First, before I go into my story…I want to say that the Obama Foreclosure Plan is going to be a great help and is long overdue.
Now for the story I have been hearing over and over again. A working single mother, was very disheartened to learn that her apartment located in the Aventura Real Estate market, had decreased in value over 50% since she bought it and her mortgage was more than the unit was worth. Her maintenance had gone up 30% to make up for the owners who were not paying theirs. Maintenance increases are becoming more and more common in the Aventura Real Estate market.
She called the bank every week for several weeks asking to speak to a loan officer.(By the way, it was Countrywide). It was important to try and reduce her interest rate and change her payments. Her credit card debt was mounting and she had trouble paying her bills.
The bank never returned her calls. She stopped making payments. Then the bank called. They offered her new terms, her payments would be less. By now, her credit cards were maxed out. She couldn’t pay the maintenance even with the new mortgage plan. It was too late for her. She is letting the bank foreclose.
This is a story I hear every week from different people in all walks of life. Hopefully, under the government’s new plan the banks will start to help before it is too late to stem the flow of foreclosures.
Do you have a story? Let me hear from you. I will publish the best ones.