The number of foreclosures in California may have jumped 261 percent in the second quarter of this year, but it's certainly not the only state whose residents are suffering from the loss of their homes. RosaDilia had this to say about her brush with the issue:
I really feel for the people who are losing their homes. A good friend of mine just lost his home in FL despite his efforts in avoiding foreclosure. The home went down in value by 45 percent and he was so devastated when he had to move I almost cried.
Hussein Chalayan
Rag and Bone
J by Jasper Conran
I picked yes, just because the house we bought was just about to be foreclosed on. We had to scramble to close within two weeks of our offer being accepted or else the bank would have taken the house.
We felt uncomfortable at the closing because we felt bad for the woman and then during the closing she mentioned that it was just a rental property for her so that made me feel better.
1No one I know has been foreclosed, but I don't know many people who own.
2Yes, I know two people. One lady I volunteer with was laid off and her EF dried up along with her unemployment. She had to take two pt jobs to pay her other bills but there was never enough to fully pay the morgage each month - she end up lossing her home.
The second person I know, they had a Balloon Mortgage and didn't know that it wasn't fixed. When it started to vary in a bad way for them, they were unable to keep up with the high payments.
3No. However, a friend of mine purchase a new home built to her specifications a year ago and when the home was finally built and ready her deal fell through. Luckily, she still has her old house that never sold because the the failing market.
4I lease apartments, so I know several people who have had foreclosures.
It's funny because people ask me all the time if we have more people coming in due to foreclosure, and I don't really think so. Then again, I never have asked someone, "oh, is your home foreclosing?" so I only know once they apply and our credit screening comes back.
On the other hand, I haven't really thought about it that much, but there are quite a few people who have to pay that extra deposit due to foreclosure (breaking that news is rough!). I guess I just don't know if it is an increase because I haven't been doing this long enough or in a good enough economy to see the trend.
Outside of work, I don't know anyone because I don't really know many people who own. My brother and sister-in-law bought a foreclosed house, does that count?
5My coworker just had her house foreclosed on. We got lucky, my dad's house almost got foreclosed on except a gov't program saved us just in time. So I feel pretty bad my coworker wasn't that lucky (but in all fairness, it was her and her husband's fault. They told them when they foreclosed, they make too much money and people like them should not be in that situation, so for them it was all poor planning and spending). Its really bad here in the Detroit area... you see the orange stickers in windows ALL the time.
6I unfortunately have a couple close friends in this situation. Both friends were going thru divorces (not with each other) and couldn't keep up with the payments. One lost her house last year and the other is about to lose his.
7The house directly across our street was in foreclosure. It sat vacant for a lengthy string of months until it was finally purchased, several weeks ago.
8I know some people that just walked away and abandoned their homes completely. For my area (in Florida), it was the lethal combination of subprime loans, outrageous property taxes and a recent mega-hike in insurance rates. A lot of developers went down because they put up massive developments when the market just died.... then the construction people started losing their jobs and homes... It's so crazy how much this is gotten out of a hand.
9I know a couple of people who have sold their homes as short sales, but no one who has let their home go into foreclosure yet.
10I don't know anyone this has happened to.
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