The Individual Face of Foreclosures
September 1st, 2008
A string of facts and figures is not able to move feelings and anger as much as the individual face of foreclosures.
One of the tragic foreclosure victims is Ericela Bolin. Her grandfather had constructed the house in Imperial Valley close to Mexico’s border in California. In 1989 following his death the family planned to sell the house but Bolin did not like the idea. There were memories in that house since she was five. She bought it off for $75,000 after taking loan carrying a high interest of something above 10%.
Today at the age of 36 she cannot pull along paying the mortgage anymore. Previously her parents had helped her when she was a single mother with a little son. Bolin had to face foreclosures repeatedly but somehow managed to win the rounds. Her family rallied beside her when she sought help.
Later on she married and became the mother of two more sons. Both husband and wife had jobs but nevertheless with a larger family the mortgage amounting to $1,600 per month became more challenging. The foreclosure wolf began to prowl around. The old house needed constant repairs. Few years ago the house was valued at $130,000. In July 2006 the foreclosure wolf came boldly up to the front door and knocked. Expenses were more than their joint income and every month they were short by $400.
Things came to a head when in October 2006 Bolin lost her job. The house was auctioned off even without properly notifying her. She did not know that in the process of foreclosure such a thing was possible. She had expected that the foreclosing lenders would at least send her a letter offering a last chance.
It is her bad luck that Bolin resides in such a state like California where foreclosures do not pass through law courts. Instead foreclosures are advertised in newspapers. This expedites the foreclosure process to the advantage of the lender. The borrowers are taken by surprise completely unaware.
The end of the tragedy was that the house was sold for $73,000 at an auction to a speculator from outside the state. The latter is now trying to sell it for $190,000. Bolin and her family have till 17th January to produce the amount and buy back the house. Otherwise eviction process will start. Bolin is trying to simultaneously borrow money from her mother-in-law as well as convince the owner that he will never get a buyer for such a hefty sum in this market.
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- Washington Mutual, the Symbol of the Foreclosure Crisis, Continues to be in Trouble
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