In early 1987 my Mother bought a house with the intention of paying it off over the next 20 years and creating some small form of financial security to leave after she was gone. She was a single mother who worked very, very hard and after many years had managed to elevate herself to a good level of promotion within Canada Post Corp. and was making a decent living. Making the mortgage payments every month, along with the associated costs of living was something of a struggle, but it was one that could be met.
In the mid 1990’s my mother was diagnosed with a severe mental illness, however she chose to tell no one at the time. The escalating severity of her condition began to affect her work. She began taking more and more time off from her job, until, after 27 years of faithful service to Canada Post, and less than three short years before she was eligible to receive her full pension, Canada Post forced her retirement.
She worked hard for Canada Post for almost three decades, and now with a relatively miniscule severance package, she found herself out of a job and was faced with losing the house that she worked so hard for. Her condition had now escalated to a point of such severity, that she was unable to even attempt to find more work.
At the time, I had just started a small business and was making fairly decent money with it. When my Mother suddenly found herself without adequate income to continue the mortgage payments on the house, I had no choice but to step in. I devoted almost 100% of my income to expenses related her house. I was making decent money with my business, but not enough to afford two houses. So, rather than lose the house that had been paid into for about 10 years, I took over all payments and moved into that house. There was now three of us living in that house. My mother, my handicapped grandmother, whom my mother cared for, and myself.
I basically gave up my very future for my mother and my grandmother. My original plan was to re-invest in my business and build it over the ensuing years in order to build a future for myself, and start my own family. However, with almost all of my income going to keeping the house, this became an impossibility. I was working seven days a week, anywhere from 8 to 18 hours (seriously, 18 hours some days) days, depending on the workload of the particular day, just to make enough money that would allow us to keep my Mother’s house. I kept this up for six years to ensure that my mother and my grandmother would not find themselves out on the street. However, with the inability to re-invest in my business, my business slowly started dwindling.
The death blow came when one of my major suppliers committed an act of fraud against my company. That company still owes me about $80,000.00. But, because of my financial situation and the fact that they were a U.S. company based in California, and upon the beginning of our business relationship I had signed a contract in which I agreed that any legal proceedings which may arise would take place in a California court, under California law, I could not afford to bring legal action against them.
My business folded. I have spent the last year trying desperately to get it up and running again, but it has, thus far, proved futile. The market which I entered when I first started the business is now controlled by corporate powerhouses and simply does not exist in the way which it used to. It’s impossible to compete now. So, one year later, after what little savings I managed to store has dried up. We are losing the house which we have fought to keep for the last eighteen years.
So, why are banks so evil?
Well, we paid $115,000.00 for this house in 1987. For eighteen years we have made a mortgage payment every single month without fail. We now must sell the house. Yet, even though over the last 18 years we have paid the bank more than $140,000.00 for this $115,000.00 house, they still want another $68,000.00! These are the same banks that were so willing to take my money when I ran a successful business! The same banks that bought U.S. funds from me for less than the current exchange rate, and sold U.S. funds to me for more than the exchange rate (making themselves a nice little profit) and then charged me a ‘transaction fee’ to do it. These are the same banks that gave me 5% interest on the money I kept in my business account, but wouldn’t lend me any money at less than 9% interest. The same banks that charged me a $40.00 penalty when a client bounced a $250.00 cheque he had written to me, but wouldn’t compensate me when they ‘lost’ over $1,000.00 of my money. These are the same banks that charged me a 50 cent transaction fee, plus 3.5% of every purchase amount, every time I charged someone’s credit card. But, even if the person illegally charged-back their purchase, would honor the charge-back without question, without investigation, force me to repay the entire amount of the purchase, plus they would keep the 50 cent fee and the 3.5% percentage (so they actually made more money on illegal charge backs than they did on legitimate transactions) and then had the nerve to charge me a $50.00 penalty for creating a charge back!
So, now we are left with a house which we are selling for $299,000.00. A house which we have fought tooth and nail to keep for the last eighteen years. The problem is that with our current financial situation, we have no choice but to purchase a house which we can buy outright, with no mortgage. We owe the bank another $68,000.00 on the house and the realtor’s fees and lawyer’s fees combined will be over $15,000.00. This means that we will have about $215,000.00 left over to purchase a house with.
So what’s the problem? Well, there are now four of us living in this house… My mentally ill mother, my physically disabled grandmother, my wife and myself. With the current real-estate market, $215,000.00 CAD is not enough to buy anywhere close to a decent home that 4 adults can live in, anywhere even close to this city. And, because of my mother’s condition, and my grandmother’s condition, we can’t relocate out of the city.
So, we are going to end up moving to, at best, a dilapidated shack which will likely fall to the ground in a few years. (And that’s not an exaggeration, we’ve looked at many homes in the area within our price range) It seems that my mother’s and my struggle for the last two decades has been pretty much for naught. I gave up my future for nothing!
Fuck banks! They took, took, took, from me and my business for years, I battled them every step of the way in order to just be able to run my business. And now, even though we’ve paid them 100% of the money they lent us, (which wasn’t even their money in the first place) PLUS about $30,000.00 in pure profit, we are losing our family home because they want another $70,000.00 in pure profit. Fuck them! Bankers are low-life swine that do nothing but move figures around on paper! They make their livings by distributing money that isn’t even theirs! Fuck them!
If you are reading this and you are a banker, quit your job! Find something else… karma will reward you.