Everyone owes more on their house than it's worth.  That's the nature of
borrowing.
 
In the article, does it say that Baldwin made this "business decision"?  If
not, then why is it fair to make that assumption? 
 
So again, how can he "take" $850K to buy a new home?  He can't necessarily.
 


--- On Tue, 6/16/09, Marg <redriver1991@...> wrote:


From: Marg <redriver1991@...>
Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
To: The_Apprentice@yahoogroups.com
Date: Tuesday, June 16, 2009, 2:05 PM


You are right in that it is "over $824,000" and not $850K.  However, regarding
the rest you are making the assumption that he does not have the money to pay
his mortgage.  I think he does have the money but is making a decision to not
waste it by paying a mortgage on a house that is not worth what is owed on it. 
Baldwin does not "owe" the $824K.  Rather, he has defaulted on "more than
$824,000 in mortgage payments".  He had tried, unsuccessfully, to sell the
house in 2006.  So, he obviously has wanted out of the house for several
years.  If he has not been paying the mortgage but has been working and earning
a living he may well have the money to pay for his house, but is making a
business decision *not to pay the mortgage*.  Many people do this.  If one
paid too much for a house or if what is owed on a house is more than the house
is actually worth, it makes sense to stay in the property, save one's money
while letting the property go into
foreclosure.  Then take the money one has saved by not paying the mortgage and
then either rent or buy a less expensive house for cash.  Why keep making
payments on a house that you don't really want.  Let the bank have it and move
on with your life.  I believe that is what Stephen Baldwin is doing.
Marguerite


"There will come a time when you believe everything is finished. Yet that will
be the beginning."-- Louis L'Amour



  _____ 

From: The_Apprentice@yahoogroups.com [mailto:The_Apprentice@yahoogroups.com] On
Behalf Of gad
Sent: Tuesday, June 16, 2009 12:19
To: The_Apprentice@yahoogroups.com
Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off





Take what $850K?  You mean the $824K that he OWES?  He can't do anything with
money that he doesn't have, that's the reason he's in foreclosure in the first
place.  And he might actually be staying in his house as long as possible.




--- On Tue, 6/16/09, Marg <redriver1991@ <mailto:redriver1991%40att.net>
att.net> wrote:

From: Marg <redriver1991@ <mailto:redriver1991%40att.net> att.net>
Subject: RE: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off
To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
Date: Tuesday, June 16, 2009, 1:02 PM

Maybe he just made a business decision to let the house go. A smart person might
simply stay in their house as long as possible and then, upon eviction, either
rent an apartment in the newly degraded rental market of NYC or take that $850K
and buy another house for cash.  Stephen Baldwin strikes me as a smart person.
Marguerite

"There will come a time when you believe everything is finished. Yet that will
be the beginning."-- Louis L'Amour

  _____ 

From: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
[mailto:The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com>
yahoogroups.com] On Behalf Of drakingson
Sent: Tuesday, June 16, 2009 00:01
To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
Subject: [The_Apprentice] Re: Stephen Baldwin's Foreclosed NY Home to be
Auctioned Off

That is very very sad!!! I don't know why he couldn't afford a %50k home to
begin with??? There was a time when he was making 500k a picture. It makes you
wonder what happened to his money from all of the pictures he's made??? But
really how does someone owe 850k in payments. He must have had a second mortgage
on the place. Otherwise I would have suggested foreclosure counseling. A good
investor could have sold it for him without having to go through foreclosure. It
makes me sad though. Where is he living now? I mean I would feel bad if he was
living in a crappy apartment somewhere. Maybe Alec can put him up in his
mansion. Why hasn't he found Stephen a job on 30 Rock?

--- In The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com>
yahoogroups.com, gad <geead7@...> wrote:
>
> I don't particularly like Stephen Baldwin and thought he came off as a goof on
Celebrity Apprentice 1, and kind of an arrogant jerk on the hotel task on
Celebrity Apprentice 2. However, I do think this is a shame that his home is
being foreclosed as I don't wish bad on him or anything. I wonder how his
situation got to that point, but on the other hand he's a celebrity but
certainly not an A-list celebrity or anything, and that area is outrageously
priced with high taxes and high cost-of-living.Â
>
>
> --- On Sat, 6/13/09, George <xslider.geo@...> wrote:
>
>
> From: George <xslider.geo@...>
> Subject: [The_Apprentice] Stephen Baldwin's Foreclosed NY Home to be Auctioned
Off
> To: The_Apprentice@ <mailto:The_Apprentice%40yahoogroups.com> yahoogroups.com
> Date: Saturday, June 13, 2009, 6:01 PM
>
>
> NEW YORK â€" Actor Stephen Baldwin's foreclosed home in the suburbs north
of New York City will be publicly auctioned. Baldwin paid $515,000 for the
1.4-acre home in Rockland County in 1997. In 2006, he tried unsuccessfully to
sell it. County filings show Baldwin and his wife Kennya defaulted on more than
$824,000 in payments to mortgage holder Bankers Trust Co. The auction is set
for June 24. A representative for Baldwin couldn't be reached for comment. The
actor has starred in movies such as "Bio-Dome" and "The Usual Suspects."
Recently, he's appeared on reality television shows "The Celebrity Apprentice"
and "I'm a Celebrity...Get Me Out of Here!"
>
> Go to the story
> http://news. <http://news.
<http://news.yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin>
yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin>
yahoo.com/s/ap/20090612/ap_on_en_tv/us_people_stephen_baldwin
>
>

[Non-text portions of this message have been removed]