http://www.nctimes.com/articles/2009/02/07/news/sandiego/zaa4bcae455d62f46882575510071f0f5.txt
Two San Diego County sheriff's deputies escorted the pregnant woman out of her Poway home. It didn't matter that she had no car to drive and nowhere to go. It didn't matter that her baby was due the next day. The uniformed men had no choice.
Foreclosure had led to eviction, and Jan. 29 was D-Day. Ordering the expectant mother and the little girl at her knee to leave the four-bedroom house was part of their job, just the final stop on an otherwise average day that saw them handle 21 evictions.
This is a sad article. It is full of the increased reality out here as it is across our country.
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And that does suck about the pay, but they know what the market is like, so they can afford to only offer "1/2 pay." I would argue half pay is better than no pay (which is probably their argument).
Another bad thing about SoCal, is that I bet despite the job market, I doubt the cost of living has gone down out there. -
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PS: I could not imagine ever living in Cali because of the cost of living. It's probably a full two times higher (if not more) than what it is here. -
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Me being empathetic in my posts doesn't change events of the past, but knowing what is going on in someone's mind sure helps me relate to the present and analyze things that happen in the future. -
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I misunderstood where you were talking about the bank though, as I did not see you write that you didn't blame the deputies.
Perhaps the people did not try and work something out with the bank though (if the bank was even willing, which I would hope they were since it would be better than the nothing they get from kicking someone out). I don't know that the bank could possibly know someone was pregnant though without the residents seeking out the bank to inform them, which the story made no mention whether or not efforts had been made by the family to alert the bank to their situation.
However, I should say that I don't think someone should be allowed to stay in a house just because they are pregnant. I think everyone in a situation of losing there house should be given the same opportunity to avoid being evicted. -
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I mean I'd argue there are far more programs out there to help a pregnant mother/new mother get by than there are for the person who had his job "taken" out from under him. -
Sometimes we take things for granted where we are in the country, because others are severely hurting in other states such as RI, Michigan, Florida, and Cali just to mention a few.
Here is an example for you Pete. I am willing to drive a forklift for 10-12.00 an hour for which I have done for 25 years. However when I send a resume or apply in person I am over qualified. My wife at her hair salon has slowed down quite a bit, and will still have a job, with less coming in. I have used my first 6 months of unemployment, and have filed for an extension. This takes at least three weeks to get going again with no money coming in.:sad: This makes it tougher.
I get 1620.00 a month on unemployment. Out of that I have to pay 800.00 for health insurance from Cobra, because I can not get new insurance on my own due to pre-existing conditions. I have 800.00 to live on, pay bills, put gas in the car. Reality has hit us pretty hard.
The greatest thing about this struggle we are in, is we have each other, family here at the site and local, friends, our dogs and our health. Thanks for the phone calls Brother Kenny. The good man above hasn't turned off the light of hope yet.:wink2:Fin-Omenal, 2socks, FinSane and 7 others like this. -
On tonight's ABC News, Elkhart, Indiana has an unemployment rate double the national average at 15.3% compared to the national average of 7.6%.
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Stitches....may the Sun always shine on you my friend...
...it is tough out here in California.I can only hope my beloved State rebounds as greatly as it's been hit.I do Construction estimating,commercial and residential and I can tell you things are SLOW!!!...John,I'm truly sorry to hear that you and Suzette may lose your home(I hope things work out for ya bro).Btw in case you don't recognize the username H.MOODY.. I'm formally PHINATIC13 (Bill)...:hi5:Fin Fan In Cali likes this. -
Marty is nice enough to reply to me (in thread and out) despite my comments, and John is always great in helping me understand that which I can not immediately relate to. I hope the sun shines on everyone here as well, so I appreciate your sentiment.
I love everyone I get to talk to here, even if I can't help or unintentionally make things worse. :cry:NJFINSFAN1, The Rev, cnc66 and 2 others like this. -
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FFIC, if you ever want a drink, shoot me a message. I owe you much more than that for what you've put in the last couple years on this site, adn the former site which shall not be named but where we I met everyone at :D
More could be done with this lady, maybe. I don't know all the facts, but as an attorney, a lot of loan mod/foreclosure materials come my way. I'm actually going to listen to a CLE class (continuing legal education) that is free but ... 6 hours long. I can't even find 6 hours nowadays to put together to sit down and listen to it.
But it's a foreclosure defense course designed to educate and encourage attorneys to provide FREE legal services to foreclosure persons who qualify for legal aid. This lady might have already tried that, or she never knew about it. So spread the good word for those that know anyone personally. They might qualify for legal aid, so check with the local bar.
One pioneer in Florida found that a lot of these banks who are foreclosing on homeowners, yet cannot prove they own the loan/mortgage. What got us into this mess was not only subprime but the constant reselling and repackaging of mortgages. So the mortgage you took out might have changed hands, as a matter of fact most likely has changed hands several times already. So a bank will attempt to foreclose on your home yet not be able to prove they own the loan, an essential requirement. This buys the homeowners a few more months, sometimes indefinitely, until that bank chases down the proper documents proving they own the loan.
