The Emotional Side of Foreclosure

February 11, 2009 No Comments »

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We see the foreclosure numbers every month, but often don’t hear about what’s actually behind them.

Yesterday, a Southern California man barricaded himself in his home for roughly three hours in an attempt to save it from foreclosure, the Daily Breeze reported.

Frank Torres, a resident of Carson, CA, rushed home shortly after hearing that workers had showed up to remove his belongings from his now bank-owned property.

In an emotional stand-off, Torres spray-painted messages on his roof, including “I Want 2 Be Heard” on the front portion and “It’s About Family” on the backside.

The man fell six months behind on payments after losing his job in 2007, and later Wells Fargo foreclosed on the home and ordered the Torres family to vacate by January 15.

The home was purchased in 2002, but subsequently refinanced twice, adding about $100,000 onto the initial loan balance, which eventually made mortgage payments unaffordable.

During the standoff, Torres spoke with Carson mayor Jim Dear and received a visit from police before eventually emerging with paystubs in hand, proclaiming he could now afford the home.

He was recently promoted and said he could make the payments, but it was too late; he told the Breeze he chose to “make a statement,” not just for himself, but for all Americans.

Torres, along with his wife and two daughters, have since moved into his mother’s home across the street.

Meanwhile, on the other side of the fence, RealtyTrac is promoting its foreclosure services via a Valentine’s Day promotion.

Instead of chocolate or a dozen roses, the company is promoting a “sweet foreclosure deal.”

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