Major Banks Halt Foreclosures Until March 6

14 Comments so far

1. Seung Baek on February 14, 2009 1:06 am

   Re: Justice for my Legal situation at Diablo Grande

   9120 Morton Davis Drive
   Patterson, CA 95363

   I am writing to you in the hopes that you and/or your staff will take the time to look into my legal situation and the circumstances surrounding the issues that I have been dealing with for the past couple of years. I am realistic and am fully aware that it may be too late to salvage my problems, but I hope that in the future others will not have to go through the same ordeals as I have.

   First of all I must give you a little background and history of what I
   have gone through. A couple of years back I purchased a custom home in Diablo Grande in Patterson, California. This was to be my dream home and I had high expectations for this home, especially for the price I was paying for it. Prior to taking tenancy, during one of the final walk-throughs, I noticed some construction defects, mostly cosmetic, but some structural. The
   cosmetic defects could have been remedied over time, but the structural ones would just about require the house to be demolished and rebuilt. The home is a two story home and the joists used to support the second level were
   substandard by approximately 60%! Needless to say this caused a lot of movement and noise let alone affected the integrity of the house and who knows what would happen during an earthquake or other natural disaster! This was pointed out to the builder and was noticed by the structural engineer hired by the builder, but by the inspector from Stanislaus County
   and the private structural engineer that I hired.
   I would have thought that after these structural defects were noted by all of the above referenced parties, a solution would have been achieved.
   To my surprise, I met with resistance from the builder and the developer, and on top of that a lack of action from the Stanislaus County inspectors. The integrity of the structure of my home was in question let alone the safety of me and my family. The builder actually cut corners, deviated from the
   blueprints, and used substandard joists and, once caught, resisted doing the right thing and correcting his deplorable actions. Needless to say I was forced into litigation which as we speak is still pending.

   Due to the high costs of litigation, I eventually fell behind in my
   mortgage payments for a home that I could not safely occupy. Of course one thing leads to another and now my dream home is in foreclosure.
   As you are aware the limit on construction bonds is only $10,000. This is not even close to being able to cover the costs for any type of complex
   construction defect scenario. This leaves the average person at a disadvantage with no viable remedy should they be put into this type of situation.
   I tried going through all of the proper channels (ie. county inspectors, the state inspectors etc.) but ran into a lot of red tape and a lot of frustration.
   I also have to say that English is my second language and because of this and my Korean and American ethnicity, I feel that I was also taken
   advantage of and discriminated against. I am sure that I am not the first one nor will I be the last one to encounter this type of injustice.

   We all already know how bad the housing market is, therefore it is
   unnecessary for others to intentionally contribute to the situation and make
   it worse. Unfortunately for me it is probably already too late. My finances have been drained by this entire ordeal and I cannot continue my legal fight and hold onto my home at the same time. I never anticipated ever having to go through anything remotely close to this and hope that I never have to go through this again. I tried contacting the banks to explain my situation and they said they could not help me. I also already went through mediation and that was of no success either. It looks like all of my options are exhausted and now I am here writing to you in the hopes that maybe something can be done in the near future so that nobody else has to be put through the same nightmare that I have been put through. Thank you for your time and patience.

   Sincerely

   Seung Baek

2. Shorty on February 14, 2009 10:54 am

   “A couple of years back I purchased a custom home in Diablo Grande in Patterson, California.” Well there you have it. You bought it, you live with it. Nobody told you to buy a goddamn house. Quit complaining and move out, and rent like honest people.

3. John on February 14, 2009 2:41 pm

   file chapter 7 bankruptcy. You can walk away from the whole ordeal. Speak with an attorney.

4. Moratorium on Foreclosures until March 6th! « Homes2c’s Weblog on February 14, 2009 4:09 pm

   [...] you or your loved one is experiencing anxiety due to foreclosure here’s a note of [...]

5. jeannie on February 14, 2009 10:36 pm

   folks should buy what they can afford. not wait for the gov’t to use tax payers hard earned cash to bail out irresponsible or greedy folks who have purchased more than they can afford.

