Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Living in Limbo: Stuck in the Middle
    Living in Limbo: Stuck in the Middle
    Living in Limbo: Stuck in the Middle
    Ebook147 pages2 hours

    Living in Limbo: Stuck in the Middle

    By Gini Graham Scott

    ()

    Read preview

    About this ebook

    This book continues the saga of how the author dealt with the mortgage crisis by working with banks, real estate agents, and a bankruptcy attorney, while meeting with other middle income homeowners in trouble and with activist groups fighting foreclosures. It concludes with what the author learned in navigating the system, selling her home, renting in San Francisco, and becoming successful again.

    LanguageEnglish
    PublisherGini Graham Scott
    Release dateAug 31, 2012
    ISBN9781476241340
    Living in Limbo: Stuck in the Middle
    Author

    Gini Graham Scott

    Gini Graham Scott, Ph.D., CEO of Changemakers Publishing and Writing, is an internationally known writer, speaker, and workshop leader. She has published over 50 books with major publishers on various topics and has written over 3 dozen children's books. Her published children's books include Katy's Bow, Scratches, The Crazy Critters First Visit, and Where's the Avocado? published by Black Rose Writing. She has published 8 children's books through her company Changemakers Kids and is a member of the Society of Children's Book Writers and Illustrators. She does workshops on self-publishing and creativity. She also helps clients write books as a ghostwriter and self-publish or find publishers and agents. Her websites are www.changemakerspublishgandwriting.com and www.ginigrahamscott.com.

    Read more from Gini Graham Scott

    Related to Living in Limbo

    Related ebooks

    Finance & Money Management For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      The Rewards of Investing Locally

      Jun 3, 2020

      One of my favourite cartoons, by the wonderfully weird Gary Larson, is of a crisis clinic on fire, floating down a river, about to plunge over a waterfall. That’s what my life was like in 2008, the year I decided to divorce, start paying child suppor

      4 min read

    • Article

      Surviving The Current Crisis

      Apr 29, 2020

      Often when we are confronted by a tenant asking for a discount on their rent or a rental holiday we start to panic. Yes, it’s fine for them to ask, but do they understand the financial impact this could have? The media, coalition Government and even

      2 min read

    • Article

      Debt And Transformation In SA – The Dynamics Of Social Upliftment

      Feb 14, 2020

      it would be hard to imagine how the burgeoning aspirations for a better life could have been met in the post-apartheid era were it not for the ability to borrow. Had there been no debt – or access to credit, to use the version that sounds more palata

      5 min read

    • Article

      Banking On A Cleaner Future

      Jun 3, 2020

      As our social, economic and political worlds are being reshaped through crisis, we believe a more just equilibrium is possible on the other side. Clean money and community-focussed banks are not only possible, they are essential to a world where peop

      4 min read

    • Article

      All Bases Covered

      Jun 3, 2022

      All Bases Covered
      5 min read

    • Article

      All Bases Covered

      Jun 2, 2022

      All Bases Covered
      5 min read

    • Article

      All Bases Covered

      Jun 3, 2022

      All Bases Covered
      5 min read

    • Article

      Matthew Desmond Has A Message: US Poverty Is Immoral

      Apr 28, 2023

      In his powerful, Pulitzer Prize-winning 2016 book “Evicted,” sociologist Matthew Desmond followed eight Milwaukee families facing the loss of their homes. His clearheaded but impassioned follow-up, “Poverty, by America,” examines the stubborn persist

      3 min read

    • Article

      It’s Not About You!

