EDITOR'S NOTE: This is the second in a series of stories looking at the foreclosure crisis in Manatee County.
The faces of foreclosure are many. From the couple moving out of state, who got caught in the downward spiral of the housing market with two house payments, to the investor with medical bills forced to sell his business and lose his home.
We tell the stories of some of those involved in the 2,528 foreclosure suits filed in 2007.
Vicki and Eric Lee
Vicki and Eric Lee were excited about the possibility of moving to Tennessee.
They figured they would take a negative - Eric's job being caught in the downsizing at Chris-Craft - and make it a positive.
"We'd been talking about moving to Tennessee," said Vicki, a singer. "We were checking out the job market and it looked good."
Little did the Lees know that the July 2006 move would be a road to financial disaster. The couple ended up caught in Florida's housing meltdown, with two mortgages, only one job and declining housing values.
Their excellent credit rating was destroyed and Vicki developed high blood pressure and diabetes.
"It was extremely painful and stressful to say the least for both Eric and I," she said. "It's not something we would ever want to be a part of ever again."
In early 2006, they had found a home they liked in Tennessee and were approved by their bank SunTrust for another mortgage in March 2006.
They put their Bradenton home near Manatee Community College on the market; housing was still hot. They listed their 3,000 square-foot, 4-bedroom, 3-bath home for $325,000 through Buy Owner. They had purchased the home for $69,000 more than 15 years ago, and had completed a $75,000 addition and remodeled the kitchen and bath.
They moved to Tennessee in July 2006. For 1½ years, the Lees were flooded with calls and emails from prospective buyers. The house attracted lots of attention, but nobody could get financing.
"We had five friends with keys who showed it like crazy," she said. "A couple of people wanted to run a business out of it and the zoning allows for that, but it fell through."
The Lees found themselves paying between $3,500 and $4,000 for both mortgages each month. Eric had found a job but Vicki wasn't as lucky. In early 2007, the two knew they were starting to fall behind.
"I worked daily calling the banks to try and save the house," Vicki said. "I ran myself ragged trying to find a way to qualify for some help."
The Lees went through all their financial reserves. "We exhausted all of our resources including my husband's IRA, my money market, and our savings," Vicki said. "We ever even forced to sell things just to keep current."
Finally the couple turned to SunTrust for help. They faxed over reams of documents to several departments and hoped a short sale offer of $225,000 would go through. The Lees owed $270,000 on their loan.
They found themselves caught in financial red tape since they had two loans, a mortgage and an equity loan on the house.
