The Inhuman Face of Foreclosures
Real Estate | September 19, 2009 at 4:49 amAs you and I know, foreclosure generally happens when the homeowner buys a property on a huge loan and cannot pay back the debt due to financial crunch and surrenders the property to the bank which puts it up on sale in the market. But in recent times, there have many uncommon reasons for foreclosure and the behavior of the mortgage lenders who’ve been taking charge of the foreclosed properties.
Illegal Occupancy of Foreclosed Properties
F you’ve been following real estate news of late, you might be aware of the Wells Fargo scam, where the Vice president of the company, Cheronda Guyton occupied a foreclosed property which consequently was not put up on sale. This infuriated the local real estate agents. You can read about the report on DS News. Well, the reason for the bank to have done this could have been that there were too many properties on sale in the market already which had to be cleared and disuse might have damaged the condition of the mansion.
Eviction of Innocent Tenants Due To Foreclosures
Eviction of people for no fault of theirs is very inhuman. But the property foreclosure mission does not seem to have moved the hearts of the banks and mortgage companies doing it. During the recent recession, when many properties went into foreclosure, the homeowners would surrender the properties to banks or to other parties. As a result, the tenants would have to vacate the houses in just five days or get evicted. Many tenants are surprised and shocked as this happens just a few days after the owner collects the rentals from them. Then how are they to blame?
You might have already read the heart rendering story of Aida, an elderly woman who was evicted for no fault of hers by Dan Mendoza, a deputy of the Orange County on the mission of eviction as formulated by the law makers. You can read the entire report on Reuters. She spoke only Spanish was worried about her grandchildren’s belongings and when the officials arrived one elderly man committed suicide upstairs! This is so pathetic than our hearts can hardly take it. The government should be more humanistic in its laws.
Mysterious Suicide Due to Foreclosure
You might have heard the story of Carlene Balderrema, a 53 year old woman, who seems to have shot herself dead when she came to know that her property would be foreclosed. She seems to have sent letters to the officials warning them she’d commit suicide if they took her property. Her husband John seems to be unaware of the foreclosure notices as it seems Carlene fielded the bank notices from him and tore them up. Carlene wrote to her children to pay up the mortgage with the insurance that they’d get on her ending her life. What the officials probing into the case are unable to understand is that when John’s yearly income was $ 95,000 why had it become impossible for them to pay up their loan on a $ 230,000 property?
These are some the heart rendering stories that foreclosures have brought. Widespread mental depression and self harmful activities were on the rise for inhuman treatment of the property occupants. Those who sought payment extensions were not given any. There were erred eviction cases, as 
exemplified by the Wall Street Journal report of the mistakenly evicted house of Anna Ramirez. The house was given back to her after seizing it. But according to Anna her belongings were damaged.
On the whole the treatment given was inhuman to innocent home occupants. They were hit by recession and this was no personal fault of theirs. The government seems to have brought in a lot of welfare schemes for the recession-hit people. Then why has it not taken action in the case of real estate? Or was it that it tried and was unsuccessful?
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These Foreclosure Stories are really sad. The government Should have taken more humanistic steps