Foreclosures don’t just happen in the U.S., they happen all over the world. Homeowners can lose their homes to foreclosure no matter where they are.
Take the story of a homeowner in the little town of Lovech, Bulgaria. Lovech is a pretty little town, located in north-central area of the country and known as the Town of the Lilacs. There are approximately 36,000 people living here. On the highest point in the town sits Hisarya Fortress, built in 1018 and where the lilacs spread as far as you can see. The Danube River meets the mountains here, in this town that was first settled in the 3rd century. In the center of town is a restored covered bridge, a tribute to Bulgarian architecture. There are equally beautiful churches, a museum, a monastery, schools, banks and shops. There are more than 100 buildings and homes dating back so far that they’ve been deemed cultural landmarks.
Today, there is now, one less house in the town of Lovech.
One homeowner fell behind in his mortgage payments to one of those banks. The homeowner and his entire family went to the bank. They cried, they begged the bank for mercy, please give them more time, don’t take our home away. But the director of the bank told them the bank could not make any exceptions. The family had exactly one week to pack their belongings and vacate the home.
The family left the bank in – wait a minute – not in total defeat. The land that the house was built on, was not included in the mortgage! The bank did not own the land, just the house! The family decided if the bank wanted their home, the bank could have it. They would give the house back to its new owner – the bank.
They packed their belongings. With the help of family members and friends, the house was taken apart – piece-by-piece and totally destroyed.
With the last bit of their money, the family hired a truck and loaded the remains of the house on the truck.
The large truck, its flatbed pilled high with timber, block, tile and wire drove to the nearby city of Teteven. The truck pulled up in front of the main entrance of the central district office of the bank where the contract for the mortgage had originally been signed.
The truck was quickly unloaded on the sidewalk in front of the bank. Can you imagine the look on that bank director’s face?
Keith A. Gantenbein, Jr. is a licensed, Colorado foreclosure defense attorney and real estate attorney located in Denver and servicing all of Colorado. His foreclosure defense practice includes foreclosure prevention, judicial foreclosure, HOA foreclosures, foreclosure assistance, foreclosure alternatives Colorado, foreclosure help Denver, loan modifications, short sales, Colorado foreclosure assistance, and all other foreclosure defense legal assistance. He also defends homeowners against HOA claims in HOA lawsuits, handles real estate closings, title issues, lien issues, quiet title, real estate contracts, bankruptcies, mortgage negotiations, lender liability, real estate, civil litigation, contracts and landlord/tenant.
If you think you will be facing foreclosure, or are in the foreclosure process, need foreclosure help Colorado, or have had a wrongful foreclosure, contact Denver foreclosure defense attorney Keith Gantenbein at (303) 618-2122 for a one-hour consultation where he will discuss your situation and go over all your options with you. Serving all of Colorado.