Thursday, December 18, 2008

Yvonne Herrara, Part II

Yvonne Herrara, House ATM User
(Part I)
Yvonne was featured in a Whittier Daily News article* back in Feb '08. She tapped $300,000K of her home "equity" for home improvements, a pool, expenses for your kids, and who knows what else. Since then, she was foreclosed upon and had to vacate the house. I received a comment at my original post (Part I) about the recent purchase. In a nutshell, the comment stated:
  • The house was in shambles
  • It had no pool
  • It seemingly had no improvements
  • It Was in Complete Disarray!
Can somebody point out the $300K pool? BWAHAHAHA

18820 E Laxford Rd, Covina, CA 91722-2004
3 beds, 2.0 baths, 1,122 sq ft

Sale History:
01/29/1998: $132,000
06/17/2008: $225,802 *back to the bank
10/31/2008: $280,000

I hope the Herrara's made the most of their $300,000 party! This country is f'ed.

On a final note, does the bank have recourse on their debt? I believe it does. The bank could sell their debt to a collection agency for pennies on the dollar, and the collection agency could harass them forever. They could have taken a lesson from the Oropeza's; after raiding the bank's 'treasury', the Oropeza's moved to Texas, which has homestead laws that can protect them.

* The original article can no longer be found at the Whittier Daily News, not even in their archives. Very strange.


tom12008 said...

Almost all of it must have fallen under the putative rubric of "expenses for the kids".

Tyrone said...

It's tough raising those 'entitlement' kids, I guess. BWAHAHAHA