleeping in the bed you make for yourself, but guess what, the lessons just been tought

Stephen wrote on Jan 28, 2008 12:30 AM:Randy R. is a ... trying to use the borrower as a scapegoat. The broker took the loan and the bank approved it. In most cases, the broker/realtor used bait and switch tactics, falsified the app. after the borrower signed and pocketed a fat commission while these poor people end up worse off than they were before.

Blame has been fixed by Congress. Brokers and appraisers created this Ponzi scheme. See H.R. 3915.

Brokers are becoming extinct as we speak.

esteban wrote on Jan 28, 2008 7:44 AM:Sounds like a lot of people are happy about the misfortunes of others.

oh-well wrote on Jan 28, 2008 10:56 AM:Were not happy.. were just saying what has to be said.

These people gambled and lost. Not unlike going to Las Vegas.

Everyone is trying to paint these people (that lost there house) as victims! Every one of them signed on the bottom line accepting the terms and conditions. Shame on them for not taking the time to read. As in law, ignorance is no excuse!

We need foreclosures wrote on Jan 28, 2008 11:39 AM:in Escondido!!

Oh easy Esteban... wrote on Jan 28, 2008 1:59 PM:you're always the... trying to bait everyone....remember, "it's just a dog, buy a new one"! And what now you're being Mr. Sympathetic??

Frank and Courtney wrote on Jan 28, 2008 6:37 PM:We wanted to be clear...The condo was handed down to us. It had a second mortgage taken on it by mom years before. So the mortgage on it was too high for us to take on as we never intended to "purchase" a home anyway. We got stuck because we could not sell it, and it was too expensive to live in a condo that really wasn't big enough for us anyway. It was hard to let it go after all Franks dad bought it almost 30 years ago. He also passed away, so it was extremely sentimental if nothing else.

Frank wrote on Jan 28, 2008 6:51 PM:It is very discomforting to see families uprooted from their homes due to lack of financial education and lack of education from mortgage companies. Check out a seminar near you for information on mortgage and the process.

Juan wrote on Jan 28, 2008 9:21 PM: Everyone in this country should be able to live in a beautiful house. Isn't that what the American dream is all about? If someone falls behind on their mortgage, the govt. should help them out. People in this country really do not care about their neighbors. It's all about jealousy and greed.

Old fart wrote on Jan 29, 2008 4:26 AM:I remember when the rule of thumb was that your mortgage payment couldn't exceed one third of your income. The banks were strict about this. I live in a high-end home but wouldn't even pretend to keep up with the Jones's in other areas. You really need to understand what your priorities are and stick to them. Reality bites.

Yes Juan that is true wrote on Jan 29, 2008 7:00 AM:now if you will kindly mail my landlord my monthly rent payment, I will always remember you as someone who cares.

PERSPECTIVE wrote on Jan 29, 2008 8:34 AM:I'd just like to say thank you to Zach and the NC Times for their continued effort to make all its readers want to slit their wrists. There's nothing better to waking up on a Sunday morning to such an uplifting synopsis of our fine city. I have made millions in real estate here and I'd love to buy a few more homes before people realize that Oceanside the last affordable coastal community in Southern California. Your article actually motivated me to go to that "gang area" and offer $379 for a 2800 sq ft new home, golf course, pool and all. While I was there I learned that the area referred to as the hardest area to sell home just won the award for one of the fastest selling new home communities in Southern California. I look forward to reading this again in 10 years to see just how much you have made for me. Cheers!

FrankP wrote on Jan 29, 2008 10:20 AM:I thought that I had said all that I needed to say until I received requests to respond to the uninformed. I am not Frank Jones.
I do not have pay "tornado" insurance. Flood insurance? YES.
Sales tax? 8.25%. (and everything is still cheaper creating more "bang for your buck.")
Liar? you need to come see me.
Rent? Sure it's easier, but what do you do when you retire? Scrape by still paying rent with your non-existent social security?
Juan: If you want to wait for the government to fix your problems, good luck.
And to all of you: be wary of the comments above created by realitors and banks to help defend themselves and try to make you feel more comfortable about coming to see them in the future.
If some of you did not like my previouos post, so be it, it is what it is.
And: Frank and Courtney (and family),
I apologize if any of this made you uncomfortable.

Encinitan wrote on Jan 29, 2008 11:12 AM:WE bought a good deal near the beach in 2001 in Encinitas, the value nearly tripled on our 1/4 acre property 3 bedroom house with 2 1/2 detached garage. We borrowed a little from the equity to fix the roof, put in new windows and I built new cabinets and remodeled the kitchen.
We drive a 91 and 2001 toyotas we bought used although we are "pre approved for 50,000 car loans at our bank" why would you waste so much money on a car???
Our kids wear hand me downs.
So whats the point, I love the beach,my job, the house. You couldn't get me to live in Texas and Ohio no matter what. The market will correct over the next few years, remember the number one rule of real estate. location location location and the number two rule, the agents mortage brokers etc will screw you if they can so buyer beware.

