Foreclosure Fallout: a Pima County couple struggles to stay in their home

Pima County Foreclosure News

Article Abstract:  According to a recent report, foreclosure in Pima County hit a staggering 6,500 over the past year. The article spotlights how one family struggled with a financial crisis and dealt with the idea of an impending foreclosure. For many Pima County residents, foreclosure is a real issue. While Pima County foreclosure rates may be increasing the county and state governments are working on ways to help keep owners in their homes. For the entire Pima foreclosure article, please continue reading below:

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By Dan Marries -

The mortgage meltdown continues to consume families in Tucson. So far this year, close to 6,500 homes have foreclosed in Pima County.

Behind the numbers are families losing the American dream. Madeleine and Denis Troyan never imagined they would be facing foreclosure. Five months behind on their mortgage payment they've packed up most of their belongings and are ready to move out on a moment's notice.

Madeleine says it's a tough way to live, "it's challenging. I feel like I'm back with the nomads. For me, it's like being back in the old days." She says the constant calls from creditors brought her to tears, "I was crying all the time because if you don't pay we're going to take your house and I was like, no, no, please don't take my house, what are we supposed to do? I'll do everything."

The problems for the Troyons started when they went looking for a home equity loan. Instead of getting $10,000 to fix up the place, they got a refinance loan they never saw coming, "we signed the papers, we received the $10,000 but it's costing us our house," Madeleine says. Their monthly mortgage payment sky rocketed going $1,300 to $2,300.

Madeleine admits she relied too heavily on the loan officer who prepared the paperwork trusting he was putting her interests first, "I was shocked but he said don't worry because you can either sell the house or there are other ways to get out this. There are ways you can deal with this but right now you've to go through this so I said ok, I'll trust him." Despite the hardships and the threat of foreclosure Madeleine is keeping things in perspective, "things are things and you can't take that to the tomb with you."

Whether you're in foreclosure now or worried about it in the future there is help available. Mortgage experts strongly urge you to work with a HUD approved counseling service. You can find that information at http://www.hud.gov/foreclosure. There's also the Arizona Foreclosure Prevention Hotline at 1-877--448-1211.

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