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Foreclosure, a personal story
by We've all heard about the astronomical numbers of foreclosures currently clogging our courts. All over the US, people are in dire straights and losing their homes. Folks, count us in those numbers. Today, I'm going to tell you our story to put a face on what is happening everywhere.
When we moved to Florida, we had high hopes. We'd live close to my Mom, I'd continue to work for Disney (albeit at WDW instead of the stores) and we'd have nice jobs. We'd be able to pay all but the tiniest portion of our bills with one salary.
Plans changed a little. My regional director was reluctant to lose me to WDW and asked if I would consider staying with the stores. I expected the district manager to be like the three I'd had in the four years I'd been with the company, so I agreed. This changed where we'd look for a home, but not the plans to move.
We sold our townhouse in Maryland with a nice profit. We found a builder we liked in Lakeland, then found that they had a community under construction closer to Tampa, where I'd be working. After paying for moving, we put half of the remainder down on a new construction home with this builder, nearly 1/3 of the cost.
For the next nine months, we rented a house and Ed looked for a job. And looked. And looked some more. This was the big sticking point for us, however, we were able to manage on just my salary. I was NOT happy about this aspect, but I'm not a nagger.
Eventually, the fact that Disney sold the stores and I worked for a district manager who was not an inspiring leader (to put it succinctly, there's a lot more to that story) led me to seek greener pastures elsewhere.
It looked like I'd found the perfect opportunity. A job that combined management and cooking. The compensation package the owners came up with was compelling. The base salary was slightly less than what I was making, but there were many bonuses that had the potential to triple my salary.
At this time, Ed was working for the post office, like he'd done in Maryland. Unlike Maryland, though, his work week was at best, two days, whereas he was working six day weeks before. Basically, what he made covered the day care that was a needed. We paid for a full week because we never knew what days we'd need it.
The new job didn't provide health insurance. I'd thought that wouldn't be a big deal. I was wrong. Gameboy's medications had always been covered by my employer's health insurance plan. Now they were coming out of my pocket, to the tune of $1300 a month. Our mortgage was $1200 a month. I was grossing 3000 a month. Negative financing may exist for the federal government, but for everyday people, deficits are not permissible. Pay bills or medicate my child? I'm a horrible citizen-I'll medicate my child first.
After eight months in a job I loved, I realized that we couldn't exist in this manner. The compensation was based on the sales results of the original location of the business, and it took four years to get it to that level. It'd take me some time to grow the business to the level they required for me to be pull in the three bonuses that totaled about 50 grand. (a side note:I must have made a lot of inroads on that front, because the business runs at a reduced schedule now)
One phone call was all it took for me to return to retail and to health benefits. Okay, this hiccup can be fixed. We refinanced, but we went from a low interest rate to a higher one to roll all the bills into the mortgage.
The new employer did something I've never encountered in all my years of retail management. I was now a manager paid hourly-and I got about 35-40 hours a week. Ed was working for the meal prep kitchen because at least there, he could be out of work in time for the kids to arrive home from school. It was tight.
Then, because Ed took a day off here and there to tend to the family issues in Lakeland (and the fall off of the business after I left, apparently), the hours he was getting dropped off. First he went from five to four days, then two, then one. We were late on the mortgage.
Funny thing about mortgages. When you're late, you aren't allowed to pay a little to at least get something in. No, you have to pay ALL the money you owe. I contemplated cashing in the 20 or so shares I'd had of stock from a previous employer. Ed talked me out of it, saying we'd need it down the road. (now, it's worth 1/4 of what it was back then-I'd take a huge loss if I sold it.)
My health was poor, but I had to focus on trying to work with the pain and keep us insured and some money coming into the house. Ed had found a job as a toll collector. It was supposed to be 40 hours. It was overnights. However, the shift started at 9pm. I work retail, there are nights that he couldn't be there at 9pm. The interviewer told Ed 'No problem, we can work with that', the station managers said "we can't work with this." It was a very tumultuous few months, all for the lovely salary of 7.50 an hour.
All while employed in that job, Ed was looking for something more lucrative. He interviewed with Verizon. He got to the coveted fourth interview and then got the "thanks, but no thanks" letter. He found a temp job in the tech sector he'd left behind in 2001. He'd be replacing an employee who was reentering the military. That lasted three weeks, until the employee decided he didn't want to play in the sand box, after all.
We were still in arrears on the mortgage, because the lender wanted ALL or nothing. I didn't know where it was going to come from. The rumbling in the media was that George W was going to rescue those in danger of foreclosure. The announcement came: if you aren't currently in arrears, we'll protect you. If you're not in arrears, then you're not at risk of foreclosure. Help would not be coming for us.
