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We’ve talked a bit about foreclosure and how to avoid it; but what if you can’t? What does foreclosure really look and FEEL like when you’re in the middle of it? Dr. Housing Bubble has the account of a husband and wife who recently went through foreclosure hell and were kind enough to share the gritty details. Watch how quickly a lifestyle comfortably propped up by ARM loans and high-commissions is quickly destroyed by a change in the workplace and the adjustment of a loan.
For those who are in an ARM loan it is a cautionary tale of how quickly after a reset things can head south. In a mere 7 months after the reset they were out of their home with a foreclosure on their credit. It behooves you to understand how fast things can change. Even if you have a stable income and feel like things are under control; it is eye-opening to see how little changes can throw an entire life off-course.
Read the entire account at Dr. Housing Bubble.
Pre-foreclosure … a true story:
Francis had a home in the Dominican Republic, friends said, and he owned three in eastern Hillsborough County, where he had lived since 1999.
He purchased a 2,700-square-foot home in Valrico for $208,300 in 2000. Amid the booming real estate market of 2005, he bought two more parcels in a gated, 32-home Brandon subdivision called the Vineyard and paid more than $1-million to build two houses on Vintage Way.
Then the market slowed.
“I knew he was having some financial difficulties,” said Steve Bristol, a real estate agent who sold Francis and his wife the Valrico home where they lived for seven years.
[...]
The 51-year-old anesthesiologist was found dead Friday after an apparent suicide, although the Sheriff’s Office has not yet completed its investigation and released few details. Deputies discovered the body in a Brandon investment home Francis owned.
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http://tinyurl.com/2zvmvz
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