| Jun 11 @ 8:27 PM |
Shaquille O'Neal to the rescue.
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Dovestreasure
Posts: 3,411
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I read this in the Orlando Sentinel today and thought it was very groovy( I am trying to bring groovy back)
Shaquille O'Neal is working on plans for real-estate-development projects in Orlando, with an eye toward helping those who are facing foreclosure on their homes.
"I want to come in not to kick them out, but to work with them and save them so they can stay in their homes," O'Neal told the Orlando Sentinel during an impromptu stop Tuesday at Orlando City Hall.
Shaq wants to help home owners fight foreclosure
Shaq is pretty cool in my book, So many can benefit from this.
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| Jun 12 @ 11:29 PM |
Shaquille O'Neal to the rescue. |
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MrPaul
Posts: 37
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 Sounds great  More people need to get up and get involved in helping others 
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| Jun 15 @ 11:38 AM |
Shaquille O'Neal to the rescue.
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Dovestreasure
Posts: 3,411
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Amen to that Mr Paul. There are some awesome celebrities that are using their star power to help others. I salute their efforts.
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| Jun 15 @ 1:50 PM |
Shaquille O'Neal to the rescue. |
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donato
Posts: 19
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I hate to be the odd man out here but..It's much better to teach the hungry how to fish then to make them dependent on anothers charity . It makes for a much smarter and stronger consumer. Mr.O'Neal im sure has profit in mind like a lot of the bottom feeders out there right now ..Everyone should really watch their back when sighning on the proverbial dotted line and always try to live within ones means...You sleep better that way 
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| Jun 16 @ 8:26 PM |
Shaquille O'Neal to the rescue.
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beachnutRU
Posts: 3,228
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Hello there "groovy" people. I would like to take both sides of this issue. I agree with "everyone". I agree with Donato, in which you must teach people how to stay out of financially stressfully places, and I also agree with those that say this is a wonderful thing to do.
I noticed in the article that Mr O'Neals manager or attorney or whatever says Shaq only wants to make a small profit. That's cool with me. I like profit. I have a MP3 on Conscious Capitalism. If Shaq can help folks out and make a small profit also. So be it.
I don't need to remind people that it seems to me anyway, that GREED got a lot of us in the position we are in. We go thru times in which it seems we just won't run out of toys to purchase via .....loosened credit restrictions. The result. Personal bankruptcy and foreclosure. Hopefully Shaq will put into his buyout of the mortgage that the homeowner will attend financial classes as mandatory so as not to get into this situation again.
By the way anyone ever listen to Dave Ramsey. He is a Christian financial consultant that emphasizes the end of credit cards and mortgages and debt period. He has some outstanding ideas. But most of what he "preaches" is if you don't have the income to purchase it outright....don't buy it...period. I may not go quite that far but I know the difference between a toy and a necessity.
Good article Dove. 
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| Jun 17 @ 1:50 AM |
Shaquille O'Neal to the rescue. |
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Dovestreasure
Posts: 3,411
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Donato I do see your point about individuals caught in a cycle of dependency on charity and otherwise. I work for a program that tries to break the cycle of poverty and allows families to become self sufficient. However the record high foreclosures in the state have little to do with people trying to live above their means.
Greedy mortgage lenders saw an untapped market, utilized their skills. The building market boomed, everybody was on a fast train to nowhere, except no one knew it. Then the home prices hit an all time high. The home builders couldn't build the homes fast enough. Some lenders loosened the limit on the credit scores. Soon people who had low credit scores were getting mortgages, for these brand new homes. Lenders were creative regarding the mortgage acceptability. The Adjustable Rate Mortgage (ARM), zero down mortgage, interest only mortgages, no money down and purchasing a home for $200 closing fees.
It didn't take long to see the upward monthly adjusting mortgage (ARM) was a creative disaster for the homeowner. Now the out of financial reach mortgages, soon homeowners began to try to sell their homes. For sale signs were popping up on the new home projects. Not just one for sale sign, but a sea of signs. The home prices took a plunge, their house were not even saleable for what they owe on the mortgage. It quickly became evident that you had few options, as a homeowner.
