Owners' heartbreak, buyers' bargain as Orlando-area foreclosures mount

[BMT (RIP)]

I wonder why??



'My neighbors just left'
Inez Batista said her husband worked in the construction industry. But when work dried up in the past two years because of the real-estate bust, they were unable to make their payments. The realities of foreclosure are everywhere, she said.

"I see it every day," said Batista, who now works for Wells Fargo bank. "I see people trying to get their loan modifications. My neighbors just left, too."

South of Kissimmee, in one of Central Florida's worst areas for foreclosures, the Dilone family faces the loss of its home because of not being to keep up with the rising payments on an adjustable-rate mortgage.

Former Boston resident Elsa Dilone said she visited Walt Disney World with her family in 2005 and fell in love with the area. The family quickly bought a 3,400-square-foot home south of Kissimmee for $351,300. The mother of three was so thrilled that she decorated the entry hall with a $4,000 chandelier festooned with gold and crystal prisms to illuminate the tiled entry and resort-style furnishing in the adjoining living room.

Now when she enters her otherwise-spotless home, she is greeted by cardboard boxes packed with her belongings and a 6-inch black hole where the chandelier was mounted. She said the family didn't anticipate that the adjustable-rate payments would spike from $1,100 to $3,800, which is more than her carpenter husband earns in a month. The family has not made a mortgage payment in seven months, and she expects to be evicted at any moment.

"Every time I open the door and see the boxes there, I know my time is coming," said Dilone, adding that she hoped they can find a nearby rental. Values throughout the area have plummeted, and the same-model house now sells for $180,000 — about half what the family paid. About one in four houses on her street of 28 homes has been in foreclosure in the past two years, according to RealtyTrac.

As for the chandelier, which was 6 feet tall and 4 feet wide, she sold it for $1,000 to a friend — who so far has been unable to pay for it.






BMT

[nmap]

Amazing, isn't it? People get into a highly leveraged investment, don't understand the agreement they're entering into, are likely to have a variable and somewhat insecure income stream, and they're surprised when the market does not continue up into infinity. That said, the truly distressing part is that the financial industry made loans of this sort, then spread the toxic assets around the world to people who really ought to have known better. Now, we face the consequences of massive global wealth destruction.

It's enough to make me a pessimist....

And I thought it was called Toontown because of Disney!

[Pete]

And now the ceiling has a big hole in it.

Typical, just typical.

[The Reaper]

I hate to be the one to break the news, but an ARM does not reset from $1100 per month to $3800 without some serious chicanery. IIRC, $1100 does not even cover interest only on a $351,300 30-year mortgage.

There is also no way that someone with an income of $3,800 per month would be qualified for a $351,300 mortgage without a huge downpayment, or some shady dealings.

I think a lot of people have had some unrealistic expectations of the lifestyle they seem to feel they are entitled to.

I do not know what she does at Wells Fargo, but I hope it does not require a basic knowledge of math.

Finally, it is not my responsibility to help her cover her financial mistakes with my own money, unless I am given an interest in that property.

Sorry, no sympathy here. Look in the dictionary.

TR

[HQ6]

Originally Posted by The Reaper

I think a lot of people have had some unrealistic expectations of the lifestyle they seem to feel they are entitled to.
....

Finally, it is not my responsibility to help her cover her financial mistakes with my own money, unless I am given an interest in that property.

Sorry, no sympathy here. Look in the dictionary.

TR

And this is the bottom line for me. We have lived within our means and bought a house would could comfortably afford, paid cash, and put money away because we saw this coming a mile off... NOW because some decided to live WAY beyond their means and burn through not only their cash, but credit they could not afford to repay I am supposed to bail them out? WTF?

We didn't buy a 500K house. We are not driving around in a BMW 7 series. The most extravagant thing we have done in the last five years is send me back to school... most of which was covered under his GI Bill benefits. Why on earth should I have to pay for other people's "lifestyle" when we are doing without??

When I think about what he has to go through for his paycheck and that other people sit on their asses expecting him to not only protect their freedom but foot the bill for their internet so they can bitch about the job that he is doing... ARG... My blood pressure goes through the roof.

I guess I am going to have to start yoga or something. Otherwise, I suspect I will have a stroke before the end of BHO's term in office.

[Kyobanim]

I guess I am going to have to start yoga or something. Otherwise, I suspect I will have a stroke before the end of BHO's term in office.

Yoga doesn't work.


Take up shooting

[Richard]

Had the house, barns, fences painted by some out of work painters for a fair price. We were talking about the economy issue and they told me of a friend who was making > $$$ during the construction boom and bought a new house in the hyper-inflated CA market, new pickup and car + > toys (boat, motorcycle, etc). His loans total nearly $9k/mo now and he's begging people to take things like his wife's CRX for the payment (which is nearly $1k/mo).

My house payment is < $1k/mo and will be paid off in 3 more years (I have the money in the bank to pay it off now if I wanted), I owe $0 on my cars, and I pay the MC bill in total when it comes in every month (get the air miles and don't get charged % fees). We provided our 3 sons with a set amount of $$ for college and they had to pay whatever that didn't cover (approx 50%).

I'm like most of the people I know and associate with, am not in such a sorry fiscal state of emergency as so many seem to be (according to the MSM and Polecatus Washingtonium, anyway)...and have very little empathy for those who are. That should be their problem, not mine...and having to pay for their jackassery (stupidity and greed) really pisses me off!

Richard's $.02

[Team Sergeant]

I just watched my neighbors abandon the house across the steet from me.
They purchased the house for 400K, ran up the equity to 700K thinking they would then sell the house and pocket the difference.
They left last week in the middle of the night so no one would see them.
I watched them over the last three years purchase about six brand new vehicles, Hummer's, Harleys etc, new pool and they just walked out.
(They're both LEO's.)

It's not just the poor folk making stupid decisions.

[swpa19]

Sorry, no sympathy here. Look in the dictionary

Its right after suicide and right before syphilis.

[HQ6]

Originally Posted by Team Sergeant

(They're both LEO's.)

One would think that would cause them some issues at work, no?

[Richard]

Originally Posted by Team Sergeant

They're both LEO's.

I'll bet Fred Sams was their CJ mentor and they've both taken teaching positions with him at Canyon College.

Richard's $.02