6. Tom on February 15, 2009 2:40 am

   I see that the Zillow blog has undergone a little editing and deletions. It seems one persons’s free speech has been denied. Did someone shout “fire” in a crowded theater? Why might one person not speak freely here, that others might so tellingly do “better”? Did Seung Baek ever receive Joan’s thoughtful response? I wonder why such things happen.

   But I have a few words on this Sunday, in response to Shorty’s acceptable comment: “no one ever told you to buy a goddamned house”:

   I hope they are helpful to many people: I have seen the business that God has given to men to be busy with. He has made everything beautiful in its time; also he has put eternity into man’s mind, yet so that he cannot find out what God has done from the beginning to the end. I know that there is nothing better than for people to be happy and enjoy themselves as long as they live; also that it is God’s gift to man that everyone one should eat and drink and take pleasure in all his toil. I know that whatever God does endures forever; nothing can be added to it nor anything taken from it; God has made it so, in order that men should fear before him. That which is, already has been; and God seeks what has been driven away.

   Moroever I have seen that in the place of justice, even there was wickedness, and in the place of righteousness, even there was wickedness.

   I said in my heart God will judge the righteous and the wicked, for he has appointed a time for every matter, for every work. I said in my heart with regard to men that God is testing them to show them they are but beasts.

   I saw all the oppressions that are practiced under the sun. And behold, the tears of the oppressed, and they had no one to comfort them! On the side of their oppressors there was power, and there was no one to comfort them.

7. Inqueistor on February 15, 2009 9:20 am

   I’ve been wondering what effect this delay of foreclosures will have:

   1) Banks need to move money and have no reason to hold onto properties. Yet, they are doing so. The longer they hold onto properties, the more the tax payer is going to foot the bill.

   2) The longer the banks hold off on foreclosure, the greater the flood of foreclosures when they stop.
   a) Or, are they going to hold off forever?
   b) Or, are they going to get the tax payer to pay to allow a lot of people to stay in their homes?

   3) Are we starting a sort of moral hazard where neighbors will see it doesn’t make sense to follow the rules any more? Will we all just start buying cars and boats with the fake value from our homes? …then stop paying the mortgage because we can’t afford it and have our neighbors bail us out?

8. Bob on February 15, 2009 10:21 am

   Inqueistor,

   If it “works,” the freeze will provoke a continuing rise in sales or properties that have already been foreclosed on, bank-owned properties, negotiated short sales. (i.e., clearly the junk off the boards) So-called private investors, mainly, will buy up so-called toxic assets for their own
   handsome profits, sure to make a killing. A few individuals will also take advantage of the opportunity, not just to “buy, low, sell high,” but to acquire a “starter home” or move up the scale of real estate “values” at an historically low price. God bless them. A house is not a home, but sometimes that sort of deal will benefit all concerned. As toxic assets disappear from the market, it will begin to stablize. That may take 90 days, or 180 days.

   The public has to be made to understand that defaulting on mortgage payments now will, eventually, after the freeze, put them in a position of preforeclosure. Hopefully, we have all learned something already about what an unpleasant place that is to be, but maybe there is no underestimating the ignorance of the American people.

9. Ali on February 15, 2009 12:08 pm

   I am a secular humanist. However, even I believe than Stan Humphries knows the price of everything, the value of nothing. How many news services simply quote him. They do no thinking for themselves. None whatsoever. From his press release to their publications. Shame on ALL of you.

10. PL on February 15, 2009 7:27 pm

    Everyone seems to blame others for the mess that this bailout and former administration has put the American people through. But many of you here, I am guessing, ave never walked in the shoes of the millions that are losing their homes, jobs and their lives because the rich seem to get greedier by the day! Until you have actually walked in those shoes, don’t complain about the President that you, the American people voted to be in those shoes. After all, it is the the people that get want they want in the end, GREED!

11. Seung Baek on February 23, 2009 8:17 pm

    Dear Joan and Honest American

    Thank you all for good comment.

