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!
18820 E Laxford Rd, Covina, CA 91722-2004
3 beds, 2.0 baths, 1,122 sq ft
06/17/2008: $225,802 *back to the bank
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.