I’m pondering the anniversary of a milestone in my life. It’s been six years since I bought into a dream that was ambitious and at times insurmountable.
The dream was to buy a trolley substation. Two years prior to buying the Huron SubStation, I passed by the century-old brick building and fell in love with an inanimate object. The Substation was the antidote to the mini malls all around.
While never for sale, I hounded the owner with offers: eventually he relented. At the time of my purchase, I was a struggling single mother. But with the prospects of opportunity and ambition nearly drained from my vocabulary, I saw this so clearly. I moved in with my son, with no amenities other than the surrounding beauty: no kitchen, no hot water. I washed dishes nightly with a hose in the yard.
Two years in, my dream was on the verge of exploding. I needed to refinance and Goldilocks met a wolf in the forest in the form of a bank. First California Bank pulled out of that loan while we were in escrow, stating that one of their employees had forged my loan (they were merging with another bank and may have wanted to fluff up their inventory). This was the first in a series of antics designed to avoid funding. They sent a tractor over in an attempt to prove the property toxic, drilling ten foot holes into my concrete floor. Finally, the bank insisted on changing the terms and the rate of the loan (a bait and switch tactic). I was facing foreclosure and relented.
In July my rate becomes adjustable. However, I look at this anniversary as a milestone for having survived. I’ve come far and know that I need to pace myself because the fight isn’t over.
An entire nation is trying to defend ourselves from the unorthodox and bullying tactics of a large number of lenders. Arm yourself and fight back. Report these lenders to the CA Dept of Corporations, the FDIC, the FTC, CA Dept. of Real Estate.
Tags: Attaining Your Dream, bank, bank regulation, dream, First California Bank, mortgage crisis, Predatory lending