Foreclosure Tales Of Woe And Sorrow
July 15th, 2008
Foreclosure is not just about facts, figures and statistics. It is about individuals and their tales of woe and sorrow.
In last autumn Khara Uczen’s life somersaulted. One fine day the doorbell rang ushering in a man who was looking for the owner of the house in which Khara and her husband Bill lived as tenants. It was in Lakewood, Caton subdivision. Upon hearing that the owner was not here, the visitor told them that the house had been foreclosed. It was a bolt from the blue for the couple! They were current in rental payments but nevertheless the couple with their four children would have to leave the house that till that date was their home. It was no easy task to hunt anew for new accommodation.
Foreclosures are flooding the country. This is resulting in tragic tales of many like the Uczens. There are an increasing number of tenants who are being displaced abruptly, for no fault of theirs, because of the foreclosure crisis. Woodstock Institute of Chicago conducted a survey. According to its findings 35% of all Chicago foreclosures pertain to multi unit buildings. Across the country it is 20%, as per data provided by Mortgage Bankers Association. This is having an impact on supply of rented quarters said Tom Feltner of the Woodstock Institute. House owners who have been evicted by foreclosures are now competing with renters to find living quarters on rent. It is putting extreme pressure on the rental market. Units are declining but demand is increasing. Some sort of strategy has to be worked out, he felt, as there are clear indications of the foreclosure situation getting worse.
As in the case of the Uczens, the first reaction was panic. The family had come to love the house. The children went to school here and had friends. Apart from emotions and sentiments there are rather reasons for making moving difficult for them and many others like them. They do not have the requisite cash towards paying security deposit and first month’s rent. The little cash that the couple has are going towards financing the case they are fighting against foreclosure related eviction. It will not be easy to find a landlord willing to put up a family of six including four children below 7 years. As they live from one payday to another the Uczens do not really know what to do.
- Wells Fargo Wins Auction Bid for Foreclosed Apartment Complex in Harlem
- Moral, Social and Financial Issues Behind Borrower’s Decision to Walk Away From Foreclosures
- Foreclosures are Persisting While Price Slump Too is Continuing
- Foreclosures Somewhat Halted by Loan Modification Programme
- Experts Fail to Reach a Consensus on the Severity of the Foreclosure Crisis in New Jersey
- Foreclosures are Spawning a New Set of Landlords
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