Octomom faces foreclosure

[sixmile]

http://www.sun-sentinel.com/entertainment/sfl-ent-octomom-foreclosure-031910,0,318772.story

'Octuplets mom Nadya Suleman could be kicked out of her Southern California home.

Mortgage holder Amer Haddadin says he is starting foreclosure proceedings on the $565,000 La Habra residence because the family hasn't kept up the payments.

His friend and adviser, Ramsey Masso, said Friday that Haddadin signed over the home to Suleman's father last year.

Ed Suleman, who leased the home to his daughter, was supposed to pay about $4,000 a month and a final balloon payment of $450,000 that was due earlier this month.

Masso says the family was late on recent payments and also missed the balloon payment.'

Oh, and the babies, too.

[RaleighNCDUer]

1. Weren't they making oodles of cash on a reality show?

Well, she could always sell a few of the babies.

[cutlassmama]

2. Has the show actually aired? I haven't seen it.

[RaleighNCDUer]

3. I really don't know - that's the kind of show I desperately avoid. nt

[maxsolomon]

4. a 450K balloon payment?

what could go wrong? poor dad.

[Warpy]

8. What people don't realize is that this was the standard mortgage form

before the reforms instituted by FDR created Fannie Mae, then totally under public control, to buy 30 year mortgages from local banks. People were able to buy houses with stable payments over a long period of time, banks made money administering the loans, and Fannie Mae collected interest.

Before the 30 year fixed rate mortgage became the norm, people would take on interest only, principal balloon payment in 5 year mortgages hoping they'd strike it rich. When the vast majority didn't, they had to re negotiate the loan every 4 years or so and pay all the interest yet again. Banks made out like the bandits they were and few people owned their homes outright.

There's a reason we had pretty much abolished that type of loan except for construction companies. It sucked and people lost their homes frequently and were on a treadmill of overpaying banks and never getting anywhere.

I imagine Mr. Sulieman didn't pay that last $450,000 because the house isn't worth that much in today's market. Smart man.

[Romulox]

5. Paging Child Protective Services. Child Protective Services? You have a call... nt

[arbusto_baboso]

6. And NO ONE saw this coming.

Of course not. What could POSSIBLY go wrong.:banghead:

[LiberalFighter]

7. I have no sympathy for her. She needs to be locked away in a psych ward.

Those life of those kids will suffer because of her selfishness.