    Citimortgage Attorney Sent me Notice of Restricted Accees – CCP 1161.2.
    I have been moving February 11th, 2009 and I have lap more stuff to moving next day, but Bank changed the Lock. I ask bank agent(Realtor)open door only One hour to move out my stuff on last Feb. 18th, 2009
    after I tell to Realtor all about this house to has floor movement and Kitchen water come out only hot
    water and last January, 2008 Gas company sent bill
    $7,000.00 for use one month. 2 months to correct the
    new bill for come out more than $600.00.
    I was contact most Goverment no one help me!

    Re: Diablo Grande Scandal in Patterson, California

    To Honest American

    I am writing you today to tell you my story in an effort to prevent the same thing that happened to me from happening to anyone else. It is already too late for me to change my situation, but it may not be too late to save other property owners from the same fate. If your investigation confirms the following facts, and you decide to show the public what has happened, much pain can be avoided. Also, this topic has overwhelming public interest because the Central Valley of California is the epicenter of the foreclosure disaster.

    I bought a brand new home at 1920 Morton David Drive, in Patterson the Diablo Grande Project. That house was my dream home. It was a part of the American dream. I invested $935,000.00 in it, basically everything that I had earned since I emigrated to the U.S. in 1978. (By the way, I came legally, and one of the proudest days of my life was when I became a citizen on 1985.) But what started out at my American dream soon became a nightmare.

    Almost immediately the nightmare started. I have engineering reports showing:
    I went to an attorney, and the litigation raged on and on, draining me of all my resources. Finally, I was forced to let go of the lawsuit because I could no longer afford to pay my attorney.

    The Property was foreclosed on April 30, 2008.

    I am not asking you to make things right, but could you please, please investigate, and if you find that there was wrongdoing, could you please make the public aware of the facts? I will do whatever is in my power to make sure that this does not happen to others. Will you help me warn your listeners/viewers? It would be a great public service, and could make

    My property has been in litigation since 2006. I had exhausted any and all remedies available to me and now my home is in the foreclosure process. The entire matter involved both major and minor construction defects which were not able to be resolved informally because of an unscrupulous builder and developer. Their actions were compounded by “questionable” county building inspectors. If you will investigate, I will provide you with details.

    I was forced to spend: (a) more than $ 11,000.00 dollars, and (b) tremendous amounts of time and effort on a home that I was never able to enjoy because of its serious construction defects (more than
    $228,000.00).

    When an amicable compromise could not be achieved, I was forced into litigation. I also turned to every county and state agency that I hoped would help me while at the same time losing money and time. At each stage, I was told my cause was just, but no one could do anything for me.

    Because of the money spent on legal fees and costs, and the rental of another home to reside in, I fell behind in my mortgage payments. As I alluded to above, I eventually lost title due to foreclosure.

    As I said at the start of this letter I feel strongly that builder and developer tried to take advantage of me. County officials, who should have seen to it that building codes were enforced also appeared to turn a deaf ear.

    Please be assured that my situation is not unique. Others are in the same circumstances. What happened needs to be completely aired, so that similar things don’t happen in the future. Perhaps legislative and judicial remedies are available that a well-informed buyer could use to protect himself of herself.

    You can do a fantastic public service by verifying the facts, and if you find that a tremendous injustice has been done, by helping to educate the public and potentially to generate the public support required for ameliorative action.

    Please contact me if further information would help you to decide whether to focus on this great injustice. My contact information is given above.

    Thank you for your time and consideration. I look forward to hearing from you in the near future.
    e-mail: dfsco@yahoo.com

    Sincerely,

    Seung W. Baek

12. Prince William Homes on March 1, 2009 7:06 pm

    I cannot help but wonder will we be hit with a tsunami of new foreclosures at a time that we can least afford to?

13. Boston Online Rentals on March 18, 2009 1:26 pm

    I kind of agree with helping out owner occupied homes first.

    An investor shouldnt be having mortgage problems, because their cash flow comes from the tenants, and the calcs for their cash flow should have been made at the time of purchasing the investment property.

    If an investor bought a long term investment with an arm, it was a really bad move.

14. Loan Modification Zoom on May 6, 2009 3:00 pm

    Regardless of an $8,000 incentive for first time homeowners, if homes continue to depreciate at the rate that they have, very few people will buy.