House and Home by Pam Prince

Hello, I'm Pam Prince and I am living the housing crisis in Chula Vista, California. I hope by sharing my story I might help others who may be losing their homes to keep things in perspective and remember what's important...people not places. I moved to Chula Vista 10 years ago as a widow with the two youngest of my seven children still in high school. I bought a house for $225,000, a place for my family to gather and have fun, but also to find refuge and support for their life goals and adventures. One of the goals I set after my husband died was to carry on his and my plan to help our children achieve independence through education and development of their skills and talents. Though it was mostly through their own hard work and effort that they achieved success in their pursuits, I was able to offer back-up assistance when needed because I used my house as a source of revenue. Because the market value of my house continued to increase, I had a large amount of equity. Adding that to my excellent credit history I was able to refinance and take out money for my own small business pursuits. And money to loan to my children for a variety of life-improving educational opportunities. My goal had been that when my youngest graduated from college I would sell my house thus meeting my financial obligations to the bank and move into a small affordable apartment as I started my new post-child rearing phase of life. Then the economic tsunami arrived. I saw the market value of my house plummeting. My small business did not survive. My financial situation deteriorated. I used up all my savings and my IRA to keep current on my taxes and mortgage payments. I was left with my surviving spouse fixed income and gross negative equity in my house. When I talked to my lenders about my situation they told me thanks for calling, but they wouldn't talk to me until I stopped making payments. After researching all my options, I put my house up for sale, got a qualified buyer and approached the lenders Countrywide and WAMU about a "short sale." That was August 2008 and though we have a verbal approval of the sale, we have not received a written confirmation and foreclosure procedures are continuing. Yes, I am losing my house, but I take comfort in knowing it has served its purpose. At different times over the years my children have taken me up on my offers of housing and loans as they worked, attended schools and set goals to become independent and contributing individuals in our society. I now have children who are a teacher and principal, a 911 supervisor and parent, a contract carpenter, a pro golfer and retail store manager, a missionary and filmmaker, a rock band drummer, and a childcare case manager. Yes, I will be losing a house, and most likely my good credit rating, but I won't be losing what makes a house a home...my family. Where they are I'll always be home.

Category:

Entertainment

Tags:

• housing crisis
• chula vista
• california
• home
• family