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Eight million people are at risk of losing their homes because Wall Street abandoned responsible lending practices to gain short-term profits. The housing crisis is not just a problem for families facing foreclosure - it's a problem for every homeowner in America. As long as foreclosures persist, home values will keep going down, and everyone loses.

We need your help. Have you been affected by the housing meltdown? Foreclosed on? Underwater? Record your story, or the story of a friend, family member, or neighbor, and send it to us. You can also add your written story along with a photo for the map. Then, watch the video stories of the families, mothers, fathers, and children who have lost, or are losing the place they call home.

Rebecca from Georgia

Published
by
admin
on March 17, 2009
in Stories
.

Because I lived in Europe for 20+ years, I had no credit history when I went to purchase a condo in the US after my husband’s death. A lender gave me a 3 year, no doc, balloon payment loan. I should have known better, but…

For most of the 3 years, payments were made out of a CD until suddenly the bank ceased that practice, took me to court for the entire face value of the loan and locked me out of the CD.

I am extraordinarily lucky in that I have the financial and emotional resources to hire an attorney, fight the bank and (hopefully) ultimately obtain a mortgage on more favorable terms.

During the 3 years I had this unusual mortgage, I repeatedly requested that it be converted to a more conventional loan, only to have new hurdles put in my path each time, and I never was able to reorganize the loan. It wasn’t until the financial crisis broke with the banking institutions that they took steps to call in the loan and, in effect, attempt to make me homeless.

With hindsight I now know I should never have entered into such an arrangement, but in my defense, I was in a vulnerable state because of my husband’s sudden death. To a certain extent the bank took advantage of that fact.

If they were willing to do that to me, a mature white woman with the resources to fight back, I hate to think what they were capable of regarding more vulnerable borrowers.

At this point, there have been so many foreclosures and short sales in this one development alone, we as one small community are already seeing the affects of the decline in general property values as mentioned in your letter to our politicians.

I have no idea how this will all play out for me - but feel I have a responsibility to try to make a difference for others that do not have the same resources and advantages.

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