Foreclosure brings out different reactions from different people. Some people walk before the "notice of foreclosure" ever shows up. Others chain themselves to their house and refuse to go:
I’d love to have the full story here. The woman blames the "subprime crisis" and banks for her woes, but she doesn’t seem the "subprime" type to me.
Hi Twist,
Wow. To an extent, I’m at a loss for words in regards to this video. Without knowing the specifics, I can only say that the whole thing seems rather tragic.
She is one of many who are struggling in the face of these economic times.
Unfortunately, I do believe many Americans were taken advantage of during the long-lived “subprime” party. With that being said, many Americans could have helped their circumstances by taking the time to educate themselves to a greater extent.
Th ironic twist with this video is that it states that this woman’s business specializes in avoiding foreclosure!
God forbid, she may have just lost her business too! In lieu of her current circumstances, who in their right mind, after seeing this video, is going to call her to request her “avoid foreclosure” services?
Again, wow! Thanks for sharing.
PQREB-
It’s just hard to say, isn’t it? Did she take her equity for vacations and unneeded expenses, or did she have to use it to cover medical bills? She can only become a “foreclosure specialist” in the past couple of years, did her past business fail on her?
There is simply no telling.
I think most foreclosures over the years have been because people were victims of circumstances. Disability, unemployment, etc. These aren’t things that are usually people’s fault- they just happen.
Now though, everyone is quick to blame the banks and “subprime lending”. Then as “victims” of the banks, they feel the banks owe them something.
Yes, there were victims of predatory lending, but I still believe most foreclosures were simply the result of a bad bet on the future of home prices.
Whatever happened here, it doesn’t appear to be the result of predatory lending.
I don’t know for sure, but my spidey sense tells me there’s a backstory to this of living beyond their means and partying lavishly.
The time that a “refi” turns into a “tragedy” is when cash is extracted. Otherwise, it generally reduces payments, especially if you have owned it for 19 years. sounds like someone couldn’t keep their hand out of the cookie jar. In that time, you would have amassed a 75 or 80% home equity if you did not cash it out, considering California’s appreciation.
Boo hoo. the only tragedy here is the journalists’ ignorance of the truth to tell a story. Mira Mesa may look poor on the outside, but for what you could have sold a house there for, you wouldn’t have known it. Remember, this is sandwiched between Del Mar, Carmel Valley, and Poway. Very, very rich areas.
Chuck Ponzi
Igor says “outraged” and I agree.
I was only partially paying attention to the local news, but I believe they just did an update on this story and mentioned she works for or owns a business that helps people avoid Foreclosure. I hope that’s a recent job/business as they mention she didn’t know anything about the housing bubble when she refinanced her house 2 years ago.
Chuck-
You’re "Spidey Sense" seems to be working. I have no idea how authoritative this is, but I found this comment on the OB Rag Blog:
And in case you haven’t guessed, yes, she’s a realtor as well.
Igor hits it again. He says “dumb”.
I can’t even tell you the number of Realtors that I know that violated rule Numero uno “Don’t get high on our own supply” paraphrasing a line from Scarface. You might fault them for that but Realtors are really only saleswomen. You can get the license in a weekend seminar. The money was too good.
However there are a lot of young graduates from our fantastic public school system that were never taught that money doesn’t grow on trees. Ignorant and naive? yes. But the vast majority were not, did not refinance and simply got caught in the hype.
We’re forgetting “Follow the money” and if there is blame, let’s put it where it belongs. Who getting the bailout? Not those in foreclosure but those that were “experts” in the finance system.
I suspected that this did not tell the whole story so I looked up the public info. Original purchase price of $200,000. Loan of $522,000 in Sept 2005. Refinanced that with another loan of $589,000 on 4-26-06. So, $389,000 cash out more than purchase price.
Trustees deed recorded in Feb and May 2008. So, being conservative, they have had these 5 months with no payments plus probably several more before that (or they would not have foreclosed.)
The sense of entitlement is astounding. I cannot believe anyone would be sympathetic if they knew these facts, along with those mentioned in Post 5.
SL-
Thanks for checking the records.
It looks more like she took advantage of the lenders than the other way around.
What a scam artist, and still unable to face reality, and apparently even unwilling to get a regular job. Wow.
She’s a realtor, so probably she’s *unable* to get a real job.