Tuesday, Sep. 23, 2008

Letter: Fearing foreclosure

Editor: In 2004, we moved back to the Valley to care for both of our aging mothers. In 2006, my wife and I decided to build our last home.

County Bank agreed to do the construction loan, but we had to get pre-approved for the long-term loan for the rollover. We qualified with flying colors for both. The home was completed in six months. We changed the house from a four bedroom to a two bedroom by removing the closets, making an office and a game room. We made the entire house handicapped accessible. We were building on land that has been in my family for more than 100 years.

The home was finished in October 2007. Then, low and behold, the rollover loan was not there. The bank said it was only good for 30 days. So now we had to re-qualify.

We wanted to refinance immediately because of the high-interest construction loan. But the house had to be landscaped first.

So now it is the end of February before we could landscape and guess what, the bottom started to drop out of the real estate market and nobody would loan money. County Bank had the house reappraised in March, of course, it had gone down from the original plan appraisal, which was well over $900,000. The bank requested that we pay down the note $140,000 and we did. Now in September they want another appraisal. Guess what? The appraisal came back $200,000 less than the one six months ago, and $400,000 less than the original plan appraisal.

All we want to do is make a house payment and pay back the bank, but they will not let us. Our credit scores are over 700. The income is there, but still no luck. You would think that with all the foreclosures they would jump at the chance.

The home is more than 4,000-square-feet, sits on 1.2 acres of a 52-acre farm. The house is also next to a dairy, the bank would most likely not be able to sell this house if they foreclosed.

We are good people. We pay our bills and take care of both of our elderly mothers. Help us understand this. All we want is to make a house payment to County Bank.

ABEL AND LINDA GOMES

Los Banos