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Video interview of widow, 85, facing foreclosure
June 11th, 2009, 5:19 pm · 24 Comments · posted by Mathew Padilla
I blogged last week on Rita Gillam, an 85-year-old widow in Orange whose home is set for a foreclosure auction in August. She borrowed $556,000 in 2006 on a house she has owned since it was built in the 1950s. Here’s a video interview by my colleague Steve Zylius:
Please enable Javascript and Flash to view this Brightcove video.
In other news…
- Higher rates squash refinance demand
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- Once top subprime lender settles suit
- U.S. clears 10 banks to return $68 billion of capital injections
- Foreclosure is the ‘cure’
- U.S. will let stronger banks repay bailout funds
- Time to double-down on housing?
- Do these homeowners deserve help?
- O.C. mortgage rates jump again
- SEC files civil charges against Countrywide founder
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Wow, she looks great for 85 and has a great spirit too. Bless her heart, I hope she lands on her feet.
I am really touch by this strong willed woman. I hope that she gets some help, shes worked all her life, at this put , like she said she wants to have some fun & enjoyment. Please let us know how she’s doing ,I know there are many more like her out there. The lenders could hold off & work something out ( the property looks well taken care of) . And then
when she moves out later because of heath or passes years later, then they can take and sell, probadley get more for the property then now! God Bless Her.
Mario
Hope it all workes out for you Rita, good luck to you.
I appreciate the OCR following this story, there are many sad stories out there and we need to humanize this plight of money troubles and foreclosures once in a while. People make mistakes, we shouldn’t turn our backs on them.
I hate to say this and I know it will sound cold but why am I supposed to feel sorry for her? Hope she stays but…………..
In response to Jon’s post: Are you for real man? How old are you?
40s
And I am for real - she got the money - did with it what she wanted and now we are supposed to feel sorry for her? Sorry - as I said I hope she stays in her house but…….
Maybe you should provide information to her ebay store so people can provide some support?
Perhaps she should seek the help of a bankrutpcy attorney or investors in her baby shop. I like her enthustiasm and i agree she looks good for being 85.
My heart goes out to her but to many people made mistakes and are in forclosure. Why should we the tax payers have to bail everyone out. Alot of these people pulled money out of their homes and gambled and lost. Do you think if you were in Vegas and lost your life savings on a game of cards the casino would give it back?
Sorry to break it to you FiFi but the big banks have been bailed out with trillions of dollars, after gambling ALL of our money! So to answer your question, maybe not in Vegas, but if the corporations do it, yes, of course they get their money back! But us regular folk just don’t matter. Even when our money (and lives) are at stake. Does that make sense to you? Because it sure as heck doesn’t to me.
AJ the money banks got wasnt free money they will have to pay it back and with interest. Banks have already paid back dividends. Not to mention banks want to pay back the TARP money because they dont want the govt to be able to dictate how much to pay people.
Did the banks get bailed out? Yes but they will have to pay that money back, (at least the ones that are still in business.
Yes, this is truly a sad story. Imagine spending all of your money having “fun” when you think that you’re days are numbered only to overcome the illness and carry on with life… now with no money. I feel terrible for her, but can’t help thinking about how she brought this on to herself. There’s a lesson in here for all of us.
This comment is critical but civil. I agree. You can’t spend all your savings (or home equity) expecting to die soon, even if a doctor says that it’s likely. In fact your retirement income should be perpetual from social security (or private pension) and INTEREST on investments and savings. If you are spending down principal of savings/investment/home equity you may end up broke long before you die.
FiFi, did you not hear what she said? She’s hoping to work full time! She wasn’t asking for anything! What’s wrong with you and Jon, can’t you just have compassion? Where’s your heart? Come on give an old lady a break, she worked all her life! And she’s still working! Ligthen up already!
I agree Lighten up…
What an inspiration! And she plans for a comeback. Isn’t this what America is about? Hard work, hope, dreams and fortitude. She made a bad decision, who hasn’t. If anyone deserves a loan modification, this woman definitely does. How many of us will be running a business at age 85!
I wish someone could help her. Or let us know where we can find her baby items. The whole world needs help right now…
Wow, blows through a cool half mill. She sounds like a pretty terrible business person. It’s unfortunate that her situation is tough, but I really hope that my taxes aren’t going to bail out people who gambled like that and lost. Speaking as one of those chumps who puts money into savings every month and works for the man rather than “following my bliss.”
No. It is time for everyone to be accountable. Shame on this woman using her home as a bank. I don’t care what your age you do not learn the lesson if you don’t move forward through the consequences to come out the other side. I am not cold but when you allow one person latitude you have to give it to everyone for any reason…and there are many people who have the same heartache.
Interesting that nobody caught the following point.
She said she only took out the money because she wanted to have a little fun before she died.
In other words, she took out the money with no intent on paying it back - planned on being buried with 500K in unpaid debt to be paid by the mortgage holding company I guess.
Yes, her decision was not a good financial decision. However, she is not asking for a freebie. She wants a loan modification. When she dies the bank will then take what is theirs if she has not paid off the loan. If she is foreclosed and loses her ability/desire to work, we will then be paying her medicaid (for the poor) in addition to medicare/social security which she is entitled to. I would rather my taxes go toward productivity.
Loan modifications ARE freebies. Where do you think the money comes from when they lower interest rates or cut the principal? Investors’ (or taxpayers’) pockets!
I agree that it is a sad story, but this woman gambled and lost. There is really no level of loan modification that she will be able to continue to make payments on a $500K+ mortgage. She needs to dump her inventory for cash, walk from the house SHE lost, and move on.
There is no other solution. If you feel sorry for her, contact the reporter and send her a personal check. Hopefully it won’t bounce.
Freebie: Slang for something given or gotten FREE of charge. She would continue to pay down her loan. Do you realize your taxes are already paying the lending institutions to modify loans?
I don’t know if it is in her best interest or her lender’s to allow her to modify her loan. I do believe she deserves consideration because she has shown a history of running businesses, according to the article.
And in regard to your sarcastic “bounce check” comment, if I were to bounce a check my bank, due to my account holdings, would back up the check free of charge to me.
Rita is truely a wonderful woman. I remember her growing up as my grandmother had worked with her at the beauty salon. Rita is a hard working woman and will do whatever it takes. Good Luck Rita. You will always be in my heart.