" Few have been hit harder than Latino-Americans and African-Americans. You know what I am talking about. You know the people like the couple I met in Las Vegas who were tricked into buying a house they couldn’t afford and are at risk of facing foreclosure…”

BHO @ 2:45
http://www.youtube.com/watch?v=4jjSVVRncgM

Here’s the full story. I bought a house in Nevada in April 2006, I was straight out of college and making pretty good money. Everyone I talked to told me to buy a house instead of renting. I trusted everyone and went ahead and did it. I bought the house with 2 loans. The first is interest only and the second is a really high interest rate with a 15 year balloon. I was told by my broker that my house would appreciate quickly and I would be able to refinance or sale in a few years.

Now for the tricky part, my fiance had to move to Oregon for school in August of 2007. I decided to do the responsible thing and stay in my house and keep my job. After a year of living alone in my house and being miserable every single day, I decided to move to Oregon as well. I knew it was going to be tricky financially, but I was willing to take the risk because I was seriously MISERABLE!

I was able to rent the house in Nevada but the mortgage is twice as much as the rent. So I loose about 00 a month. My new job makes about half of what my previous job made, and I have to rent an apartment here in Oregon. I’ve been working really hard to make it work out but it is now obvious that I can’t keep relying on my small savings to bail me out every month. I have decided to stop paying on the house because I’ve almost exhausted all of my savings and my income is not going to go up. I don’t plan on moving back into the house anyway. I honestly don’t want it anymore. I want to cut my losses.

I have perfect credit and no other debt. Not even a cent of credit card debt, no car payment, and I already paid off my school loans. I’m 26 years old. I know this is going to ruin my credit, but I feel so burned by this whole ordeal that I don’t think I’ll ever apply for any kind of loan again! I know it will take 7 years to repair my credit, I’m ok with that because I’m only 26.

So my question is: how long is it really taking banks to foreclose now days? I’m sure they are swamped, I read that 1 in 74 homes in Nevada is in foreclosure. Also, how likely is it that I’ll get sued for a deficiency judgment. Like I said before, I have no debt but I also have no assets so I’m not worried about anything but getting my wages garnished.

I should also mention that the house has lost 0,000 in value.

I am currently deployed to iraq and Im saving up money to invest in either the stock market or property in vegas (since I go there a lot, and it seems to be the foreclosure capital right now). I want to get a really good deal on some property and have a lot of money saved up. I currently own a house in Austin, TX and I want to buy a second property in the Las Vegas area. Can anyone give me some good advice on this. I have a steady income and no risk of losing my job. I made about ,000 this year most of which is tax free since im in a combat zone, and will make about ,000 next year. I was thinking either a condo or a house there. thanks

I am an Average built male , single REALTOR(R) looking for a tiny beauty women that like to do Real Estate Investing in Las Vegas …. She must be will the take risk in both love and Investing and not spoil …. no, I am taking about Paris Hilton … I like to stay busy, investing my time in Real Estate and Designing Website and working nights for the Technology Services Help Desk for UPS. She needs to understand business and money comes 1st and love, sex, and rock N roll comes 2nd. I feel it is time to open up and settle down with someone special ….. Where can I find this open minded, investment oriental, loving lady.

and are at risk of facing foreclosure…”?

What happened to personal responsibility?

How could anyone possibly trick ANYONE into shopping for, choosing and then signing paper after paper to buy the home they couldn’t afford????????

I have a house in Nevada and it is going into a foreclosure. I am concerned that the L.P. property that I have in my partnership might be at risk. Can I get sued for my properties in my partnership?

"You know the people like the couple I met in Las Vegas who were tricked into buying a house they couldn’t afford and are at risk of facing foreclosure…”

Who said it?

And how does one go about "tricking" someone into buying something they cannot afford?

Is personal responsibility not a part of living here?

I’m considering buying a property that has gone up about about 50,000 dollars in the last 6 months. It’s a studio apartment with the W hotel chain. They increased there prices by 50, 000 dollars per unit. The project will not be done until 2009. They say they will increase there prices by another 50,000 by year end. The price of the unit is 558,000 and it about 525 square feet. Should I take the risk?