SALISBURY, Maryland – Each week, John Peters does yard work for neighbors, shuttles friends to doctors’ appointments and works as a janitor at Crossroads Church of God. The jobs bring in extra money used to keep the family afloat while he and his wife, Sheryl, scramble to find a lender willing to refinance their troubled mortgage.
Both senior citizens in their 70s, the Peterses owe $72,000 on the small powder-blue bungalow that they have owned since 2002. But the house is worth just $48,000, meaning they are “underwater” and owe more on the home than it’s worth.
It’s a situation that has roiled the Peters family ever since John was laid off from his job as a store clerk in 2017 after 44 years of employment. Unable to sell the house or refinance the 10% mortgage rate to a more affordable level, the couple is stuck in a quagmire that shows few signs of being resolved anytime soon.
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20 comments:
I no the feeling. Only if my parents left me a trust fund.
They should probably contact Salisbury neighborhood housing see if there is any assistance there
Welcome to everyone’s world.
12:55 ONLY IF you were not a good slave!!!!
Understood, I too am in the same boat owe 82,000 house worth much of nothing.
Some college students should do a case study and call it "How to inherit a house free and clear and end up $72,000 in debt".
5 people (adults) living in the home. There should be enough income to cover the mortgage - just saying. I hope I never find myself in their position, but we all have choices, and have to look out for ourselves, and if there is any left over then we can help others. They appear to have a heart of gold though, but that doesn't pay the bills.
Their story can be told a thousand thousand times.
What mortgage company?
same thing happened to my neighbor.
bank of america refused to refinance and he eventually lost the house
I call bs! read the article, drawing an airforce pension and both drawing ssi. gifted the home. renting out part of it. sounds like very poor decision making. Not the banks problem. if you are that irresponsible I'm surprised the banks let it go this far!
There are people out there in financial trouble from the virus shutown mandated by the government. this was not their case!
Truly cautionary tale about the pitfalls of home ownership. Owning a home is not for everyone and there ain't no such thing as a free lunch. Even when you are gifted a house.
I read the entire account of the entire situation this family faces and believe me it is very sad. just wish that I had the resources to help bail them out but unfortunately I don't. May God Bless them and somehow come to their aid as they are God fearing people who don't deserve the situation they are in. Mayu God Bless them!
They must have taken out a second and/or third mortgage on the house if they are upside down that much.
Always, always, yes, always a huge mistake!
What?
They owned the house free and clear in 2002, borrowed 30K which somehow turned into 72K.
2 SSI checks, a pension, and rental money coming in and can't pay down anything?
Best of luck to this collection of folks but something doesn't make sense.
Sorry to say this; but at the peoples age and limited income they should bite the bullet and loose the house to the finance company (give it back) I would not worry about credit report just document your income and keep all records about giving up the house; try and get subsidized housing from the state or if you are a vet there is
help there also; hpe they are reading this; GOOD LUCK TO THEM
So what is you big answer to it tough guy? You spout off your mouth full of ignorance all the time, so what is your self inflated ego have in mind? Huh?? Name call, and tell everyone what they are doing wrong?
They owned the house. Why in hell would you borrow that much money and put yourself in debt like that knowing you are almost the age to retire. ok so they lost their jobs, did't the try to find another one? Sorry, not to be mean here but things don't add up. He had a pension, renters and they both worked and no mortgage and kept borrowing money towards the house? that is irresponsible. If you own your home think twice before getting a loan towards it. They should have gotten a personal loan and left the house out of it for he roof. So what was the rest spent on. Back in 2002 or so, a roof didn't cost that much, and it still doesn't today, especially not on a house of that size. So what was the rest of the money spent on? That's piss poor money managing.
I just sold my house THANK GOD. I'm done with that SHITHOLE. Thugs, drugs, and corrupt politicians. You shorebillies deserve everything coming to you.
9:36 Why don't you stay gone then..Don't read about it, don't comment about it..just count your blessings you got out and stay gone!! Goodbye
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