Yael Ishakis, a Vice President of FM Home Loans based in Teaneck, recounted a distressing incident involving a mortgage, which we have detailed below.
This unfortunate situation highlights a serious problem that may have stemmed from a significant disruption to the homeowners’ income or business. Sadly, this is an issue that frequently affects frum communities.
“I did a loan for someone last year buying a $1.5M home. Now there’s a an appeal going out to help them pay their electric bill. That’s tragic. I almost had a heart attack when I saw the GoFundMe.
People think they need to live in a certain area at all costs. And they blow up their financial lives with something way about their means. They should have settled on a $700k home.
Why do people do this to their families?
Do you know that your family would be far happier in a more cramped house out of the hottest part of town – and have parents who are relaxed and not financially stressed?
People need to live more conservatively. This trend needs to reverse itself now.
Who’s going to lead the charge?”
I was a mtg u/w for over 30 years and this leaves me wondering how they ever got a mortgage in the first place if they can’t afford to pay their electric bill!!
I completely agree with your assessment, but I must stress that the financial challenges faced by families extend far beyond what you’ve mentioned. For instance, yeshiva tuition for a family with three children can easily exceed $100,000 in after-tax dollars. This places an immense burden on parents who are trying to provide their children with a quality education.
Supporting parental and school choice in New York State, as Florida does, could be a game-changer. By “subsidizing” tuition, it would enable parents to actually afford to live in New York without sacrificing their children’s education. Additionally, we must not overlook the cost of kosher food, which is often twice as expensive as non-kosher alternatives.
These financial pressures are significant, and it’s crucial that we advocate for policies that support families in these areas. Thank you for highlighting this important issue.
I completely agree with your assessment, but I must stress that the financial challenges faced by families extend far beyond what you’ve mentioned. For instance, yeshiva tuition for a family with three children can easily exceed $100,000 in after-tax dollars. This places an immense burden on parents who are trying to provide their children with a quality education.
Supporting parental and school choice in New York State, as Florida does, could be a game-changer. By “subsidizing” tuition, it would enable parents to actually afford to live in New York without sacrificing their children’s education. Additionally, we must not overlook the cost of kosher food, which is often twice as expensive as non-kosher alternatives.
These financial pressures are significant, and it’s crucial that we advocate for policies that support families in these areas. Thank you for highlighting this important issue.
So true,
I completely agree with your assessment, but I must stress that the financial challenges faced by families extend far beyond what you’ve mentioned. For instance, yeshiva tuition for a family with three children can easily exceed $100,000 in after-tax dollars. This places an immense burden on parents who are trying to provide their children with a quality education.
Supporting parental and school choice in New York State, as Florida does, could be a game-changer. By “subsidizing” tuition, it would enable parents to actually afford to live in New York without sacrificing their children’s education. Additionally, we must not overlook the cost of kosher food, which is often twice as expensive as non-kosher alternatives.
These financial pressures are significant, and it’s crucial that we advocate for policies that support families in these areas. Thank you for highlighting this important issue.
I understand about yeshiva tuitions but while that would not have counted in their liabilities, the borrowers should have figured that out. They were told what their expenses will be for the house, how did they figure out where the rest of the money will come from?
I paid tuition and buy kosher food so I get all that, but again, they never sat down to try to figure out how they will make all those payments?
I have always said that when frum people start moving into the neighborhood, there goes the neighborhood as it will soon become unaffordable. At the same time people need to move where they can afford a home. Back in the day, New York was too expensive so we moved to Baltimore. Now Baltimore is getting expensive so people are spreading out to other areas. In addition, school choice and lower taxes would be a wonderful asset for frum families and that’s why I wonder why so many of our leaders promote Democrat candidates who oppose this. Frum people need to become more politically active and astute about these issues. Finally, our leaders need to stop infantalizing the young men in our community who are told not to work as long as possible when they get married. This puts a further enormous strain on parents who are “expected” to support these young couples for as long as possible.
Absolutely heartbreaking
But I’m honestly left with so many questions.
Yes the time has truly come for people to live within there means and push back and set up healthy spending boundaries.
People’s expectations and spending habits have gotten out of control. I see people spending on bar mitzvahs what our parents spent on multiple weddings.
I was thankfully taught by my parents that we lived our own way and we had an ability to be Envious, not jealous of others success. People need to teach there kids that there self confidence doesn’t come from impressing others at all times.
My biggest question of all and not nessisary criticism is why are mortgage company’s approving people trying to live way beyond there means?
we have no rabbinic leadership.zip,none nada.lets not even talk about the crime of shidduchim.