View from the Valley

My husband and I are in the last stage of our bankruptcy which is foreclosure on our house.  First of let me start by saying that we purchased our house 3 years ago on one of those Interest Only loans for 469,000.  We had to refinance the house several months later because we had to replace our roof and we refinanced it to almost 500,000.  Our house is 1300 sq ft.  So this last year I was fired from my job at the same time that our mortgage company decided to jack our 2000.00 mortgage which we could do no problem up in excess of 4000.00 which we couldn’t do with me not having a job for one and two having two car payments and other bills.  The only thing we could do was file bankruptcy which is what we did in November.  Our attorney said at the time we were not the only one.  Well since November we have been living in our house just knowing the day will come where we have to find a new house.  I was hoping it would be the day when my husband need to relocate for his job.  The other day we got a Notice of Trustee sale for our house.  I should add that last year we also got audited for get this “charitable contributions.”  We also fought with the mortgage company we had our loan with for 3 months before deciding to go through with the above actions.  They wanted nothing to do with us whatsoever. So now we get this Notice of Trustee sale.  We get nothing else.  Have gotten nothing else.  So today we decide to go looking for rentals, the newspaper, craigslist.org, local rental agencies.  We decided to go through one neighborhood on our way home and it was startling what we found.  A brand new Standard Pacific housing track still selling homes built 3 years ago.  In this housing track we found 40 houses out of 200+ homes for sale.  And of those 40 houses there were 3 noticeable foreclosures.  Probably more because there were a ton of empty houses.  It is so sad to see but it feels kinda good to know that we are not alone.    

What I find so scary is that I know we are not the only ones but that the Government doesn’t notice this is happening.  I have a very good friend that is a realtor and she said two weeks ago that she alone had 150 bank owned properties for sale and that Friday she was getting 9 more.  Houses that 2 years ago were valued at 750,000 here are now valued at 400,000.    

My bottom line is this, Thank you US Government for Turning the other way on this.  Because of you, I along with millions of others who make a good living are going to be homeless because you all have an ego.  

Until next time…..