Well folks it is what it is... AS you know times are hard in the old IE for home owners these days. And suffice to say it has hit us as well, in the gut, head and heart, leaving us breathless and in shock.. OH by no fault of ours I might add...
Seems that the beautiful home we thought we had a carved in stone concrete contract to finalize aquisition our Wildomar home, this past April 2008. Is not happening. The investor we had the contract with, allowed the house to foreclose.
Both our monthly $$ and the large cash down- are gone! totally not applied by him to the mortgage loan, nor did he set up a trust for the down/deposit. From Sept 2007 he neither paid the monthly HOA nor the mortgage. He and 2 other investors did the "buy and flip" thing. Our guy purchased 2 homes, his 2 partners purchased 11 & 3 respectively. All 16 homes-- Buh-bye.
When I finally was able to reach him March 28th. by my bosses private phone line, (because he wasnt answering our registered letters or calls)....his attitude was one of "....well you know the market crashed right after we signed (April 2007), what could I do? you two are resourceful, I am sure you will be just fine, good luck!".
Panic set in. I was ill to my stomach, I cried, I called my husband.. what about all our money? arent we protected? SOMETHING?! OMG!!!???
From what we were told..Not one thing!. The best we can hope for is to get enough $$ under us again and go to court to get what he didnt apply back, since he defaulted on the contract.
So where are we now 4 weeks later? We managed to locate a wonderful warm and sweet home to rent in Temecula that we are very very happy in, calm has set in, our kids that were totally stressed and freaked are finally relaxing as they see our things filling the new home slowly...because you see, we dont qualify for cash for keys or any moving expenses....
Our Windstone Ranch Home (is now IndyMac's home) and is up for auction on May 29th. Yes its listed.. that pretty much how I found out it was in Pre-foreclosure I mean when people are banging on your door at all hours asking for the guy your buying your home from... it's kinda a big "hello?!!-something isnt right here, better google and check it out!!
Am I sad? yes in a small way
Am I angry? Yes. it could have totally been prevented the contract could have been re-written and we would have just covered the difference he wasnt paying.... and renegotiated in a few years at fair market value.
Is it our fault? No. after we once again looked over our paperwork and all there wasnt anything we could have done to prevent it. He already had his mind set and had it in motion, better he save his belongings and home was his thought process..
Sadly, we are not the only ones in this situation, I need only walk down our development at Windstone and see 15 other familes in the same situation because of these 3 investors. And from what I have been told...there are ther investors not just ours that have done this at Windstone.. So Windstone ranch is the place to be in May to purchase a $525k home for roughly $200k IF that.
Welcome to City-Data.com forum! Make sure to register - it's free and very quick! You have to register before you can post and participate in our discussions with 700,000 other registered members. User profiles and some forums can only be seen by registered members. After you create your free account you will be able to customize many options, you will have the full access to over 15,000 posts/day about local topics and you will see fewer ads. 
Update on ours-- $525k April 2007, now $250k
Bad news
Linear Mode
