In all of my years of meeting people, listening to their heartaches and joys of home ownership. I have never left an appointment in tears until last Thursday. For years now every listing appointment was celebrating the joy of how much money the homeowner would make by selling the home that they currently owned. Then calculating how much of a new house they could get.
Last Thursday, I met a family who bought a home in 2004. The mortgage was paid and the house looked great! Bob and his wife worked everyday in adequate jobs. Jenna the young 7 year old was living life as if to not have a care in the world. Until November of 2006 when Bob got sick. He was feeling tired and pushed himself to work through the holidays.
In January of 2007, the interest rate of their mortgage changed, forcing them to make payments that were beyond their means. They decided to re-finance the house to get into a fixed rate loan. Two weeks after the bank appraised their home for the refinance, Bob had a stroke which left him not able to work. Did I tell you that the bank appraised the home at $314,000 and now 8 months later, I can only find value of $234,000! (I suspect fraud).
Bob has had a total of 3 strokes since January, His wife Judy is working to hold things together and can't. Jenna the little girl stays home everyday and takes care of Daddy! As I walked through the house I saw no signs of mis-use of money. No cigarettes, no alcohol, no anything. What I did notice was no food in the refrigerator, no can goods in the cupboards, and no phone. Judy is a diabetic and was only taking 1/2 of her insulin due to the expense of the co-pay. Bob was not going to therapy or receiving his medications all of the time, due to the co-pay that they did not have. The mortgage payment has been on an automatic withdraw from their account and the bank would not stop taking the payment. They tried to work with the bank and their was NO mercy from them. They wanted all or nothing!
In January of 2007, the interest rate of their mortgage changed, forcing them to make payments that were beyond their means. They decided to re-finance the house to get into a fixed rate loan. Two weeks after the bank appraised their home for the refinance, Bob had a stroke which left him not able to work. Did I tell you that the bank appraised the home at $314,000 and now 8 months later, I can only find value of $234,000! (I suspect fraud).
Bob has had a total of 3 strokes since January, His wife Judy is working to hold things together and can't. Jenna the little girl stays home everyday and takes care of Daddy! As I walked through the house I saw no signs of mis-use of money. No cigarettes, no alcohol, no anything. What I did notice was no food in the refrigerator, no can goods in the cupboards, and no phone. Judy is a diabetic and was only taking 1/2 of her insulin due to the expense of the co-pay. Bob was not going to therapy or receiving his medications all of the time, due to the co-pay that they did not have. The mortgage payment has been on an automatic withdraw from their account and the bank would not stop taking the payment. They tried to work with the bank and their was NO mercy from them. They wanted all or nothing!
When I left this family that night , the replay in my mind's eye of Jenna looking at me with her beautiful big brown eyes and saying "Mrs. Damon, please don't sell my home, I need a place to live..." has stuck in my heart ever since.
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