      Oct 8, 2021

      It’s Not About You!
      6 min read

    • Article

      Q&A

      Jun 3, 2020

      Q Hi Paul. My family and I bought and moved to our new Gold Coast home in April 2018. Our mortgage is $585,000 and we have a five-year fixed-interest rate of 4.45%. We decided to go with a fixed-rate loan, thinking on the safe side that if interest

      6 min read

    • Article

      Another Way

      Dec 10, 2018

      I recently had a wonderful dinner with three young women in their 20s. It’s our third dinner together and a relationship that didn’t begin as a friendship; they’re tenants in our rental property. Five years ago, when we first rented what had been our

      4 min read

    • Article

      The Noble Side Of Investment

      Nov 29, 2023

      The world of property investment is a dynamic landscape, influenced by shifting markets, emerging technologies, evolving regulations, changing societal needs … and politics. In this environment of transformation it's important for us to unite, share

      2 min read

    • Article

      The Price Is Not Right

      Jun 26, 2019

      The Price Is Not Right
      6 min read

    • Article

      Extinction Precursors

      Oct 5, 2018

      Extinction Precursors
      2 min read

    • Article

      How I Did It

      Jun 27, 2018

      How I Did It
      24 min read

    • Article

      An IPO to End Poverty

      Oct 25, 2022

      An IPO to End Poverty
      4 min read

    • Article

      Raising Our Money Smarts

      Jul 31, 2022

      Raising Our Money Smarts
      10 min read

    • Article

      5 Stories of Retirees' Second Acts

      Aug 30, 2018

      Many people suffer from job burnout, but making the decision to change careers can be a bit overwhelming, especially after decades of building expertise. Yet millions of workers are switching careers when they're in their forties, fifties and even th

      10 min read

    • Article

      Where Will We Be in 2030

      Dec 1, 2020

      WHAT WILL OUR world look like 10 years from now? It’s impossible to know for sure, but Mauro Guillén has at least some of the answers. He’s an expert on global market trends, a professor at the Wharton School, and the best-selling author of the recen

      4 min read

    • Article

      All Well And Good

      Jan 6, 2023

      All Well And Good
      10 min read

    • Article

      Stepping Out Of THE RED

      Oct 10, 2023

      Stepping Out Of THE RED
      4 min read

    Related categories

    Reviews for Living in Limbo

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Living in Limbo - Gini Graham Scott

      Living in Limbo

      Stuck in the Middle

      How I Survived and Thrived

      After the Mortgage Meltdown

      And What I Learned Along the Way

      By Gini Graham Scott, Ph.D.

      Changemakers Publishing and Writing

      750 La Playa, #952 . San Francisco, CA 94121

      wwwchangemakerspublishingandwriting.com

      Living in Limbo: Stuck in the Middle

      Smashwords Edition

      Copyright © 2012 by Gini Graham Scott, Ph.D.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each person you share it with. If you're reading this book and did not purchase it, or it was not purchased for your use only, then you should return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      TABLE OF CONTENTS

      ENDORSEMENTS

      INTRODUCTION

      Getting Caught in the Mortgage Meltdown

      Fixing the Mortgage Mess

      PART I: FROM BANKS TO BANKRUPTCY

      CHAPTER 1: CAN THE BANKS REALLY HELP?

      Starting the Loan Modification Process

      Applying for Food Stamps

      Getting Ready to Meet the Banker

      Outreach from the Bank

      Meeting with the Local Credit Specialist

      Follow-Up and More Follow-Up

      But We Still Need More

      We’re Here to Help

      A Last Meeting with the BofA Loan Advocate

      CHAPTER 2: FROM BANKRUPTCY TO SELLING MY HOME

      Getting Rid of the Collectors and Planning Ahead

      Creating a Trust

      On the Market Again

      It’s For Sale

      Finding a Buyer

      Going…Going…And Maybe Sold

      Crime and Compromises

      The Long Goodbye

      CHAPTER 3: FROM GEOCACHING TO THE COURTHOUSE STEPS

      Looking for Caches

      On to the Courthouse

      PART II: EPILOGUE

      CHAPTER 4: PUTTING IT ALL TOGETHER– HOW I LEARNED TO SURVIVE AND THRIVE AFTER A NEAR FINANCIAL COLLAPSE

      ABOUT THE AUTHOR

      ENDORSEMENTS

      I have been obtaining endorsements for the book by sending the manuscript to those concerned about the foreclosure crisis in some way. Here are the first three:

      This book is so important. We have an invisible class of people who have been exploited by the banks and corporations, and if these people can get together and organize, it will change the corporations, society, and politics, and prevent this situation from happening again. These people are in limbo and are silent, since they stand apart. They must be brought together and organization, so their voices are heard, and this is why this book is so important.

