Foreclosures Pulling Down Property Value and Lives of People
June 25th, 2009
Foreclosures are pulling down property value and the lives of people. Victor and Belkis Abreu are preparing themselves to the harsh reality of losing their home. But the irony is that this real estate business was their livelihood all these years. That was how they lived and paid their bills. The couple immigrated from Dominican Republican. Victor bought and sold houses in Bronx, Ossining, Yorkers and other places. In sunny years he would make as much as $150,000 to $200,000 annually. Belkis was a property manager and earned about $38,000.
The house they live in now was bought for $1 million in August 2006. Nearby was coming up a 40 storey plaza and they calculated that this proximity would increase the value of their house. But the Abreus together with many others in the locality of Rochelle Heights who had bought their residences on this hope, were dumped into despair when the crisis struck. The Abreus had set up a network of properties – renting one and selling another. The whole edifice crumbled. Many like Abreus ended up facing foreclosures.
It was not just foreclosures that Abreus faced – it was a drastic drop in their earnings that mired things up. One of his clients was a doctor who had set up a new clinic. With a fall in his practice he stopped making his payments. Consequently Abreus could not come up with funds to continue with his mortgage.
Mrs Abreu is so worried that she just cannot think about it. They have three kids and each month adds to their woes as debts pile up while income falls. She is lagging behind on her car loan payments. There are other education expenses they have to meet. Gone are the days when they went on vacations to Orlando and bought new coats each year.
Victor is trying to relocate to his Dominican Republic to find out new venues of work that will augment his earnings. Meanwhile the couple is trying to renegotiate the terms of the loan with the help of attorneys.
This scene is being enacted right across the country. The government has initiated many measures to contain the epidemic but so far no positive result is visible. There are some signs of recovery here and there but it seems there are many miles yet to go before the end of the road is in sight.
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July 24th, 2009 at 9:06 am
[...] alliance comprising of non-profit bodies have clubbed together to acquire foreclosed units. So far 47 abandoned units have been taken over from the worst hit regions of New [...]