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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Pogeu Mahone who wrote (136118)	7/24/2008 1:31:49 PM
From: Elroy Jetson	Read Replies (2) \| Respond to of 306849

Suicides to provide for their family was one of the major reasons for failure of life insurance firms during the Great Depression. But there's more to the story. Husband filed for bankruptcy three times in five years By Jerry Kronenberg and Greg Turner Thursday, July 24, 2008 news.bostonherald.com In the five years John and Carlene Balderrama lived in their Taunton home, he filed for bankruptcy three times, while lender PHH Mortgage Corp. launched foreclosure proceedings twice. John Balderrama bought the three-bedroom house at 103 Duffy Drive in October 2002, using a $220,255 mortgage to cover most of the $232,000 purchase price, public records show. But less than eight months later, PHH initiated foreclosure proceedings - usually a sign that a borrower is at least 90 days delinquent. The couple avoided losing their home at that point, but John Balderrama sought Chapter 13 bankruptcy protection a year later. Records document the family’s steadily deepening financial woes even though John Balderrama, a plumber, saw his income rise over time. In his 2004 bankruptcy filing, Balderrama listed $3,857 of monthly income, with just $527 per month left over after living expenses. But by April 2006, he was making about $95,000 a year as the family’s sole breadwinner. He reported netting $6,932 a month after taxes, leaving $3,388 a month after expenses. The Balderramas also appear to have had some equity in their home. Court papers put the house’s value at $330,000 as of April 2006 - some $80,000 more than the couple’s $249,500 mortgage debt. Still, a court dismissed John Balderrama’s initial bankruptcy filing after the man missed a creditors’ meeting. Then a judge threw out a 2005 bankruptcy re-filing when Balderrama failed to keep up with a court-ordered payment plan. The court dismissed his third bankruptcy case after Balderrama didn’t cover his $1,371-per-month payment plan and missed a creditors’ meeting, claiming his son was hospitalized with “a serious medical condition.” .