K. Hovnanian - KHOV
K. Hovnanaian They can't sell the homes at 500K, yet they would rather foreclose on my 600K mortgage then modify it

December

I have the notice of default in my hand. I am sitting inside my home built by KHOV, in the community of Stetson Ranch in Santa Clarita, California, in Los Angeles County.
I am staring at the paper. I am not crying.

We moved in to this brand new KHOV home on 7-20-07 the midst of the calamity. We are sad. We love our KHOV home, but everywhere we look signs are going up. The papers are lying. Its getting worse. I see it all around me now, and my eyes have been wide open for almost three years.

We have decided to walk. My husband is elderly. We lost our retirement on the down payment. We have nothing, we cannot risk this any longer. We did not think it was a risk in 2006 when we picked out the K. Hovnanian home.

We have asked for modification. The KHOV servicer has refused to do anything except a forbearance on the $604K owed, and a temporary $500.00 reduction, which is actually null, as the taxes have dropped so much, that it's almost the same as it would be anyway if they made a correct escrow adjustment.

So, The mystery is this. KHOV, is still building here. They have the homes at $500 K, and they are not selling!

But they would rather foreclose on this home, and get less then $400 in a foreclosure sale, instead of letting us keep the home for the amount they are asking for the others. We would qualify, we just cannot take this risk any longer.

Company: K. Hovnanian - KHOV
Country: USA
Site: khov.com

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