Such a sad day, our neighbors of 20 years...

Mickeyistheman

DIS Veteran
Joined
Jun 10, 2005
Messages
2,564
Are leaving their home, due to foreclosure.

We have lived next door and shared a driveway for 20 years. The house was in their family for 55 years and today they are leaving. It is very hard because soon we will be leaving due to the same issue. Probably within a few months or less. It's been very stressful and very sad. I don't even know what to say to them.

I'll never be able to come down this street again once we leave. It will be too painful. The worst part is, my brother is away training for his next deployment to Afganstan and who knows if he will be able to come home to his house. I don't think so and that eats at me the most.


Don't mean to be a downer but I just wanted to let it out.:sad1:
 
Very sad---I've had 3 sets of neighbors foreclosed in the last year. Yesterday the sheriff came and evicted the next-door neighbors. It's terrible to see people's lives put out on the street for public display.
 

:( So sad. We are in northern NJ too and the cost of living is just so high. Luckily right now, we don't own and have a very low (relatively) rent but we'd love to be able to buy. Don't see that happening any time in the near future, not in this area at least!
 
Are leaving their home, due to foreclosure.

We have lived next door and shared a driveway for 20 years. The house was in their family for 55 years and today they are leaving. It is very hard because soon we will be leaving due to the same issue. Probably within a few months or less. It's been very stressful and very sad. I don't even know what to say to them.

I'll never be able to come down this street again once we leave. It will be too painful. The worst part is, my brother is away training for his next deployment to Afganstan and who knows if he will be able to come home to his house. I don't think so and that eats at me the most.


Don't mean to be a downer but I just wanted to let it out.:sad1:

It's really sad. my only question would be that after living in the same house for 20 years - isn't the mortgage paid down enough that a refinance could be done and the home not foreclosed on?
 
It's really sad. my only question would be that after living in the same house for 20 years - isn't the mortgage paid down enough that a refinance could be done and the home not foreclosed on?

I do not know all of the details, however our taxes are absolutely ridiculous. On our house alone its over $8,000. Which is more than our mortgage. For my neighbors, I know that they tried everything that they could, they had some medical issues a few years ago and their elderly mother was very sick for quite some time and was in and out of the hospital so I am sure that was part of it as well.
 
very sorry to read this.
I just read a report saying we are not out of this housing issue yet (per the people in DC/ white house). This is so sad.
 
This is very sad. It seems to be happening to more and more people. :hug:
 
It's really sad. my only question would be that after living in the same house for 20 years - isn't the mortgage paid down enough that a refinance could be done and the home not foreclosed on?
Banks aren't interested in refinancing.

http://iamfacingforeclosure.com/blo...d-fraud-why-indymaconewest-always-forecloses/

For those who don't want to follow the link:

How does this translate to the “Real World”? Let us take a hypothetical situation. A homeowner has just lost his home in default. OneWest sells the property. Here are the details of the transaction:

The original loan amount was $500,000. Missed payments and other foreclosure costs bring the amount up to $550,000. At 70%, OneWest bought the loan for $385,000

The home is located in Stockton, CA, so its current value is likely about $185,000 and OneWest sells the home for that amount. Total loss for OneWest is $200,000. But this is not how FDIC determines the loss.

‘FDIC takes the $500,000 and subtracts the $185,000 Purchase Price. Total loss according to the FDIC is $315,000.

If the FDIC is covering “ONLY” 80% of the loss, then the FDIC would reimburse OneWest to the tune of $252,000.

Add the $252,000 to the Purchase Price of $185,000, and you have One West recovering $437,000 for an “investment” of $385,000. Therefore, OneWest makes $52,000 in additional income above the actual Purchase Price loan amount after the FDIC reimbursement.

This is for IndyMac and One West, but I'm sure BOA, Chase and all the other large lenders are doing the same thing. It's more profitable for them to foreclose than it is to work with the homeowner.

OP, I feel your pain and am sorry to hear that you and your neighbor are yet another victim of big bank greed. :guilty: Try to take comfort in the old saying, "That which does not kill us makes us stronger" and know that this, too, shall pass. I know, thin comfort now. But its all we got.
 
Very sad indeed. Sending lots of hugs and well wishes.
 
Thank you everyone, its been a tough day. The moving fan has been here all day and did a few trips for them. They have to have everything out by midnight. It is not easy and I know I will not sleep well tonight.

But I do appreciate your kind thoughts and hugs :)
 
Very Sad. Just paying property taxes and insurance on a house is a killer if you are retired or without a job. :grouphug:
 
OP, I feel your pain.

I currently have my late DM's house on the market. (She passed away 3 yrs ago.) It is the home I grew up in. I have watched old time neighbor's get their homes foreclosed on. One, in particular, hit me hard because the guy that owned it looked in on my mom, as a good neighbor would do. My DSis and I worried about DM living alone so it was nice to know he was next door.

He is now living with his sister. But whenever I go to DM's and look over at his former house, I feel sad.:sad2:

TC:cool1:
 
OP, I feel your pain.

I currently have my late DM's house on the market. (She passed away 3 yrs ago.) It is the home I grew up in. I have watched old time neighbor's get their homes foreclosed on. One, in particular, hit me hard because the guy that owned it looked in on my mom, as a good neighbor would do. My DSis and I worried about DM living alone so it was nice to know he was next door.

He is now living with his sister. But whenever I go to DM's and look over at his former house, I feel sad.:sad2:

TC:cool1:

Have you thought about having him rent your DM's house? Would he be able to afford that?
 
Unfortunately, he does not have a job. After he moved in with his sister, who owns her own home, she lost her job! At least they are able to help each other out.

TC:cool1:
 
Another sign of the times, very sad indeed :sad1:. We have walked a mile in these shoes in our younger years during recession. :guilty:
My heart and prayers go out to the many struggling, that they can keep the faith and hang in there through these great challenges of life. :hug:
 
I'm also assuming that since the house has been in the family for 55 years it's paid off. That's really sad if property taxes are forcing people from their homes.

We have that problem with waterfront property here. A lot of retired folks have their homes paid for, but have to move because they can't afford the property taxes on a fixed income.
 
I guess, for some, I don't understand the forclosure crisis. How does it happen? If you own a home for 20 years, that says stability to me!! We and most of our neighbors have lived in our house since 1997, and we have been untouched by this forclosure business because we have a stable loan that we have had forever. So, I'm not understanding or I am missing a piece of the puzzle, becuase more of the people that I have met are losing their house because they either foolishly refinanced or they bought in the last 5 years or so.

My mom lives in a senior village, and there are forclosures there, and I think that is the saddest thing ever, honestly. It's heartbreaking to think of a senior citizen going through that, but how does it happen?
 





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