Home Front

A blog about the economy and the Sacramento-area real estate market.

November 5, 2008
Borrowers await their fate
 It happens every time one of these stories appear in the paper. More struggling borrowers call on the phone to spill their frustrations. Tueday's story about banks appearing more willing to make deals with borrowers  added new callers to the list.

One area borrower said he called Chase after reading it and was put on hold for 21 minutes. He's been out of work for four months. Chase reps asked a lot of questions about "how many cars I own and how much my utility bills were, then told me someone would get back to me in 30-45 days."

When you can't figure how you're going to make your November payment that's a lifetime.

Another called this morning with a risky Option ARM loan from IndyMac. Like others, she says she keeps hearing that banks are starting to work with people- and yet she's had little help. Sometimes you can see the handwriting on the wall with these calls. She hasn't made a payment since June - when the monthly payment went from $900 a month to $1,800 a month. She has credit card debts and simply can't afford it all. Will the new FDIC takeover of IndyMac save a customer like this? I don't know.

Another retired caller says she has done everything possible to get current again with her loan and succeeded. But now she is $2,000 behind on her property taxes. She can't make that kind of payment, she says.

You ask: what will happen to all these people?
When statistics tell you that nearly 30,000 people have lost their homes in Amador, El Dorado, Nevada, Placer, Sacramento, Sutter, Yolo and Yuba counties since the beginning of 2007 it's almost too easy to guess.

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