Foreclosure Stories and What They Teach Us
By Foreclosure-Fighter Staff Writer
With foreclosure rates continuing to climb, more and more people are sharing their foreclosure stories in an effort to help prevent others from facing a similar fate. In this collection of individual tales, what is perhaps most striking is the variety of people who find themselves victimized by foreclosure proceedings-no one, it seems, is immune.
Foreclosure Ghost Town
The Associated Press reports on an Arizona town where, during the housing boom, builders couldn't put up houses fast enough for homebuyers and investors. Prices reportedly rose by the day, and many buyers purchased more than one property-almost exclusively with adjustable rate mortgages.
Now, three years later, after the housing market bust, houses around the neighborhood are going into foreclosure, and those who are able to keep their homes feel as if they're living in a sort of ghost town, according to reports.
The few families who were able to keep their homes are apparently almost as hurt by the foreclosure boom as those who were not-depreciating property values and the general creepiness of living in an abandoned neighborhood were not what they expected when they bought homes.
An Unlikely Foreclosure Victim
Cleveland councilwoman Nina Turner became a foreclosure victim when a "perfect storm" of circumstances collided in her life, reports WKYC News online. After inheriting the house she was raised in, Turner reportedly rented it out and moved to another property. She then bought a third property to rent out, according to the article, and she and her husband were making $150,000 a year.
And then things changed. The tenants moved out of both properties, and her husband lost his job, explains WKYC. To make matters worse, Turner apparently put off getting help even though she was behind on mortgage payments.
Though reports indicate that she was able to save her childhood home from foreclosure, the councilwoman lost her second rental property. Now, though, she's in a position to help others. Turner has shared her story despite her embarrassment, and is reportedly holding a series of classes to help the people of Cleveland avoid foreclosure.
But Wait… There's More
The L.A. Times tells the story of Soledad Aviles, a California man from Mexico who signed papers for a home with $3,600 monthly payments-or so he was told. Though Aviles would have required the help of his daughters and wife to make the payments, the family reportedly did the calculations and figured they could afford the home with much sacrifice.
Unfortunately, Aviles signed documents without reading them because they were in English, a language he didn't know, according to the Times. The monthly payments were actually set at $4,800, and the broker reportedly lied about Aviles' income to obtain the loan.
To make matters worse, Aviles apparently has debilitating kidney disease and has been unable to work for a year. Now, he and his family are just waiting for someone to kick them out of a home whose loan they never should have been given in the first place, the Times testifies.
Baby Blues
Los Angeles resident April Dugger almost fell victim to a foreclosure rescue scam recently, according to KABC News. With the birth of her first child, April encountered the many unexpected expenses of parenthood and reportedly fell very behind on her payments. Then things started looking up-or so she thought. Dugger allegedly received a letter from a foreclosure rescue scammer, who promised her she could save her home.
KABC reports how Dugger paid high up-front fees for very little in return, and was eventually told she would have to file for bankruptcy to save her home. Luckily, the bankruptcy apparently allowed Dugger to avoid foreclosure.
Take-Home Lessons
While it can be difficult to hear about the tragedies of others, it can also be instructive. Here are some important lessons from the above stories:
- Use the free resources provided by federal and local government agencies. If someone offers to "help" for significant fees, use extreme caution.
- Beware of any deals that seem "too good to be true." They probably are.
- Don't be ashamed to ask for help! Foreclosure can happen to anyone, and the sooner you take action, the better your chances are of saving your home!