Serious Current Challenges Facing Wright Homeowners

[pharding]

The current economic climate is obviously presenting challenges for homeowners with Wright properties for sale, like other homeowners.

The latest BS that is happening is this. The banks are pulling the plug in mid project or being absurd in financing renovation/restoration/home additions for many people. This is impacting Wright Homeowners with restoration projects in progress. Our scenario is this. My wife and I have never been late on a mortgage payment over the last 30 years. We are not over extended. RF like other areas has seen a modest drop in real estate values. Welles Fargo pulled numbers off of Zillow or comparable service to reevaluate the value of Davenport. No consideration was given the substantial improvements on the Davenport House or that it is Wright property. The kitchen cabinets are complete and will be stained and finished in two weeks. The granite counter tops have been purchased and are sitting at the fabricator. We have everything done on the bathrooms except tile installation. Without notice the bank froze the line credit two days ago. They were incredibly unrealistic and unsympathetic when I called. The house is not usable or marketable with a half finished kitchen and bathrooms. Now I need to send them copies of the contracts and a contractors affidavit along with a letter to explain the absurdity of the situation. I hired a lawyer to help craft the letter. I could, but it would be terrible financially, pull funds out of retirement stock funds with the market so low and poised to rebound. So we are forced to stop while I work through this with the bank. Hopefully I get this resolved, but Welles Fargo has been unbending.

I have heard of other totally goofy bank situations in upscale suburbs of Chicago that make no sense whatsoever. The whole banking/mortgage situation is unbelievable. Banks went from extremely loose standards to incredibly paranoid standards in a very short time frame. Bush II and those in Congress that were responsible for deregulating the banking industry and Wall Street have created unbelievable problems that are unprecedented since the Great Depression. This is in addition to ungodly amount that is being spent to get the economy going again and the trillion dollars and the hundreds of thousands of innocent people were killed when we mistakenly invaded the wrong country. Meanwhile here in Illinois the state is gridlocked while the governor runs around the country explaining why it is OK to auction off a US Senate seat and how he wanted to name Oprah Winfrey to the US Senate. And, I almost forgot, on national TV soon to be ex-Governor Blagovich likes to compare himself to Gandhi, Nelson Mandela, and Martin Luther King. My world is a crazy place right now.

[Palli Davis Holubar]

Good Hope, Paul...and we will be thinking of you, willing good will your way

[DRN]

I feel your pain.

I've had a house for sale for over 18 months. People will not buy it. One of several reasons is they are finding it difficult to get a mortgage unless they have buyer for their house first, and they are afraid to put theirs up for sale...see first sentence in this paragraph and repeat.

Two mortgages, two sets of utilities, travel to maintain two houses 90 miles apart...we have negative cash flow.

I empathize Paul. I truly do.

[josquin]

It's similar here in California, I received a cessation notice on a line of credit last October due to the decline in property values. I could appeal the findings by hiring an appraiser to evaluate the property, but I never bothered. We will be scaling back our renovations.

[JSL]

Dare I point out you were supposed to be done about 18 months ago?

[pharding]

We achieved substantial completion that satisfied the village at that time. The balance of the interior work, primarily interior finishes, and the kitchen have been slowed due to the economic downturn and its impact on my architectural practice. The project continues to move forward at a slower pace. The slower pace has allowed us to be even more meticulous and precise in the restoration.

[Mobius]

I am not in a similar situation, but the Jacobs-derived home we have just moved into, is valued at more than $150,000 **LESS** than we have put into it. *sigh*

New Zealand banks seem far more accommodating. Perhaps it's because they weren't retarded and greedy when US banks were going batsh!t insane the last few years.

Our floating mortgage rate is down to 6.9% from over 10% just a few short months ago. Interest is costing us $2200 a month. Emma's been unemployed for 5 months now...

[RA]

With all due respect, I am not sure that it really is retardation and greed.
Merely the never ending cycle of capitalisms boom and bust. This just happens to be one of the more terrifying loops in the rollercoaster ride.

There were many warning signs over the last year or so. Especially our former fearless leader "W" saying all was well when things began to crumble. It is amazing how fast things can get really bad.

[pharding]

Our bank is Wells Fargo. It is reassuring that after receiving the $25 billion bailout from the Federal Government that they managed their bail out funds well enough to sponsor a multi-million dollar junket to Vegas to motivate senior staff. Wells Fargo should remind the staff that they have jobs only due to charity of the American taxpayers.

[Palli Davis Holubar]

No, it is simply injustice.