personal finance

San Jose Merc surveys the
default-no-foreclosure demographic, and turns up the story of one brave
bus driver:

S.J. man fights back

San Jose homeowner and Santa Clara Valley Transportation
Authority bus driver Darrell Thomas stopped paying his mortgage in
late 2008 after he lost overtime pay and while he was seeking a
loan modification. He was offered a trial modification in April
last year, but as he was about to start making the new payments, he
learned he'd been foreclosed on. With help from an attorney, he
successfully sued to get back his triplex, where he lives and has
tenants.

But he's still pursuing legal action against his lender, Wells
Fargo, because he feels he was improperly denied a loan
modification under the Home Affordable Modification Program. In May
he began making mortgage payments for the first time in almost a
year and a half, as part of an agreement with Wells Fargo to ensure
the bank would not foreclose on him during litigation.

While some might find relief in walking away from their homes
after prolonged struggle, "I don't look at it that way," said
Thomas, 46. "That's home. I'm established, that's where my family's
at, and it's hard to start over."

Don't you have to start the first time before you can start
over? The article doesn't say when Thomas closed. But if the loss
of overtime pay is enough to render you unable to pay your
mortgage, you are by definition a "reach" borrower. If Thomas has
one penny of equity in this property, I'll switch to non-alcoholic
beer.

If anybody should be suing Wells Fargo, it is Thomas' tenants,
for not foreclosing on him while he's running a completely
fraudulent business: living free and collecting rents. 

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