      -William Parks, Bankruptcy Attorney, Sunnyvale, California

      Gini Graham Scott is the perfect author to represent the many diverse people who are facing issues of foreclosure, survival through rough bank negotiations, and dealing with the aftermath of foreclosure including homelessness, health issues, and caring for the children of the homeless. Her personal experience combined with the many families she has interviewed for her Middle Class Homeless video project has placed her in the optimum position to give voice to so many who have been struggling through this confusing real estate 'bubble'. She has comprehensive experience to offer and tips for everyone challenged by our harsh economy. I recommend this important and timely book of Gini Graham Scott with full appreciation for the work she does.

      -Stephanie Slade, M.A.ED, President, Slade Digital, United Media Productions

      "Empowerment comes from the People, by the People and for the People.  When Wall Street and other financial institutions fail the People, creating its own financial gain at the expense of the People, change can only occur by People stepping up, educating and empowering themselves.  Gini Graham Scott has authored a book to help those in need by sharing her personal experience, knowledge and what others can do.  Her personal experience enlightens others facing credit crisis, foreclosure and potential homelessness.  A must read for those wanting to make a difference.  A must read for those facing similar situations.

      -Sharon Collins, CEO Collins Management Company, Active ACCE Member (Alliance of Californians for Community Empowerment), Board Member - Strive for Change Foundation (www.striveforchangefoundation.org).

      INTRODUCTION

      Getting Caught in the Mortgage Meltdown

      I got caught up in the mortgage meltdown after 30 years as a successful writer of books for myself and others after living in the house I owned for nearly 20 years and paying my mortgage and credit cards regularly each month. Then, as described in the first LIVING IN LIMBO BOOK: THE BEGINNING OF THE END, I suddenly had $30,000 in credit pulled away in two days. First Wells Fargo lowered my credit card limit by $5000. Then, the Bank of America cancelled a corporate card I had never used with $25,000 in credit, after a customer rep invited me to obtain a balance transfer at a very low 13% interest rate if I acted now. But the BofA not only declined the transfer but cancelled the card. So even though I told a BofA credit specialist that I couldn’t pay my mortgage anymore and might go bankrupt, so the bank would lose even more in the end, the bank rep held firm and there was no going back.

      And so I began the journey through the default to foreclosure process, while trying to get a loan modification or forbearance. That’s when I started to learn about all the options and groups now organizing to take on the banks and investors, change government policies, and help people keep their homes. Though I ultimately managed to sell my home in Oakland for enough to move to a rental in San Francisco and my business suddenly, almost miraculously, turned around, I have remained interested in the foreclosure crisis and have become active in some of these groups.

      How did I manage to turn things around? How did I go from losing nearly everything for a few scary months to thriving in a new place and new environment today? And how can others do the same? That’s what this book is all about. It picks up with where I left off in my previous LIVING IN LIMBO book as I was contemplating what to do after losing my credit, and it describes the steps I went through as I tried to save my house, ultimately sold it as is after several real estate people turned down trying to sell it, and found a way to rent in San Francisco though my credit was shot and my previous year’s income tax showed an income meltdown.

      Since then, everything has changed. Instead of staying in my house until the bitter end and losing it anyway if I couldn’t earn and save enough while paying no mortgage, equity, and credit card bills, I managed to turn around what could have been a disaster. LIVING IN LIMBO: STUCK IN THE MIDDLE describes what happened, starting with my struggles with a local BofA banker who was supposed to help me save my house by guiding me through the process like a guardian angel. But was he really? After seven weeks of trying to please him and others at the BofA with just the right paperwork they needed in order to consider – but not necessarily approve – a loan modification, I successfully sold my house, and that changed everything.

