Real Estate Pair Saves Home from Foreclosed Homes Auction

A couple in New Rochelle made good money in the real estate sector during the boom times, but now they fear they would lose their house in a foreclosed homes auction if they cannot find a way to restructure their loan soon.

The Abreus made over $200,000 annually in the housing sector during the boom times. Mr. Abreu was a repair contractor who fixed houses in Yonkers, Ossining and nearby areas and then sold them at a profit.

Mrs. Abreu supplemented her husband’s income with the nearly $40,000 she receives as real estate manager for Armonk’s IBM Learning Center.

In August 2006, they purchased a four-bedroom house in New Rochelle for $1 million, thinking that the nearby Trump Plaza condo project would later significantly increase the price of their house.

The Abreus were not the only ones who were speculating and dreaming of sizable profits from increases in the value of houses in the area. Many of their neighbors purchased houses as investments.

Others even bought a second house by refinancing their first house and then collecting rent from the second house to pay the monthly mortgage payments. They never expected that a market collapse would happen and put houses in a foreclosed homes auction.

But the housing market did collapse and the economy worsened. At least four couples in the neighborhood began to fear their houses would be sold by their lenders in a foreclosed homes auction.

As the Abreus struggle to accept the collapse of their dreams of making profits from their house, their income drastically declined as Mr. Abreu could no longer sell the houses he has fixed. Soon the Abreus are finding it hard to pay their monthly mortgage payment of $9,700.

Mrs. Abreu said they are already behind by several months on their mortgage payments. The reality of seeing their house repossessed by their lender to be sold in a foreclosed homes auction is getting nearer and nearer.

She related she is also behind in her car loan payments because she has to prioritize her three children’s tuition fees. To supplement whatever they still receive as income, they have taken government loans and grants.

Mr. Abreu has also made trips to his home country, the Dominican Republic, in an effort to expand his contracting business and increase his income.

The couple said they are trying everything they can to save their house from being taken and sold in a foreclosed homes auction and to save their ability to dream again.

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