Here is the site:
http://www.foreclosureinfoca.org/
And you can even listen to the course meant for attorneys if you have an extra 6 hours and are bored. Really bored.DOLFANMIKE, njfinfan, Fin Fan In Cali and 1 other person like this. -
My wife has had 2 knee surgeries in this past year, with the last one scheduled for Oct 2009 (to remove metal in leg holding it together). We've lost 4k per month in income with her not working and with cutbacks with overtime teaching opportunities for me. We've been negotiating for 6 months with Wells fargo, but so far they wont budge much. Originally they wanted to hike our mortgage from 2,995 per month (which I view as high) to 4,200 per month for our 1800 ft home. They did come down to 3,595 monthly, but that's not going to happen either as far as I'm concerned. Although it's embarrassing to discuss, I'm not going to make another mistake on a bad mortgage after doing it once already taking an adjustable. Taking a hit now if they refuse to get real is a better option than paying that high on something you'll never see much a profit on.
The Bank has an interesting take on how they want to finance us, they say they base their numbers on when my overtime is back (with state cutbacks how is that reliable?) and for when wifey is back to work bringing in her teacher pay.
We'd be better off letting them take our current house, taking a year and a half paying off the few bills we do have, and then buying the same model house that is down 250k in value.cnc66, Fin Fan In Cali and njfinfan like this. -
I feel for all of you good folks that are hurting right now. My industry is starting to feel a pinch now and I'm very concerned about the next 8 months or so. We should be in the busiest time of the year right now, and business feels like the dog days of Summer. I know if I lose my job it will be hard for me to me to find something where I can make the same money and maintain my home/life etc. It will turn around, and I hope it does before more good people suffer.
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To our shock and dismay, the market being upside down and my wife's being on disability, teamed with state cutbacks on overtime opportunities...made doing a refi impossible. The house is now upside down as we owe 424k (Never took any cash when we did the last refi) and now couldnt sell it in this market for more than 225k. Now add in the fact that the adjustable is up and they now want 4,200 for the property. The company wants to base our monthly payment on when she is working fulltime teaching (may not be until 2010 at this point) and on my overtime, which brought us in 20-25 k last year on top of my normal pay.
My mistake was going from the fixed interest only loan into the adjustable loan that was paying on principle. Both loans were bad loans, but our credit scores were down due to owning over 100k in student loans. We rushed to get into a home because we realized when my wife began teaching 4 years ago that with my income we'd be hit very hard by taxes, so that became the motivating factor in taking on the interest only loan in the first place. Unfortunately I made the mistake of listening to some people I respect and doing whatever it took just to get into a home for tax sake.
Lesson learned for me: We will get through this mess best we can, maybe in house and maybe without the house. But I will never, ever committ to a loan again that is anything short of a great interest rate and terms. We were already overpaying back with our original loan was at 2,995 but the hike up to 4,200 or now their counter offer of 3,595 is just another bad move. I'm not going to allow them to put another choke hold on us for the next 20 years. They can offer us a reasonable loan or they can take the home, which would be foolish on their part. Before all this came around, we hadn't been a day late on a payment in our household for 3 1/2 years since we bought the house.
As far as getting a reasonable loan offer, I'm sure at this point that that will be a long way off for us, but nonetheless its where we are at and there's no sense whining about it or worrying about it. We do have the capacity to make an outstanding income and will land on our feet at some point. I'm just not willing to be taken advantage of by loan companies anymore because my wife and I both have a bunch of student loans.
Now I know I am not blameless in this, because I agreed to a bad loan, but on the same hand there comes a point where a man has to look at the 30 year committment and say fix this or I'm done. We arent talking about a 2-3 year deal here.cnc66, FinSane, opfinistic and 1 other person like this. -
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Then the first month that we were supposed to send them 4,200 was the first month my wife's pay took a dump and she was on disability (back in July). We did send them the regular 2,995 payment, but they called me to ask where the rest was and to inform me that they'd still mark us late and still eventually take over the home.
I then informed them that they had just taken away any incentive for me to give them another dollar until we could get it resolved. That was their last payment. We've continued to be perfect on all other bills fortunately.
This process has shown me that they are committed to keeping me down in a bad term loan. I wont make the mistake again. It will be a reasonable loan or none at all. They have pissed off a great costumer!
Ahh, the joys of renting.njfinfan and Fin Fan In Cali like this. -
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Doesn't sound like Wells Fargo is operating in good faith. They're just giving you a hard time since you don't have an attorney breathing down their necks. California passed several foreclosure specific laws last year, one of them Cal Civil Code Section 2923.6. It's long so I'll just post a link:
http://law.onecle.com/california/civil/2923.6.html
What it says is that it may be their duty to other members of a pooling and service group (which almost all of these loans are I assume) to negotiate with a borrower to lower their loans to at least Fair Market Value if not lower. This is because it may cost the bank a certain amount of money to foreclose, so that factors into the equation. So they almost have a duty to do this. I'll learn more about it later.
This is only in California btw.
The usual disclaimer, this is not legal advice, information only, we have not established any attorney-client relationship until a contract is signed and I GET PAID :pointlol: Yada yada yadaDOLFANMIKE, cnc66 and Fin Fan In Cali like this.
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