Posted on 05/17/2012 2:31:28 PM PDT by Theoria
A woman is packing up her home after being served an eviction notice — a situation that drove her husband to commit suicide.
“I lost my husband and it hurts me like hell,” said Oriane Rousseau, whose husband, Norman, took his life Sunday after an eviction notice was placed on their front door.
Norman’s death has delayed the eviction but Oriane said it’s difficult for her to stay in the home where he died.
“I don’t want this to happen to anybody. This is horrible. I lost my husband. I lose my pets, I lose my house, I lose my furniture, everything…for nothing,” Rousseau said.
The family bought the home 13 years ago and used their life savings to put 30 percent down.
In 2006, their dream home became a nightmare. The family said they were talked into a new loan, an adjustable rate mortgage. Then, the couple was accused of not paying their mortgage. But Rousseau showed CBS2 News a cashed cashier’s check used to pay Wells Fargo Bank.
The family then applied for loan modification. Rousseau said they were told not to make payments because it would disqualify them.
(Excerpt) Read more at losangeles.cbslocal.com ...
Sad story. The husband shouldn't have took the easy way out.
One should try to have a local bank in the community where they aren't so big that they can't find a friggin check.
Wait for it the ‘Its all the Dead Beat fault’ crowd will be along shortly to get this straighten out.
At least now, she will not need as much square footage and will save money on a smaller place.
Here’s what I don’t get. That house is a dump! It couldn’t have cost more than $100k.... So their payments couldn’t have been more than $800 a month.
I know people fall on hard times but you could earn $800 a month gross working at McDonalds. Plus with 2 able bodied people able to work!?
I have a feeling this couple took a Refinance on the property and bought a bunch of dumb crap. Walk away from the house, get an apartment, declare bankruptcy then go on food stamps and welfare like everyone else.
Sad to say but some people are just to stupid to be home owners.... Or motor home owners.
Very sad story. The man used the last of his money to buy a motor home so they wouldn’t live on the streets. It broke down as soon as he got it home. Too bad the husband didn’t realize that they had each other even if they had little else. Just so sad....
Sure. But, they were in the right. When someone is doing the right thing and making payments on time. One feels that it is better to stay and fight, especially if it is just.
They paid. Bank lost check info. Bank increased rates. 'Homeowners' couldn't keep up.
Wait for it the ‘Its all the Dead Beat fault’ crowd will be along shortly to get this straighten out.
According to the article - “The family said they were talked into a new loan, an adjustable rate mortgage. “
When an offer is too good to be true, it’s usually not true...
The socialists issue propaganda to stall on foreclosures, so property taxes will stay high enough to prevent layoffs of political regulators. Fewer local regulators means less power over us private sector slaves. But those foreclosures are coming sooner or later, and property taxes will go down (recent tax hike attempts already stopped by voters).
And real estate will fall as long as we Baby Boomers fall in an avalanche of croaks—at least the next 20 years or so. Have fun. Enjoy the slide. There won’t be any recovery, until millions of redneck men making products in small, free shops again begin to generate sustainable revenues. By then, we’ll see better leadership.
You should be deeply ashamed of that comment, but the fact that you made it makes you a scumbag who’s probably beyond shame. Please, alert the mods to this, because I’ll stand in front of anyone and declare that this response is mild compared to what you truly deserve.
Wells Fargo is the toughest bank with which I have ever dealt.
They have some tough rules which are absolutely ridiculous.
I closed my checking account with them after two weeks.
The article states that they got a second mortgage, and then stopped making payments even after getting a letter of default.
Furthermore, she says she had the money, but then did not have the money to make payments.
“”I had the money…I had the money. I had everything to make that work,” Rousseau said.”
“They were given two days to reinstate their loan but the Rousseau family couldn’t come up with the cash in time.”
100k for a house in that area of LA in 1999? I think you’re off base in that estimate by several multiples.
Wells signed off on a Settlement with the DOJ over these exact tactics used on this family. Wells took a payment, in this case a Cashier’s Check, put a stop payment on it, placed it in a suspense account, and didn’t credit the payment until after a late charge accrued. Wells delayed crediting the payment with the money in the suspense account, forcing the family to seek alternatives. Then Wells contacted the family to offer a ‘loan modification’ they never intended to honor. The standard line of all the lenders, even mine in a similar circumstance, was ‘you have to miss 3 payments to qualify for a loan mod.” This is the deceptive business practice plied on desperate families by an entity in the finance field with access to all the financial records of their victims as ‘loan modification applications’.
Then the stall comes into play until the predictive software comes up with the ‘final extraction’ point where there are no further assets to acquire from the borrower and the Notice of Default it triggered. Three months later the husband finds himself still out of work, no unemployment, no money for attorney, ...
Sorry, this is really a story about predatory lending and Wells should be charged with negligent homicide.
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