“I’m in a pickle. On the economic side, I’m just not hearing it,’’ he said. “They’re saying, ‘Let’s tweak the system.’ But they are not talking about real reform.’’
Even those who have worked out agreements with banks to stay in their homes fear the future. Cruz and his wife, Miriam, modified their Bank of America mortgage. The bank cut payments from $1,500 a month to $868, but the couple had to agree to extend their mortgage from 30 years to 40 years and agree to a $30,000 end-of-loan payment, also known as a balloon payment.
“Now we’re stuck, like everybody else,’’ said Cruz, 59. He and his wife, now unemployed, used to earn nearly $100,000 a year but now survive on $22,000. “None of this makes sense. The banks are getting all the help [from the government]. They should be helping us save our house, not lose our house.’’
Their lament is shared by neighbors on Cedar Hammock Road. Those to the left sold their home when they could not keep up with payments.
The Cruzes’ other next-door neighbor, Mary Dachille, 82, wiped out most of her savings when she bought her home in cash. She has thought about selling her home, but she would be taking a loss she cannot afford.
The housing industry drives the region’s economy and needs to be a top priority in economic recovery plans, said Jose Alvarez, an real estate agent, in nearby Kissimmee.
“We could have gotten out of this mess earlier if we did something sooner,’’ said Alvarez, a Republican. “It doesn’t matter if the approach is Republican or Democratic. Let’s find a true solution to this and get to work on it.’’
