Despite making only $14,000 a year, strawberry picker Alberto Ramirez managed to buy his own slice of the American Dream. But his Hollister home came with a hefty price tag - $720,000.
So how did Ramirez, the strawberry picker with an annual income of just $14,000, purchase a $720,000 home in Hollister without any money down?
He had help, for one thing. Although Alberto Ramirez was the only one to sign the purchase agreement and the only one named on the loan documents, he actually bought the house with his wife Rosa Ramirez, as well as their friends Jesus Martinez and his wife. However, even in a good month, the Ramirezes and Martinezes together don't earn much more than a combined $6,500, and their official monthly payments were around $5,200.
With their combined incomes, the Ramirezes and the Martinezes estimated that they could afford monthly payments of $3,000 - around 50 percent of their income. However, the Ramirezes said Rancho Grande real estate agent Maria Avila promised they could refinance their home in three to six months to an affordable rate; until then, Rosa Ramirez said, Avila said she would pay for whatever they couldn't afford.
Avila did supplement the mortgage payments on the Hollister home, paying about $2,200 per month for nine months.
But the refinance never happened, and Martinez said Avila stopped helping with the payments at the end of 2006. A notice of default has been filed on the home, but no foreclosure date has been set, and the Ramirezes and the Martinezes are hoping they can sell the house before they lose it in a repossession.
Cebrero said the Ramirezes' and Martinezes' situation is an unfortunate one, but he said Rancho Grande was only trying to help the two families buy the home they wanted.
"We feel we have done as much or more than we can do for these clients," he said.
I think Senator Dodd should be bailing out these
Alternately, the Mazzhole governor (or his equal in California) should allow them to postpone foreclosure for six months so that they can live in their $720K "dream" house on their $14K annual salary.
Why not? This is America. Everyone deserves to have a piece of the "American Dream". And if that means buying a $700K+ house on a $14K salary, I think the politicians should be enabling that option. In fact, it would be downright criminal if people making $14K are not allowed to buy $700K houses!
Why stop there?
Homeless? No problem. You get to "buy" in Malibu.
Make less than $10K a year? No problem. You get to "buy" in Malibu too.
No income, no job, no assets? No problem! There's a mansion in Malibu for you too.
Pull up a chair, folks. Pour yourself a whisky. There's a long way down to go!
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