Sally Hayden’s family has lived in its Ridgemark home for 31
years. Now she is frustrated because despite efforts to get a loan
modification done, the bank has continued foreclosure efforts and
this week tried to auction off the property outside the San Benito
County Courthouse.
Sally Hayden’s family has lived in its Ridgemark home for 31 years. Now she is frustrated because despite efforts to get a loan modification done, the bank has continued foreclosure efforts and this week tried to auction off the property outside the San Benito County Courthouse.
OneWest Bank, formerly IndyMac Federal Bank, attempted to auction the home at a minimum bid of $331,000 on Tuesday outside the courthouse. Hayden showed up with a sign protesting the bank, which received money in the federal bailout. She is particularly irked because, as she put it, “It’s my own money that foreclosed on me.”
Hayden noted how banks such as OneWest are receiving 80 percent liquidity on losses in foreclosures.
“The most important thing, Americans need to stand up and don’t just walk out of your house,” said Hayden, whose property formerly called the Family Fun Center on San Felipe Road also is in foreclosure.
Regarding the Ridgemark home, Hayden explained to the Pinnacle how she had listened to advice from her lender in late August about doing a loan modification, which requires homeowners to be behind in their payments. Hayden said she was told she had to submit all the final documentation by Sept. 24 but that on Sept. 18, the bank denied her application.
“When I called in they said now it’s too late,” she said. “I rushed in another document. I kept applying, kept proving rental income and leases. I took a renter in my home, which I would advise everyone to do.”
She went on, about having a renter: “They actually have more rights than the homeowner when you come down to it.”
Hayden, meanwhile, said she will continue fighting, as the property went back to the bank without being auctioned off. She said there “used to be a fear” among banks about foreclosure, but how that fear has gone away “because they’re given liquidity.” She said she was willing to pay off the more than $600,000 owed on the property, and how it was offered at around $300,000 less than that.
“Basically, people have to be informed,” she said.
