Half my neighborhood is filing Ch 7

[calgirl67]

OMG I am not alone it seems. The more I talk to people the more I hear the same thing - house to be foreclosed on and people having to file BK to protect themselves against future deficiency judgements. Just about everyone in this area took Home Eq loans as these houses were new and most people need the loans to finish the back yard. Sad state this country is in and the bank's refusal to modify loans and just foreclose is not helping matters.

I've decided to start filming what is happening here in Northern California. I am going to be doing a whole video series and posting it on YouTube so guys and gals.. subscribe and tune in. The blight and housing dispossession is getting worse every day.

http://www.youtube.com/watch?v=dyrEt5WhrBs

[bakergrl]

I don't know if they are filing BK or not but there are tons of foreclosures in my area.

[DeadManCrawling]

We had a similar experience.

At first, my shame and humiliation were so great I wondered if I could physically survive the stress. As months went by, it really didn't seem to improve until we woke up to the state of our nation.

As reality set in, we read about banking and accounting practices, usury and its history, the Federal Reserve, fractional reserve lending, and all the things that seem "guaranteed" to put a giant X in the win column for lenders and a giant X in the loser column for everyone else.

Like you, we discovered that a large percentage of friends, family, and neighbors were facing foreclosures, bankruptcy, or both. I was stunned to find that this included not only my own parents, but Dr's and attorneys, even accountants I knew and was friends with. Staggering pictures emerged, about the true well-being of our nation.

I watched your video, without sound-no card on this computer-and have to say that the images themselves are quite powerful. I would watch more, if you don't mind PM'ing me as you post more, or letting me know via the board. One day, it would be great to see full-blown documentaries for lots of cities or areas. For further reflection, in the next decade or two, and maybe as a roadmap of what NOT to do for all of us and our kids.

Sadly, I suspect we are doomed to repeat this over and over whether it is with housing or something else.

[jdcat]

I was just on our bankruptcy courts website today and did some figuring. There are 732 341's scheduled during the next 5 weeks!! 319 chapter 13's and 413 chapter 7's. Lots of forclosure here also. There is a house down my street that's been empty for about 2 years.

[LostNFound]

Good video. It's borderline terrifying to watch as I guess I'm hoping that other parts of the country aren't declining as rapidly as we are in the midwest. However, it appears that it's worse!
You definitely are not alone. I am discovering more and more that there are friends, family and neighbors that have some difficult decisions to make. Ironically, my generation was raised to believe that credit cards were the American Way of life! Now, we all have to learn how to live paycheck to paycheck (which I think is great!). Fortunately, we are young enough that we can bounce back. But I do believe that the credit card industry has played a HUGE part in all of the financial ruins that our country is in. Sadly, I think the worst is yet to come.

[calgirl67]

Video

We had a similar experience.

At first, my shame and humiliation were so great I wondered if I could physically survive the stress. As months went by, it really didn't seem to improve until we woke up to the state of our nation.

As reality set in, we read about banking and accounting practices, usury and its history, the Federal Reserve, fractional reserve lending, and all the things that seem "guaranteed" to put a giant X in the win column for lenders and a giant X in the loser column for everyone else.

Like you, we discovered that a large percentage of friends, family, and neighbors were facing foreclosures, bankruptcy, or both. I was stunned to find that this included not only my own parents, but Dr's and attorneys, even accountants I knew and was friends with. Staggering pictures emerged, about the true well-being of our nation.

I watched your video, without sound-no card on this computer-and have to say that the images themselves are quite powerful. I would watch more, if you don't mind PM'ing me as you post more, or letting me know via the board. One day, it would be great to see full-blown documentaries for lots of cities or areas. For further reflection, in the next decade or two, and maybe as a roadmap of what NOT to do for all of us and our kids.

Sadly, I suspect we are doomed to repeat this over and over whether it is with housing or something else.

DEADMANCRAWLING: Just go to YouTube and sign in to your acct or if you don't have one, create one and hit the "subscribe" button to my videos. That way you'll get notification every time you sign into YouTube....

Thanks for the positive feedback.. yes these images are scary. I swear I have not even started yet There is so much of this going on in our metro area I could film non-stop for the next year. I am so sick of hearing the media and government play down how bad things are. OMG - SO many people are losing everything - jobs, homes, savings. The government has abandoned working & middle class America and it is a travesty.