The homeowners then try to compromise with the bank, asking for loan modification to extend the term of their loan. They also tried to get the interest rate reduced, or to a fixed interest rate. When nothing worked they turned to a credit counseling courses.
So what would you do, stop making you monthly mortgage payments? People feared losing their home, but they have a family that must be taken care of. Foreclosures can be brought on by many reasons, other then blaming the mortgage and building industry. People have become unemployed or underemployed. An illness, death in the family or the loss of a second income can send your monthly budget into a tailspin.
Although President Bush says we are not in a recession, its plain to see that is not the case. Businesses,local government, and the school system are faced with budget cuts.I work for Orange County Government and my program is in a crisis. I too could very well fall victim to foreclosure . Its reasurring to know that Shaq could be a savior for many under going a crisis such as this.
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| Jun 17 @ 7:59 AM |
Shaquille O'Neal to the rescue.
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donato
Posts: 19
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You make many factual points Dove but let me give you another side to this huge problem. I was an Investment Broker most of my life and bought my first home when I was 23..I put 20% down and understood the contract before I put my name on the dotted line.
There are many people who get out of college that have no idea what the real world is all about..Not all but a lot. Arming yourself with the most fundamental practical knowledge available when making important financial dicisions is a must...It was called taking responsibility for your actions back in the day...Everyone would enjoy living in a beautiful new home but timing,hard work,tight money management and doing without is sometimes the key to a better and much happier life..
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| Jun 17 @ 11:25 AM |
Shaquille O'Neal to the rescue. |
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Dovestreasure
Posts: 3,411
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Donato not all home owners are college educated, and not all college graduates are young and unsavy about the real world. I was a bundle of nerves when I became a first time home owner thirteen years ago. I did educate myself, I took a course for first time home owners. I learned the terminology and made well educated decisions. It was a huge step for me as a single mom. I had a great fixed rate, and read every single word of that contract and asked a great deal of questions. A few months after the ink was dry, the funding for my job was cut. I was fortunate to be able to get another position and transitioned from one job to the next. I did however take a cut in pay. I struggled , I sacrificed, and never missed a house payment. I refinanced a few years later and got an even better interest rate. I am sure there are some first time homeowners that take the plunge without making educated decisions. I think there are mortgage brokers that do take advantage of this as well. One of the biggest mortgage lenders Country wide is currently being investigated.
Another aspect that needs to be considered is even with a fixed rate monthly payments can escalate. Mine increased this year by 200.00. There was a shortage in my escrow account due to a large increase in home owners insurance. I have been cancelled three times by three different companies. I have never made a single claim to any of them. I have a neighbor who purchased their home the same time I did. In the past year, she was out of work due to medical reasons, her husband was in a car accident and was collecting disability. They are both back at work and are struggling to keep their home.
Its great that you had the means to buy a home at age 23, not everyone is as fortunate. At age 23 I was living in a one bedroom apartment with an unemployed boyfriend trying to make ends meet. Even though we had a meager existence that was a pretty happy and exciting time in my life.
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| Jun 17 @ 12:24 PM |
Shaquille O'Neal to the rescue.
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donato
Posts: 19
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Well Dove..I have to tell you if you call having the means at 23 working 7 days a week to pay for my education and to support my wife and son..Then putting down everthing you have put together to make the 20% down payment to buy a home...I guess you could say I had the means 
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| Jun 17 @ 7:28 PM |
Shaquille O'Neal to the rescue. |
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Dovestreasure
Posts: 3,411
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You certainly had the motivation and the drive to make it happen for you. I was just content to be living away from home, adapting to florida living, and supporting myself and my BF while continuing my education. I became a master at living on Mac and Cheese and store brand Kool aid. Today I am still a struggling teacher, moonlighting at Universal Studios. I have graduated to Crystal light and may have to return to Mac and cheese in August when County budget cuts will turn my life all topsy turvey.I am still furthering my education. All thats missing is an unemployed BF to support. 
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| Jun 18 @ 5:41 AM |
Shaquille O'Neal to the rescue.
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donato
Posts: 19
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Your a fighter Dove ..I'm betting on you to come out on top. Good luck 
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