Move Losers wrote on Jan 29, 2008 6:18 PM:Hopefully these people will move several states over. What a set of losers.

lil d wrote on Jan 31, 2008 7:17 PM:oside is the crime capital of san diego in the 90's there was 30 murders in one year at one point 20 of them where gang related

don't feel sorry... wrote on Jan 31, 2008 8:29 PM:I too have an adjustable rate mortgage. When I signed my loan papers there was a separate document that clearly stated that the loan was adjustable and the maximum interest rate of the loan. In addition, the closing agent thoroughly explained this to me. Anybody who claims they did not know that a 1% teaser rate was just that -- a teaser rate that would increase -- is either a total idiot or a liar...

Secrete Problem; wrote on Jan 31, 2008 8:50 PM:Please no one tell Oceanside's Mayor there is a problem. Mayor Wood thinks everything is fine, lets not disturb his thoughts.

jo wrote on Feb 2, 2008 10:30 AM:Right now it feels like I'm being punished for doing the right thing. I was taught to not get in over your head and think about the future, etc. And here people are living like rock stars and the hell w/tomorrow - at our expense. I hear H. Clinton saying she wants to freeze rates for those w/ARMS! Huh? I want to be Superman, spin around the world and go back a few years and dig myself in a hole so the gov/taxpayers can bail me out.
Why don't we just go to Vegas and see if they'll help us when we lose there, too. So angry right now. No sympathy for anyone losing their house. None. They are the reason I don't have one. The lenders should be hung by their fingernails. Anyone that's claiming ignorance now is just BS. They knew what they were doing. If they didn't, well, expensive lesson. NO BAILOUT

JOHN wrote on Feb 3, 2008 11:07 AM:The people most at fault for the housing bubble are the Fed and the lenders. The banks are professionals who have been in the business a long time. They have the knowledge and experience. Many of these home buyers had little or no understandding of the risk they were taking. But the banks knew, or, should have known better. As between the billion dollar bank and an unqualified buyer, I blame the bank. The banks just lost their sanity and lent to anyone. It's amazing how powerful a force greed can be.

Now, we are all paying for this, as the Fed drops rates and money is transferred from the savers of this country to the banks.

Sometimes I think this is just the first domino to fall in the great wall of debt this country has amassed.

Chris wrote on Feb 8, 2008 10:59 AM:Come on, the banks were lending out mortgages with out verifying income. The real estate is a shady business, a real estate agent will tell you it's a good time to buy a house right now. I'm glad I got a VA loan back in 2003 and said no to the tantalizing creative mortgages my broker was offering me.

Joe wrote on Feb 11, 2008 12:57 PM:Real Estate is a good thing always,yes in the last few years we all were getting lots of benefits out of it.
The problem became when to many people with really bad credit were buying homes in which they were mislead that could do it, no proof of income,work, assets even social security.
This became not the American dream but ,became the American nightmare for those few honest buyers!!
Now here we are lots of Foreclosure, lots of broken dreams,lots of sorrow anger,frustation,pain and credit destruction not just to individual but to neighbors friends, Kids communities.
I feel the pain and anger because I also lost in this properties in this battle but dont discourage bad things happen to good people with good intention. When we wake up in the morning,or we look at our self and we still have what we need let's think like a winner ,dont give up your dreams fight for it, and you will soon win again ,but this time we will know what to do!!

The New Outcome wrote on Mar 13, 2008 9:09 AM:I'm sorry I have to comment on "As usual", you are way wrong. Let's go way back in history and what this country was founded on? We came over here from England in order to get away from the high tax situation. We started with no taxes. Remember the Boston tea party? Taxes did not come about till World War II as a temporary thing, but now because of greed it is permanent, and most of us don't see or realize. We are the Roman Empire all over again, history repeats itself. How is it a country could fall when they controlled the entire world at the time? It did and it was greed that took them down, and we are on our way there. The only difference is the Roman Empire ruled for 100 thousands of years and we are only going to rule for 100's of years. We are going to fall all the great ones do, just look at history there were lots of empires that were around that do not exist anymore. Let's open our eyes put ourselves in others shoes and see things in a different perspective. Yes some of us made mistakes but most of us did not and we are all loosing in this game too. Something has to be done and "we the people" (American people) need to unite and do something. We need to fix things make our government do for us not us do for them. We need to force them to fix this, but then that would make us terrorists right? Well we all were terrorists when we founded the United States of America, we fled another country going against the laws to form a place for freedom and now we have fallen into the rat race. We need to unite and help each other no matter what mistakes or not, we can not judge only one can that one is God. We are not to judge we are just here to help and live good. Anyway I could go on and on I am simply just wanting people to open there eyes and see things differently. Look at the all, I am sure we all can come up with facts to counter attack each other all day and this is partly why we have bad attitudes and no customer service anymore, because of people thinking in negative way. But we are not here to fight we are here to be good to one another. So let's work together as a team if not then soon we will all loose. Peace and love

"As usual
[-] wrote on Jan 27, 2008 7:57 AM:it's the banks or the government that should backstop Americans when economic times turn. We live in the land of the free, yet we expect a lot from government and businesses. Spoiled and greedy describe us now."

Payton wrote on Apr 6, 2008 4:37 PM:Frank Jones, sorry about your mom, Ive been trying to reach you or Tony for some time now. If theres anything I can do to help...I'm still in Vegas, please contact me!