Sunday, February 24, 2008

Yvonne Herrara

Yvonne Herrara, House ATM User
Ya' know what, Yvonne, you and your jackass family blew through $300,000 on home improvements, a pool, expenses for your kids, and who knows what else. You had your fun, now it's time to GET YOUR ASS OUT OF THAT HOUSE! IT'S NO LONGER YOURS!

What is America going to do once they need CASH to buy what they NEED, rather than house "equity" to obtain what they WANT! Truly sickening!

2008-02-24: Many local homeowners are hurting HELOCing
Yvonne Herrera's blue-gray, two-bedroom family home on a quiet, dead-end road in Covina was astonishingly cheap when she and her husband bought it: only $129,000.

Ten years later, after refinancing several times and borrowing money against the home, Herrera and her husband pay $3,300 a month on a $430,000 mortgage.

"We used some of the money for home improvements and to put in a pool," Herrera said. "But also a lot for expenses when our kids were in high school."

She said she expected to sell the house for below its value to her mother-in-law and pay rent to her for a year or two.
(Pardon me, but you fu**in' beeyatch, get the hell out of that house with your "plan".)

"It's the best solution we have because the bank won't work with us," said Herrera. "We put a lot of work into this house and it would break my heart to lose it." (Note to Yvonne: Unless you have household income of ~$130,000, there is nothing you or the bank can do.)

18820 E Laxford Rd, Covina, CA 91722-2004
3 beds, 2.0 baths, 1,122 sq ft
Sale History: 01/29/1998: $132,000

5 comments:

Rob Dawg said...

They bought for $129,000 with a $132,000 mortgage in 1998. Had they just plodded along they'd paid down $40,000 and been paying $750/mo. Now "ten years later, after refinancing several times and borrowing money against the home, Herrera and her husband pay $3,300 a month on a $430,000 mortgage." FIVE times more and now with negative equity instead of $150k.

And this gem: "she expected to sell the house for below its value to her mother-in-law and pay rent to her for a year or two." Sure and the bank will go along with a short sale to a relative. Not.

Letting people like this loose in the housing market endangers everyone.

flores_c32 said...

My friend recently bought this house, and the house was in shambles. Nothing was spent on repairs for this has and the house has no pool. This house was in complete dissarry. Needless to say that this house has now gone through a transformation and finally looks livable, again. So in the end, so did just use it as an ATM and never made ANY home improvements.

Tyrone said...

Flores,
Thanks for the feedback. Looks as though they paid $280K. I would put a true value/worth of $210K on it. My advice would have been to wait. This economy still has a lot of risk, and housing has a lot further to drop. If they can keep their job, they should be ok.

mls said...

funny, Google maps shows a pool in the backyard. It could be an above-ground deal from the look of it though.

Tyrone said...

mls,
I just looked at the 'Bird's Eye View' map. It is an above-ground pool. Maybe they took it when they moved out. Too funny.

Ty