In Austin - Sandy's Story
Homeowners and workers continue to join the tour as it moves across the country highlighting the role large corporate homebuilders played in the housing crash. Sandy D’Angelo who joined the tour in Austin, Texas on Monday said, “This is the first time I have ever been involved in a rally but I came to tell my story - I bought a Lennar home that was overpriced and lost my financial security.”
Sandy spoke at the community forum in Austin. Her story is below:
I purchased a townhouse from Lennar in August 2008 in Boca Raton. I invested the equity from a previous home in my new Lennar home and ending up losing 50% of my investment. I used Lennar’s in-house lender and I had to fight to get surprise fees removed from my closing costs. They added a fee of $8,000 which I was eventually able to get them to remove. Also, Lennar gave me a mortgage that resulted in a debt to income ratio higher than standard Fannie Mae recommendations. I wasn’t able to get a copy of my appraisal until after closing when I found that there were foreclosures in my development that could impact the value of my new home. Also, in the appraisal there was a mention that prices were declining.
After a year in my new home, I had to sell. I wasn’t able to keep up with the mortgage. I tried to get a loan modification for 6 months but the bank wouldn’t help. I am now staying with a friend until I can find another job.
Sandy spoke at the community forum in Austin. Her story is below:
I purchased a townhouse from Lennar in August 2008 in Boca Raton. I invested the equity from a previous home in my new Lennar home and ending up losing 50% of my investment. I used Lennar’s in-house lender and I had to fight to get surprise fees removed from my closing costs. They added a fee of $8,000 which I was eventually able to get them to remove. Also, Lennar gave me a mortgage that resulted in a debt to income ratio higher than standard Fannie Mae recommendations. I wasn’t able to get a copy of my appraisal until after closing when I found that there were foreclosures in my development that could impact the value of my new home. Also, in the appraisal there was a mention that prices were declining.
After a year in my new home, I had to sell. I wasn’t able to keep up with the mortgage. I tried to get a loan modification for 6 months but the bank wouldn’t help. I am now staying with a friend until I can find another job.