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Last Updated: Dec 12, 2008 - 4:54:39 PM |
Iowa County Sheriff’s Chief Deputy Greg Welsh stands on the steps of the Iowa County Courthouse for a foreclosure auction on Nov. 25, 2008. There were no buyers. Mitch Traphagen Photo
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MARENGO - The public auction was scheduled for 10 a.m. on November 25. On that day, just two days before Thanksgiving, the American Dream of home ownership ended for a Marengo family on the steps of the Iowa County Courthouse.
Iowa County Sheriff’s Office Chief Deputy Greg Welsh walked into the courthouse and out to the front steps.
“I look around to make sure I see anyone if they are here for the auction,” he said.
No one was there.
According to Deputy Welsh, people used to occasionally show up for them but lately, there has been no one.
In a matter of seconds the auction was over. A home, carrying a $74,447 mortgage, was returned to Countrywide Home Loans, Inc. For a local couple, a dream had been shattered.
The rate of home foreclosures is rising rapidly across the nation. Iowa has, thus far, escaped the brunt of the wave but even here families are losing their homes. The home auctioned on Tuesday was one of 10 public notices for auction posted in the Iowa County Courthouse. There are two in Victor, one in Ladora, and a handful in both Marengo and North English.
According to Realtytrac.com, 303,879 foreclosure filings were reported in August, up 12 percent from the previous year. California leads the nation in sheer numbers but Nevada, Arizona, Florida, Michigan and Ohio all rank highly in percentages. In Nevada, one in every 91 homes is in foreclosure. In Cape Coral, Florida, the news is even worse - one in every 66 homes is in foreclosure.
Overall, Iowa ranks 39th among the states in foreclosure rates - and, contrary to most states, foreclosure activity has declined more than 18 percent since last year. But that is of little comfort to those who have lost their homes.
There are many reasons why foreclosures occur. In many states, the rising tide is the result of an enormous real estate bubble in which people wound up buying homes they could never really afford - and are no longer worth what they paid. In Iowa, there is less of that - many foreclosures are the result of things beyond the control of the homeowner: job loss, health-related expenses and divorce are the leading culprits.
For those facing foreclosure, the process and the fallout can be devastating - both financially and emotionally. A foreclosure is capable of leaving a long-standing black mark on credit reports - for up to seven years. The result of that is buying a car, renting an apartment or, in some cases, even finding a job is more difficult. With millions of Americans having already faced foreclosure, however, landlords are increasingly willing to overlook a foreclosure if the rest of a credit report looks good when evaluating tenant applications. With the sheer numbers involved, overlooking a foreclosure may become a necessity.
Foreclosure discussion boards are springing up on the Web - people share their own stories and seek help - any help - to escape the nightmare they have entered. One woman wrote of having to temporarily leave her job to give birth to her child - during which time, her husband left her. Upon returning to work, she immediately began making her mortgage payments - but had missed three payments in the process. She asked for a loan modification to account for the missed payments but was offered a repayment plan that consumed 98 percent of her take home pay - leaving only two percent for childcare, groceries, gas, and other expenses. The bank began foreclosure proceedings. Among the hundreds of posts on the message board - most seeking help or advice - there was no advice for her.
For many Americans - and particularly here in Iowa - the victims of foreclosure are not deadbeats, they are not drags on society. Rather, they are families facing circumstances that have spiraled beyond their control. With foreclosure rates increasing across the nation, they are also not alone. They are even joined by a growing list of celebrities - from Jose Canseco to Whitney Houston to Ed McMahon and many others.
Across the country, sheriff’s deputies are charged with enforcing foreclosure. It is not a job they enjoy.
“That ranks pretty low on the list,” said Iowa County Sheriff Nick Roggentien. “Who would want to evict people from their homes?”
On a sunny, cold November morning, the American Dream ended on the courthouse steps for one local family. In a few weeks, the process will be repeated, another dream ended. For many families faced with losing their home, there is little in the way of concrete advice. For some, there are short sales, in which banks agree to allow the home to be sold for less than is owed. For others, loan modification programs may save the day. But for millions, there is only thing offering scant immediate comfort: This, too, shall pass.
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© Copyright 2008 by The East Iowa Herald
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