      But before I continue my story, I wanted to provide a little context by describing the growing realization in all sectors of society – government, bankers, private enterprise, nonprofits, educational institutions, and more -- that those affected by the mortgage mess need more help. So like many others affected by the foreclosure crisis, I have sought ways to help homeowners caught in the maelstrom find their way out.

      Fixing the Mortgage Mess

      As of this writing, there is a new effort to repair the mortgage mess and hold those responsible accountable. The banks and loan investors are still trying to foreclose on homes where the owners can’t pay the mortgage or have walked away because their homes are underwater – about 15 million homes according to various estimates. But it seems like the banks and investors are more responsive to alternate arrangements, in part due to government programs or new policies in the works. For example, the Homeowners Bill of Rights, passed on July 2, 2012, in California prevents the banks from pursuing a dual track where homeowners are working towards a loan modification while the banks are still pursuing a foreclosure. So a homeowner seeking a modification can no longer be suddenly surprised with a sale and eviction notice. This same legislation also requires a single point of contact for each borrower to avoid the confusion and frustration of dealing with multiple reps at the bank and having to submit multiple reams of paperwork. Plus banks are required to take care of blighted foreclosed-upon properties or face high fines.

      Now some cities, like San Francisco, are proposing to use eminent domain policies to take over homes from borrowers who are current but underwater to give them a chance to buy the property at 80% of the new market value, so they can resume paying on a reduced mortgage. Although at this writing, this legislation has proved very controversial, with bankers and real estate interests fighting it, while liberal politicians, homeowners, and cities favor it, whatever the outcome, just proposing this legislation reflects the current recognition that the mortgage mess is a national crisis. Something has to be done, because this crisis has contributed to a soaring rate of people moving into poverty, at a time when the very rich – the top 1% -- are making more money than ever.

      This effort to do something to clean up the mess, which is global in scope, linked to the debt crisis plaguing Europe and the slowing economies in China, India, and other countries in Asia, is reflected in the popular culture. For instance, some recent documentaries – TOO BIG TO FAIL and INSIDE JOB – show how the banks and other financial institutions have been behind this crisis. In brief, these films make the case that the banks created the bubble that took down the housing market by their policies and arcane financial instruments, which allowed them to turn $1 in actual cash through leveraging into $100 or $1000 in debt and then use that debt to make increasingly risky investments. Among these were extending mortgages on homes with overly inflated prices, which kept going up as the bubble grew.

      Thus, millions of people bought homes with overpriced mortgages using loans they couldn’t afford, and for a time, it seemed like everyone was doing well, as the price of homes kept going up, up, up. But in 2007, the slow-down began, and in September 2008, the massive crash began with the bankruptcy of Lehman Brothers, followed by the looming collapse of other investment firms and banks that threatened a global recession. At the same time, the banks pulled back on loaning funds, so it became more difficult for anyone to borrow money to buy a house, which contributed to the housing slowdown.

      Finally, to help save the economy from spiraling down into a recession, the U.S. government stepped in with its $700 billion dollar bailout package called TARP, which stands for Troubled Asset Relief Program. Through this program, the United States government purchased these troubled assets and equity from financial institutions, much like a parent might give a wayward child money to get out of debt. But while that money managed to save the banks, the bankers were supposed to use it to provide more credit to help keep homeowners in their homes. But while the banks that got these TARP funds compensated the bankers, who nearly destroyed the U.S. economy due to the mortgage meltdown, with multi-million bonuses, such as described in INSIDE JOB and TOO BIG TO FAIL, the banks continued to put the breaks on lending to homeowners.

      And so the foreclosure mess has continued, while a growing number of organizations like Causa Justa and the Occupy Movement sprung up to fight back against the problem and help people save their homes. Possibly the renewed strength in the housing market starting around June 2012 marks the beginning of a new trend, since the median price of homes in some markets, like the Bay Area, is now up 10%. But whether this trend continues or not is anybody’s guess, since some economists are predicting a global recession while others are hopefully seeing a gradual turnaround.

      Meanwhile,

      Enjoying the preview?
      Page 1 of 1