Woman Sells Pieces of her Foreclosed Home

An Ontario, Calif., woman, who tried to save her home from foreclosure by selling its period flooring, baseboards, and other fixtures on eBay, was evicted and the house was secured by local police.

A Superior Court judge intervened after the city complained that the home was being desecrated. The city had an interest because it gave the 71-year-old Mediterranean Revival home owner a break on property taxes because the property is considered historic.

Owner Kim Shewalter stopped paying her mortgage after payments adjusted to $6,500 a month. “Until the bank takes it away, that’s my home,” she says.

Shewalter says she was only removing and selling items that she installed in the home herself, such as a set of custom-made cabinets and an antique light fixture she inherited from her grandmother.

“I have to give my house back to the bank, and I want to be sure I recoup a little bit of my money,” she says.

Source: The Associated Press (01/12/08)

Ok, is it JUST me but…. $6500 a month???????????  I’d sell some items too!!!  This foreclosure mess is driving people insane.  I want to compile a list of agencies/resources that will help.  REALLY help- not hustle, those who are already down… a list of non-profits. Any  ideas?  Do you know any?  I’m extermly heart broken every time I see another “short sale” listing….   Last week I spent hours questioning a couple in this situation on the steps they’ve taken to receive help.  I almost wanted to pay the behind mortgage just so they could stay in their home of many years…but that was not the issue. The monthly mortgage expense has escalated to some ridiculous amount they could never make it each month.

My prayers are with you all who are facing these hardships….

My advice to those who think they soon may be in this situation is to NOT WAIT… SEEK HELP NOW… every minute counts

If you know of any agencies, resources, city programs or anything that is helping please let me know- we need to do more to help each other, and if all we can do now is knowledge transfer, we MUST do it. This is not an individual problem.

Real Estate News: Foreclosure Plan

Foreclosure Plan Will Be Greeted With Questions
Treasury Secretary Henry Paulson will unveil a plan on Thursday to forestall foreclosures and ease the housing recession.

The release of plan’s details will coincide with the release of data from the Mortgage Bankers Association that show that homes in foreclosure hit record levels in April through June, and that nearly 17 percent of subprime borrowers missed at least one payment in the first quarter of the year. An additional 2 million home owners will face their first interest-rate reset by the end of 2008.

“This is the most serious housing recession since the Great Depression,” says Mark Zandi, chief economist for Moody’s Economy.com. Zandi predicts that home prices, on average, will fall 7 percent more through next year.

Paulson says he wants state and local governments to be allowed to issue tax-exempt bonds to “temporarily” raise money to help some struggling subprime borrowers refinance.

Questions remain about how many investors, who bought bonds backed by these mortgages and are spread out around the globe, will agree to change the terms of the loans.

Source: USA Today, Noelle Knox (12/4/2007)

Looking for space on a budget?

Historic West End- Huge home, about 2,606 sq ft. 4bedrooms, 3bths, 2 fireplaces- 79K!! You will not have to spend days peeling paint and restoring!-Many original details in tack. Come give this home some curb appeal!

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500 Hopkins…

Here is another hidden gem in the Historic District- I just know when the right person buys this house it will be spectacular. This is a foreclosure- so you know the price is right! Actually if you submit the right offer, you could probably close and walk into equity.. but you’ll have to do some repairs. This one is also a 3bdrm/ 2.5 bath. Guess how much you’d pay to live in the city?

500 Hopkins…

.500 Hopkins Living 500 Hopkins Master Bdrm Upstairs

The upstairs room, which is the converted attic, has many built-in’s, and a bathroom. Great for a bedroom, library or office- or even a kids playroom! I also considered it a nice spare bedroom…but then I could hear my mother in-law from NY ask “Why am I being placed in the attic?” LOL..