So, for months, we've been waiting for the ax to fall. We knew it would because the lender wouldn't talk unless a lot of money (that we didn't have) came their way. Short of an unknown rich relative leaving us money or the Prize patrol showing up on our door, there was no money. There would be no happy ending.
The ax fell yesterday.
We have to be out by March 6th. Ed's full time job right now is to pack this place up. We started looking for rentals today. We're a practical lot, considering how much we have to go over to Lakeland, we're looking over there. Rents may be cheaper and there are a lot of older communities.
In fact, we found a house right around the corner from Ed's mom's house. This house is a little more than I'd said we could afford on my 40 hours alone (but I've been getting 25 hours). That is a problem, but probably short term. The homeowner is a realtor and we were upfront about why we're moving. He had answers and names of employers in Lakeland that Ed could try.
It makes a lot of sense to rent the place-it'd ease the stress that led to Ed's mom's stroke. If they're not up to marketing or cooking, or need stuff done, we'd be right there. I think it'd reduce my stress, because I wouldn't be wondering when I'd be called on at 2am to drive 30 miles. If Ed found a job that had hours that overlapped mine, the kids could possibly head over to Mema's.
I'm looking for a new job myself. Something recession proof. They exist in retail, as I've had them before. Something that will give me the 40 hours I am accustomed to getting.
Right now, I'm sad. All the reasons for moving to Florida: WDW, Mom and a house? I don't have a single one of them.
I'm sad, I'm depressed and I'm heartbroken. I'm a former homeowner.
(Suzanne blogs daily at www.suzannesez.blogspot.com)
Comments
Thank you, Suzanne
For sharing your honest and powerful story and for putting a human face on abstract stories we hear in the news.
All the best to you.
PopConsumer
Beyond Help
Suzanne, I'm thinking about you
I'm pulling for you, your husband and the kids.
Lisa Stone
BlogHer Co-founder
Surfette
A gift to the community from Suzanne
P.S. I just put your post in the headlines at the top of our homepage: http://blogher.com.
Who else out there is experiencing for risking foreclosure?
Lisa Stone
BlogHer Co-founder
Surfette
Heartbreaking. Perhaps people will work to
take action.
Hi, Suzanne.
I've been hearing stories similar to yours more than I'd like to and listening to phone calls for help. I wish you didn't have to go through this, but sadly this story is becoming more and more common in this country.
For anyone who wants to get more involved in addressing the foreclosure crisis, consider this ACORN action to Tell Your Senator to Support the Foreclosure Prevention Act.
ACORN, a social justice nonprofit, has been working hard to help families facing foreclosure; however, the group has focused more on homeowners crushed by subprime loans and predatory lenders. Nevertheless, ACORN offers other programs tto help people facing problems finding affordable housing.
Nordette Adams is a Contributing Editor with BlogHer.org.
Nordette, thank you for
Nordette, thank you for those links. I'm definitely going to contact my senator and representative. I wish I could do more to prevent this from happening to others.
You're welcome, Dana. I forgot to add
that ACORN also is working on the health care crisis in America. You and others may be interested in this link, Suzanne.
In the interest of full disclosure, I have a personal connection to ACORN.
Nordette Adams is a Contributing Editor with BlogHer.org.
Suzanne, I'm keeping you and
Suzanne, I'm keeping you and your family in my thoughts and prayers. Your personal story makes me realize that foreclosure is real and can happen to anyone.
Thank you for sharing your story with us.
Thank you!
Thank you, all of you. As each day passes, this becomes easier to accept.
I realized I had to overcome my shame and embarrassment about the situation I am in. It was a couple of things that could happen to anyone that brought us to this end.
Lisa, the first thing I decided should be posted at my blog and here got front page? That's going to be a tough thing to follow up! Thank you.
Dana, thanks for the prayers. I really think they are making a difference.
Nordette, thank you for those links. It was very sad today, driving around Lakeland. We saw many homes that had been abandoned, several foreclosure sale signs and more than a couple of neighborhoods that had been staked out and some homes with early stages of construction that you could tell that the builders just closed up shop.
Maria, thanks for replying. It made me realize I did the right thing by telling my story.
Suzanne
www.suzannesez.blogspot.com
Foreclosure story by artist, photographer in
Cleveland
Bridget Ginley, who wrote this post, is a talented, bright, literate, passionate artist in Cleveland. Her story renders me speechless because it's happened right here, thousands and thousands of times over. Just in Cleveland alone.
Suzanne - thank you for sharing - you are not alone.
Jill
Writes Like She Talks
Don't miss Suzanne's next installment
A day later - also on the homepage.
Jill, thank you so much for Bridget's link. Headed over there now!
Lisa Stone
BlogHer Co-founder
Surfette
What a crazy situation to be in...
This is a great example of the bad things that happen to normal, everyday people. I'm so sorry you have to go through this, Suzanne.
