Monday, January 4, 2010

Greenspan's Body Count: Vincenza Garcia

Milford, Connecticut:
Rather than comply with a foreclosure notice and allow a marshal to evict her from the home she loved at 55 Earle St., [Vincenza] Garcia took her own life on Oct. 1. And, in the eyes of her attorney, her story is emblematic of the devastation the foreclosure epidemic has inflicted on so many once-proud homeowners.


She was "a nice lady who was always working on her garden," said neighbor Phil Vetro. "Every time I'd see her, she'd be out there working."

But when the introductory "teaser" rate on her newly refinanced mortgage expired, Garcia, who lived alone and was by all accounts a private person, fell hopelessly behind. There were opportunities to dig out from under, or to at least delay, foreclosure as 2009 wore on, but she represented herself and failed to navigate the complex system.


The New York native, divorced since the 1970s, took out a $281,000 mortgage in June, 2006, from Sand Canyon Corp., which had formerly been known as Option One Mortgage Co.


When the 6.99 initial interest rate -- nearly 2 points higher than was available from other lenders -- rose to 9.1 percent in June, 2008, Garcia missed a $2,300 monthly payment, and with late fees, liens and other charges, and never caught up.

"It's a machine," Small said of the mortgage refinancing industry. "These people appraise your house for what they need, and the goal is to get the commission. They are kids in boiler rooms all over the country, who send a notary to your house with the papers.

"They'll tell you not to pay your mortgage that month because the new loan will be in effect by the end of it," Small said. "But these people are not your friends and they are not there to explain the paperwork.

"They are there to get you to sign, and by the time you realize that it is a variable rate you have no choice but to sign because you're already behind," he said.

The workout sheet in Garcia's court file shows that the fair market value of her home was $285,000 but her unpaid debt had climbed to $299,570. She had a negative equity of $14,000 in the property.

Greenspan's Body Count now stands at 119:

Vincenza Garcia
Bill Sparkman
Debra K. Gibbs
Otis Beckford
Carol Kennedy
Diane Ward
Edith Moreno
Diana Moreno
Scott Peters
Tom Blackmore
Kevin Daniel O'Connell
Julie Fay
Wallis Fay
Siu Fong Ng
Ernest Scherer Jr.
Charlene Abendroth
J.D. Wood
Cynthia Wood
Aubrey Wood
Dillon Wood
Betty J. Lipply
Dwight Deely
Linda Patrick
David Kellerman
Christopher Wood
Francie Billotti-Wood
Chandler Wood
Gavin Wood
Fiona Wood
Gil Weber
Gregory Graham
Randolph Graham
David Kelley
Ramona woman
Del Mar man
Wayne "Mike" Anderson
Jeffrey M. Pearson
Ervin Antonio Lupoe
Ana Lupoe
Brittney Lupoe
Jaszmin Lupoe
Jassely Lupoe
Benjamin Lupoe
Christian Lupoe
Steven L. Good
Adolf Merckle
Mike Upham
Randy Motts
Kristy Hunt
Joseph Nesheiwat
Tom Brisch
Alex Widmer
Brian Pugh
Marilyn Lewis
Sid Agrawal
Kirk Stephenson
Barry Fox
Dallas Dwayne Carter
David Hetzel
Sharron Hetzel
Cliff Kendall
Pamela Ross
Roland Gore
Mrs. Gore
Wanda Dunn
Karthik Rajaram
Subasri Rajaram
Krishna Rajaram
Ganesha Rajaram
Arjuna Rajaram
Indra Ramasesham
Joe X
Isabelle Jarka
Robert Wagner
Lt. Michael Howe
John Roberts
Palmer C. White
Dianne Pittman White
Ed Boesen
Edwin F. Rachleff
Carlene Balderrama
Troy VanderStelt
Scott M. Coles
Dawn E. Armstrong
Thomas Lizotte
Jonathon Calvin "40-Cal" Jacques
Salvador X
Lupe X
Jade X
Little Boy X
Little Girl X
Kashmir Billon
Bill McMurtry

Lisa McMurtry
James Hahn
Raymond Donaca
Deanna Donaca
Michel Veillette
Nadya Ferrari-Veillette
Marguerite Veillette
Vincent Veillette
Mia Veillette
Jacob Veillette
Maurice Pereira
Natasha Pereira
Mark Achilli
Raed Al-Farah
Andrew Kissel
Rufus Shaw Jr.
Lynn Flint Shaw
Mr. Pierce
Walter Buczynksi
Marci Buczynski
Jason Washington


Jeff said...

“The true measure of a career is to be able to be content, even proud, that you succeeded through your own endeavors without leaving a trail of casualties in your wake.”
Alan Greenspan quote

shit - oh well, you can't win them all right, slugger.