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Wednesday, February 18th 2009, 11:18 PM
Marlo Saab bought a $555,000,
two-family home in Queens three years ago - no money down. Now, teetering on the brink of defaulting on his mortgage, Saab is
looking to President Obama's plan for struggling homeowners to
help him hold on to his house. "I think that his plan gives us hope," said Saab, 40,
a computer technician. "I just want a little help not [to] go down the
drain." When he bought the Jamaica Hills house, Saab got an 80/20
mortgage - splitting his borrowing between two lenders, IndyMac and
Countrywide - for a total of $3,400 in monthly payments. He makes $80,000 a year and says he has a healthy credit rating.
The Saabs have rental income and they've paid off their car. However, Saab's overtime has been slashed. His wife is looking
for work. The couple also have renovated their home
and spend $10,000 a year to send their two kids to Catholic school. Saab has racked up $70,000 in credit card bills and borrows from
family and friends to make his mortgage. He has never missed a payment, but
he's not sure how much longer that can last. "I've been calling the bank since October," Saab said.
"They say, 'There's nothing right now we can [do to] help you ... You have
to default first [for us] to look [into] your case.'" He even has appealed to Rep.
Anthony Weiner (D-Brooklyn/Queens) to intervene. Michael Moskowitz of Manhattan-based
lender Equity Now said Saab appears to be a good candidate for aid under the
President's proposal. "[Obama is] trying to take a deserving person whose mortgage
is worth more than the property is and refinance
them," he said. "It's not good to have people default. It's better to
[give] them a lower rate." |
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