Wednesday, October 13, 2010

I'm supposed to feel sorry for these people

Two more foreclosure cases for people who deserve not one drop of sympathy.

First

On Monday in Simi Valley, he helped a family of nine break into their foreclosed home, and this Tuesday in Escondido started three miles east of the Bolanoses' home at a property once owned by Eva Rocha and her husband.

The couple purchased the house on Kimball Street with a traditional loan of $196,000 in 1999. When the value of the house soared in the bubble, they refinanced in 2005 for $400,000, Eva said standing in the empty living room of the house. They used the money to purchase another house nearby, one that allowed their two children to each have their own room, and a pool in the backyard.

Seriously?

Second

The Earl family bought the Simi Valley house in 2001 for $539,000. In 2005 they refinanced with an $880,000 loan. In February, the trustee’s deed upon sale indicated unpaid debt with costs on the property just over $1 million.
So between these two families they drained a half a million dollars of equity out of homes they probably couldn't afford in the first place.

I'm still waiting for the media to drop a real heartbreak story on these foreclosures.

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