Foreclosure crisis hits local family

December 26, 2008 7:10:01 PM PST
Three generations of a family in Campbell have tried everything they could to save their home from foreclosure. But all their efforts failed, and they are spending this holiday season packing all their worldly goods, and will soon be homeless.

There is very little the Silvas are celebrating this week. The Christmas decorations never came out, there was no tree, in fact, this was the only sign of a holiday in this house.

"This is the worst thing that could be happening to me," said Patricial Silva from Campbell.

Patricia Silva, her husband, three children and her parents will be homeless soon. Starting January 1st, the duplex, three generations of family members shared -- will be owned by the bank.

The family's mortgage re-set last December and went from $2,600 a month to $7,200. Soon after they stopped making payments, that's when the notices started coming. This one arrived in august, saying the house would be foreclosed upon and two week ago, this one was hand delivered.

It was their final notice after trying, unsuccessfully to re-finance for months and get a loan modification.

"I just thought, what's next, where are we going to go? With that slim amount of time it's going to be hard to get back on our feet so quickly," said Joseph Silva.

"It's been really stressful, we know it is Christmas but we're going through this, feels like we have so much more to do," said Patricia Silva.

The list of things to do in just six days is long. Packing, storing, looking for a place to rent -- it's something Patricia's parents haven't had to do in 21 years.

"They just need a break, all this that's going on, they have health issues, they have to work constantly," said Joseph Silva.

They worked to fulfill their family's dream to live side by side for as long as possible. They didn't realize it would only last four years.


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