Foreclosures always have a story behind them. The story that I heard on the news this morning made it all the more apparent that these stories not only have heartbreak, but also anger and frustration at the system. Our banks have failed us. The number of friends, family and clients that I know who are not getting their loan modifications through the banks is demoralizing.
Today, in what could be the first in Riverside County, a San Diego police officer and his real estate agent wife have been charged with a felony in the trashing of their six bedroom home near Murrieta. The damage totaled $200,000 from stones smashed off the facade to dye poured on the carpets. Walls were spray painted black, wiring had been cut and the garage door was missing. Appliances and fixtures were removed, wiring stripped and trees tossed into the swimming pool.
The neighbors were interviewed and said that the couple had put their "heart and soul" into their home and it was the best in the neighborhood. A friend of the wife and neighbor said that the couple had done everything that the bank had told them to do including getting rid of car payments, paying off other debt and despite lender promises, their loan modification was still denied and the home went into foreclosure. When the husband asked to borrow a sledgehammer from the neighbor, the neighbor told a reporter, "I knew it had gone too far".
If convicted, the couple face up to four years in prison and reportedly warrants are out for their arrests. The bank officials who signed off on tens of thousands of foreclosures without reviewing them legally, will not be prosecuted.
Related Post: A Foreclosure, A Felony & A Perception