Maybe I'll put all this footage on a DVD and send to to the Whitehouse with a note "yes things are looking up in California"

[Chucksoutalu]

Its payback time! Hard times are a comin! Yall aint seen nuttin yet. Indeed the "depression reccession" may make the 30s look like a vacation! Reason? Not a lot of peeps know how to be self sufficent! The learnin curve will be steep!

We will as a Nation get through it, but man what a price we will pay.

[albacore44]

calgirl, same here eat in the Inland Empire. Way too many Mcmansions built. 2people have walked away out of 8 total houses on my street since january. many others in this tract in foreclosure. I'm in Ch-7 now, I can make it if I can settle with my 2nd mort. It's very ugly here.

[calgirl67]

Yes way too many McMansions built during the boom up here too. We sold & bought in 2004 and I clearly remember the way the "sales" agents at new home builders treated us.. Wouldn't give us the time of day as they had plenty of buyers lined up to buy grossly overpriced, badly built McMansions in crappy locations.

I also clearly remember the new home "lotteries" and people camping out overnight to get in line first to buy a house.

I even went to one to see for myself what the heck was going on and I was nearly TRAMPLED UNDERFOOT!! 2 guys even nearly got into a fistfight over a cul-de-sac lot. I swear... it was pure madness! Ironically, that particular development - literally every 2nd house has been or is in the process of being foreclosed. I will be filming that neighborhood in my upcoming YouTube video series. MAKE SURE YOU SUBSCRIBE TO MY YOUTUBE CHANNEL!!

[liboton21]

Same here in the southern part of Inland Empire, most of the McMansions were about 20% foreclose but decent neighbors moved in. There are still 80% hanging around, maybe the bank give them an in-house mod despite of underwater value.

[4gifts4lisa]

I am right up the road from you (Placerville). Lots of homes in my neighborhood for sale, too, and have been for awhile. We put 100K down on our house in 2004 and now are upside down. Infuriating.

We will be filing chap.7...just retained an attny in Folsom.

[BROKEDED]

I was just on our bankruptcy courts website today and did some figuring. There are 732 341's scheduled during the next 5 weeks!! 319 chapter 13's and 413 chapter 7's. Lots of forclosure here also. There is a house down my street that's been empty for about 2 years.

You made me curious so I looked up for just my district from March 16th through April 16th.

Chapter 7's = 684
Chapter 13's = 274

One of those days has 169 creditor meetings before 2pm. (5 hours)

In my county there are currently 418 bank owned (REO's) that are actually listed for sale. I'm sure there are many more that haven't made it to market yet or are not listed in the stats where I'm looking.

In the four surrounding counties there are 3661 bank owned homes actually listed.

I hope I'm not alone when I file.

[bulletproof77]

In the High Desert (Victorville/Hesperia) area, we have ENTIRE built tracts that are abandoned and in the process of being bulldozed...NEW homes that will never be sold are being torn down...On my "old" block, 7 out of 10 homes are now abandoned...Prices continue to drop, despite all the Realtor's "happy talk"....We have not even begun to see the bottom of this. I went to Las Vegas last week for a conference...Good God, the suburbs are like ghost towns...Henderson, Lake Las Vegas are all disasters..

[BROKEDED]

There were some neighborhoods in my area that the developer had "plans" for pools, clubhouses, trails, tennis courts, etc... The houses were mostly in the $350-$500k range which is upscale for my area. So you always have the "first ones in" group that kind of establish the neighborhood and they're usually there before the amenities are added. They buy on promises and faith.

Well, the developers decide after the market collapse that there is no market for this size and priced house in this area so they start throwing up $150k homes right beside the first-in folks....... uh huh!!!

You can imagine how that went over. I know a lawsuit was filed but I don't know how it ended, if it has. The last I heard was that it didn't look like the first homeowners really had a leg to stand on contractually. The developers wouldn't even attend the HOA meetings for fear, no less.

Of course those $350k homes are probably worth $150k now and the $150k homes even less.

[calgirl67]

I've heard about the demos going on in Victorville. I have never seen anything like it - its CRAZY.

I took some video of deserted new housing developments where the builders that were going to build have pulled out or gone bankrupt, and only a few houses are there.. check them out in the links below.

As for the developers not attending HOA meetings, HA!! In my development the DEVELOPERS MAKE UP THE ENTIRE BOARD OF THE HOA and they are as Nazi as they get..