Foreclosure Seems Imminent As Couple Loses Job
Life is increasingly becoming difficult for many Americans. Take for instance, the case of Pablo Valentin, an employee of a pharmaceutical major Pfizer, who owned a home in Brooklyn, but has no idea now as to how he will be able to retain his property. Foreclosure of his house seems imminent for he has fallen behind his mortgage payments.
His troubles started in 2006 when his wife Vanessa, quit her hospital job to have a baby. Soon after Valentin also found that the firm did not give him much overtime. As financial crunch set in, the couple started finding it difficult to pay the various credit card loans. They cut costs and found more modest plans for their mobile service and cable. They even started buying food from a cheap store. Instead of a car for their college going son, they shifted to car pool. Despite such cost cutting, they still started falling behind on their home payments. The worse was yet to come and Valentin soon received a notice from the company that he would lose his job. Four mortgage payments were due and the bank would soon be pounding on their door. In fact, the bank gave a notification that it would foreclose.
Now the couple just does not know how to save their home from foreclosure. It is not that they have ever led an extravagant lifestyle. All they can boast of is a flat-screen television, game consoles and a barbecue grill. They do not know if they will be able to save these items but their main focus is to save their home.
Valentin expects a severance cheque from his company, the amount of which will be equal to his year’s salary. Still it will not be enough to pay all his dues. His educational qualifications are also limited. When he had started working at the Brooklyn plant of Pfizer, he was just a teenager. He never had the opportunity to go to college. But it was not until now that Valentin realized he was lacking in anything. He chose to buy a home at the modest neighborhood of Hawthorne. The price was $330,000 and it was fairly large to accommodate the couple and their six children.
The neighborhood was excellent with schools, playgrounds for their children and he renovated the property as well. So far, the mortgage payment was manageable but the couple is now overwhelmed. The walls are closing in on them, it seems.
