TBO.com - TBO is Tampa Bay Online

Highlands Today

Some Landlords Are Unfair To Foreclosed Families

ADVERTISEMENT

Becky Phillips

Published: July 3, 2008

In reference to an article in the June 28 Tampa Tribune titled "Landlords not wanting to rent to families who have been foreclosed on, losing their homes." How dare they? How dare them pass judgment on a family's misfortunes and place them in a category of deadbeats, insinuating that they do not want to pay for a roof over their family's heads. Not everyone is looking for a "free ride" or out to get something for free. I realize that there are people out there like that, but you simply cannot stereotype all people that have had foreclosures or other misfortunes as deadbeat.

I have a friend who put thousands of dollars down on a home, with a 100 percent interest-only loan. In her agreement, she was given the reassurance that if she paid her payments on time, that she would have no problem getting re-financed in three years. Her interest would go from 7 percent to 16 percent in three years if she could not get re-financed.

She made her payments each month, on time, and in full for three years. She kept all of her receipts to show her dedication in providing a home for her family and her good payment history for refinancing. Much to her dismay, her payments went from $750 a month to $1,600 a month. And surprise! They would not re-finance her, stating she did not make enough money now. Funny thing is, she's been working for the same employer that she did three years ago (nine years in total,) yet now they inform her that she does not make enough money. Seems a little odd as her income was good enough three years ago when she gave them thousands of dollars as a down payment.

As the interest rates went down, the requirements or qualifications necessary to obtain a loan went up. Now my friend is unable to make her house payments and lives in fear of when she and her children will be homeless. She will not lose her home because she is a dead beat who does not want to make her house payments, she simply cannot afford to continue to make the now large monthly payments.
In the event that she would have been able to be re-financed as anticipated based on what she was told, her payments would not be so astronomical and would be current. Instead, she has spent thousands of dollars, seemingly thrown away, to a mortgage company trying to have the American dream, a home for her and her children.

I have called and sent letters to everyone I could think of to try to get her help so she would not lose her home, but have found that instead of wanting to help, most are sitting on the sidelines waiting to buy these homes from families who have misfortunes for pennies on a dollar. Then many of them use them as rentals, refusing to rent to the misfortunate folks that helped them get that great deal on the home in the first place. Something is just not right here. The rich get richer and the poor get poorer. There is no middle class in our county any more.

What gives our local landlords the right to pass judgment on the misfortunes of families who have or in the process of losing their homes? I realize that it is up to their discretion as to whom they rent to, but be objective about it. What would have happened to them and their family if the person that took a chance on them to get them where they are today would have said no?

Becky Phillips lives in Sebring.

Share this:

Loading Comments...

Email Print

ADVERTISEMENT