Another Victim of the Foreclosure Crisis
A man was injured on his job… then he was laid off… then his benefits ran out.
He never was a day late on his mortgage payment to GMAC.
Maybe that was the problem. Maybe it was something else.
The house was worth $250,000. He owed $350,000.
He retained a lawyer to help him get his loan modified.
His attorney filed his application paperwork last March and relentlessly remained on top of GMAC for an answer.
The answer that never came, but always seemed to be right around the corner.
He kept up with his mortgage payments by tapping into his savings.
Then he tapped into his parent’s savings…
And then it became too much to bear.
He took his own life yesterday.
His lawyer had been pleading with GMAC… he knew his client’s stress was mounting fast.
Today, his mother said:
“Now the bank will get what they wanted… his house.”
I pray he rests in peace. Amen.
For more and more people this is how the reality of the their relationship with their lender plays out. However, in advertisements all across the internet, TV, and magazines, as well as on billboards, buses, and buildings nationwide, our mortgage lenders have a slightly different appearance. Look at what Wells Fargo’s website claims:
Count on us to work with you
If you’re facing financial challenges, we’ll do everything we can to help you stay in your home. Keeping up with payments can be difficult, especially with circumstances like job loss, decreasing home values, or overextended credit. By reaching out to us when challenges first arise, you keep more options open.
And How Does Counting on The Banks Turn Out?
It all started last Friday morning when a Broward County sheriff went to a townhouse to serve its owner with an eviction notice. It ended when Pembroke Pines police shot the homeowner several times as he set his foreclosed townhome on fire.
According to News4Jax.com, the 52 year-old Florida homeowner lost his home to foreclosure as a result of owing $10,000 in homeowner’s association dues.
Police said that the homeowner soaked the inside of his residence in gasoline, set it ablaze and then walked out of the burning townhome immediately getting into a fight with multiple officers. He must have presented quite a threat because they shot him several times.
He ended up at Memorial Regional Hospital with injuries described by the fire and rescue people as serious and life threatening. No police or firefighters we injured, and the fire was put out before it could cause damage to the connecting townhomes… this time… and thank God for that.
I’ve said it before… not more than a couple of hundred times and beginning almost three years ago… but, as a country we are playing with fire on a national scale, and there is no question but that this event should be viewed as foreboding. No one besides the homeowner was hurt this time and that’s the result of… PURE LUCK. I sure hope we’re that lucky next time, because there will most assuredly be a next time, and a next beyond that, and a next beyond that.
What this country’s mortgage servicers have been allowed to do to homeowners… and continue to be allowed to do to homeowners is surely criminal, but beyond that is so entirely unconscionable as to shock, disgust and repel all who come to understand it.
Routinely, homeowners struggling financially (and there are more and more every month in what remains the worst economic downturn this country has experienced in 70 years), are flagrantly, repeatedly and intentionally deceived, maligned and wholly abused. And for their trouble… they are told nothing and therefore walk away from their homes having no idea why their lives have been so freely torn asunder, while clearly no one cared or cares about what they’ve been forced to endure… not even in the least.