Good grief ::: RAY OF HOPE FOR QNS. HOMEOWNER

RAY OF HOPE FOR QNS. HOMEOWNER - New York Post

Mohammed Khoda bought his Queens home at the peak of the real-estate market, and now that "everything is crashing," he's hoping President Obama can save him from foreclosure.

"It was our dream to get a home in New York City," the Bangladeshi immigrant said. "And now we only hope to be able to live here."

Khoda, 59, bought his two-family home on 160th Street in Jamaica for $700,000 in 2006. He, his wife and 17-year-old daughter share it with a tenant.

He took out two loans, at 7.25 percent and 10 percent, and was paying a total of $5,200 a month.

The tenant was paying him $2,800 and he owned a profitable business, a variety store called Caps and Bells, that earned him $45,000 a year.

"I started having problems one year ago," Khoda recalled. "Sometimes, the tenant wouldn't pay his rent. Then I had a lot of repairs and renovations to the home."

Then the economy tanked. "Business went down about 50 percent," he said.

After he paid the rent for his store, there was nothing left to cover the mortgage - so he stopped paying it about a year ago. He tried and failed to sell the home.

Khoda is hoping that he will qualify for Obama's plan to allow some struggling homeowners to refinance their loans, potentially saving hundreds of dollars a month.

Obama's plan, he said, "gives us some hope."