Personal blog: Keep Up With Me
BlogHer blog: Life - Singles
Dont go running to the government.....
Suzanne, I am very sorry about your situation and i am sure you will bounce back due to your strong work ethic.
Many who are being foreclosed on had no right being given loans in the first place. Lenders were lending people money who had very shaky credit so the blame goes to the lenders and to people buying houses they knew they couldnt afford.
The govenment better not bail out all of these bad loans. Who is going to pay for it? The people who handled their finances and pay their bills?
The government should only get involved in EXTREME cases not when somebody bit off more than they can chew.
Everyone has a right to their own opinion. Mine is that it is not a god given right for everyone to own a home nor to have health insurance. This country did not become the great country it is by being a socialist society (other than social security which should be abolished).
Suzanne, i know you are hurting and i know your politics are very different from mine :), but i do hope the best for you. I can tell you are a hard worker. You will bounce back. Hang in there!
Paul,
Paul,
Thanks for commenting.
I'm getting by. I posted an update, as I realized that I'd left this hanging in the lurch.
Interstingly enough, when I got the mortgage, my beacon was well in the 700's. I was in good shape financially. That was inspired me to post the story, as anyone could have the dominoes fall.
Our political views may differ. I don't know. I didn't post this to have it become a political discourse. Plain and simple, I was hurting and hoped that by sharing my pain, others could learn from it.
Suzanne
www.suzannesez.blogspot.com
Interested in your story
Dear Suzanne,
I read your story and it is an extremely interesting one given the troublesome times we are living in right now. I work for a national monthly newsletter called Navigator Newsletters , which is published in office and available through readers subscriptions via hard copy or electronic access, that specializes in finances and money investing. We write different articles every month discussing currents topics occuring in the financial worlds of our readers, working on giving them information, advice and help with their finances and investing. I was wondering if you would be willing to give us permission to mention your story in one of our upcoming articles. Of course we would keep your name and any details specific to who you are confidential. I think your story would be very informative and helpful to our readers. Please let me know your thoughts.
Thank You,
AJD
AJD, Feel free to contact
AJD,
Feel free to contact me privately SuzanneSez at gmail dot com
Suzanne
www.suzannesez.blogspot.com
Very Unfortunate Story
Your story is a very unfortunate one which is shared by millions across this country. I do hope everything works out for the best. However, in many, mnay cases, the homeowner is to blame for the predictiment which they are currently in. Whether one thinks it's the bank's fault or not, in the end, the homeowner is the one fully responsible for their failed actions. The blame game has been the American way for a few years now. It's never anyone's fault but the other guy's.
The government is under no obligation to bail out anyone being forclosed upon. I know those in that situation may think different. I know I'd want the gov't to bail me out if my house was about to be taken away. But in reality, the gov't is not responsible for anyone's misfortune, whether it be caused by a bad economy, unwise decisions, or bad lending practices. In many cases, people bought larger homes than what they needed, and in the most expenisve areas of town.
Suzanne, I think your decision to buy a new house upon arriving to Florida was the first mistake. You and your husband should have waited a few months, get settled in, and see how things were going in a year or so. I would not have even considered buying a new house until Ed found a full time job. Second big mistake was leaving WDW for a job with no insurance. That was not a smart move at all, especially since your child is dependent on $1300 worth of drugs per month.
I hope the best for your family and others across this nation.
Z2008, Welcome to
Z2008,
Welcome to BlogHer. I feel honored that you decided to comment on my blog first.
You are absolutely right, I made some poor decisions. However, hindsight is 20/20 and I cannot do them. Did I blame the bank? I don't see where I did, I only commened on the fact that I was not allowed to make partial payments. If you interpreted otherwise, then I'm sorry if I wasn't clear on the point.
My mortgage was stared at about $1000 a month and grew to $1200 due to property tax escalations. I hadn't seen that one coming. As I said,my husband went from six day weeks working for the post office up north to getting one or two days here in Florida, so we had been under the impression that it would be full time employment. (That position, in the majority of the counry is likened to indentured servitude, as in "if the phone rings, you're working" and it rings EVERY morning)
The mortgage is in line with what we were paying up north and with the rents locally. Beyond our means would have been a McMansion at double the price. If we had rented for the same time, we would have been paying the same amount.
My husband and I always had group health coverage, so I was not aware that ONE of my son's medications was $600 a month and another $350. I purchased insurance for my family but ,surprise, they excluded prescription coverage after the fact.
I could have just let your comment lie or lash out at you, as I find it interesting that you used an extremely anonymous name to come and comment. However, getting mad at you is wrong. I am mad and MYSELF for getting in this situation.
Clarification: I worked for the Walt Disney Company, not WDW.
Again, thanks for your comments.