Foreclosure Story
Does anyone have a story to tell about a phony inspector followed by a loan officer coming to their house?
I have heard of fraud cases leading to loans in the city that led to the number of hone foreclosures being astronomically high. Is this accurate? What other reasons make Cleveland worse than everywhere else in the housing market.
I’m South of Cleveland, but I have a story for you. It’s almost to incredible to be believed, but I swear to you that it’s true.
We bought our house in September 2001. Before we purchased, we had a house all picked out, and our realtor was going to arrange an inspector to come out and look at it for us. The inspection was going to be on a weekday during the day when we couldn’t be there … but our realtor said it’s no problem, she would be there with him when he inspected the house. She promised.
Wellll … the supposed inspection took place on September 11, 2001. Seriously. So that evening we tried to call our realtor to see what happened with it, and we couldn’t find her. Couldn’t get ahold of her for a couple of days. It turns out that morning she was on a plane to Wisconsin. They landed the plane early in Chicago and it took her 3 days to get back here. Needless to say she wasn’t too happy with me when in the middle of relaying her story I asked her why the heck she wasn’t at that house with the inspector.
So I asked her for something from the inspector saying he looked at it. It took her a month, and I’m 95% sure it was a bogus letter.
I think fake inspections happen all the time. And they wouldn’t catch everything anyway.
We did buy the house, and there really wasn’t anything wrong with it. Unfortunately we lost the house a few years later … partly to the economy and partly due to my husband’s bad health.
Anyway … what makes Cleveland worse than other places is the economy. It’s really hard to find a decent job here … harder than other parts of the country, or so I hear.
The bad loans that you are hearing about are subprime loans … people are getting into them without realizing that the payments can go up significantly later on. You combine that with the economy, and people are losing their homes all over the place.
Vera Johnson’s foreclosure story
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