Amgen RIF and the Bridge Loan - Action Required

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the amgen person under the bridge told everyone this 3 years ago and no one listen to them...you fools....we told you over and over and over....


all of the posts remember...
 












Anonymous said:
the amgen person under the bridge told everyone this 3 years ago and no one listen to them...you fools....we told you over and over and over....


all of the posts remember...
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What are you referring to?

3 years ago amgen was recruiting like crazy. As a former recruiter with a large company (near) this area of California if is very difficult to recruit employees from out of the area.

Of course they come for the interview and love the area but when they started looking at real estate prices (I'm talking between 2000 and 2007) they freak out. They had much more house at a much lower price. In addition, if it's a couple, amgen may have a position for one, but not the other, so that means someone may be giving up a job (in addition to the home) to come here only to find that jobs are not that easy to replace either.

Once they do all the math and think it through, most say no thanks.

Hence the amgen relocation plan that included secondary financing. Brillant!
Why do you think they came up with this? Just to be nice. No, this created a tipping point to entice potential employees to give up what they had.

When you recruit someone (for anything) it's important to give them the facts and tell them the truth. That becomes the foundation for people to make decisions (about anything).

I don't know what lies the post is referring to from 3 years ago but the one that's revealing itself now is how amgen recruited people here with promises of secondary financing to for a specific, agreed upon amount of time and half way into it (when amgen got into financial trouble) they changed the deal.

It's pathetic.
 






I have not posted on here before, so I'm a newbie. I'm in the same situation with the Amgen 2nd mortgage and after careful review of all the documents, my lawyer also advised that I discontinue paying the first.
 






Anonymous said:
What are you referring to?

3 years ago amgen was recruiting like crazy. As a former recruiter with a large company (near) this area of California if is very difficult to recruit employees from out of the area.

Of course they come for the interview and love the area but when they started looking at real estate prices (I'm talking between 2000 and 2007) they freak out. They had much more house at a much lower price. In addition, if it's a couple, amgen may have a position for one, but not the other, so that means someone may be giving up a job (in addition to the home) to come here only to find that jobs are not that easy to replace either.

Once they do all the math and think it through, most say no thanks.

Hence the amgen relocation plan that included secondary financing. Brillant!
Why do you think they came up with this? Just to be nice. No, this created a tipping point to entice potential employees to give up what they had.

When you recruit someone (for anything) it's important to give them the facts and tell them the truth. That becomes the foundation for people to make decisions (about anything).

I don't know what lies the post is referring to from 3 years ago but the one that's revealing itself now is how amgen recruited people here with promises of secondary financing to for a specific, agreed upon amount of time and half way into it (when amgen got into financial trouble) they changed the deal.

It's pathetic.
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This observation is well said.
The question is: When. When they were getting into financial trouble, were they also enticing people with the second loan? If so, that looks quite bad.
 






Anonymous said:
This observation is well said.
The question is: When. When they were getting into financial trouble, were they also enticing people with the second loan? If so, that looks quite bad.
Click to expand...

I don't know exactly when amgen's trouble started but in Feb of this year (08) i was having a discussion with the manager of a large title company in TO. The topic of amgen's layoff's came up.

The manager shared the discomfort in sitting with relocating amgen employees, signing loan docs to close their escrows all the while knowing the whisper on the street was amgen was gearing up for big a lay off. These closings were happening as late as august 2007. Two months before the actual lay off and also the same month the newspapers started reporting about amgen's upcoming workforce reduction. So it sounds like they were still enticing.

It's expensive to move people so when a company recruits you, pays to move you and your family across the country and offers secondary money it's logical thinking that, they want you. Why else would people move. When people accept a position, the thought of leaving, for any reason doesn't even occur to them (it comes later).

Recently i was conversing with a lender who facilitates loan modifications. They were told amgen was unwilling to negotiate modifications on the relo 2nds and would rather see everyone go into foreclosure than work with them.

I heard amgen is still hiring. Also over the next few years amgen will have no problem recruiting out of the area employees because the cost of real estate in TO will no longer be the deal breaker.

Nice....another example of amgen's community values.
 






Amgen can not force foreclosure on the 2nd mortgage. They would have to go through the primary mortgage holder. As long as you pay your primary mortgage loan, Amgen/Countrywide is left holding the 2nd. The problem is selling the house for less then its worth...it should be fun watching the banks and Amgen fight over 'short' sales!!
 






When Amgen demands their money in October, if you continue to pay your first and not your second, Amgen can and probably will tack on late fees and interest and will either choose to foreclose or let it sit until you go to sell. If they foreclose, they'll lose the fees, interest plus the cost of foreclosing (which is quite expensive). They're other option will be to prevent you from selling by holding up escrow until the 2nd is resolved, just as they are currently doing with the people trying to negotiate a short sale. And it sounds like they aren't willing to negotiate at all, so you'll be responsible for the entire amount of the second borrowed from Amgen.

So, as you continue to pay your first, all you're doing is benefitting Amgen... the more principal you pay down, the more likely it is they'll get their money when you sell the home as it will no longer be a short sale if you pay off enough principal on the first.
 






Anyone thinking of modifying their first or second loans (or both) needs to do so carefully and do their homework. If you haven't done any refinancing of either loans thus far then they are still Purchase Money Loans, basically meaning only the property can be attatched if they forclose. Check details with lender, accountant, attorney (or all three) because once there's a refi and those loans change form, they can possibly go after everything. Wages, savings, pensions, tax refunds??? Not sure of all the details but know what rights you will be loosing if you refinance your first, second or both.
 






Anonymous said:
Are you affected by the relo debacle with Amgen and faced with the October deadline?

If you want to join the host of others reaching out to sort out what can be done to resolve the issue, please do the following.

1. Read the following article written by Allison Bruce in the Ventura County Star that details the situation.

http://www.venturacountystar.com/news/2008/jul/26/amgens-help-now-problem-for-some/

2. Contact Allison (ABruce@venturacountystar.com) and let her know that you're affected. She's trying to rally everyone who's affected and continue writing about this situation.

In addition to having the press on this, it's an approach to unify and move forward if we need to consider other measures. If you have questions..post them here.

Don't sit back if your affected..and good luck.
Click to expand...

Allison was on assignment with VCS and is now back and focusing on this article. Please contact her as she is giving us this opportunity to have a voice with the power of the press. Allison hopes to publish her article regarding our situation next week. Here is our chance to get our voice heard and possibly make a difference. PLEASE email her at ABruce@venturacountystar.com
 












Does anyone know of anyone who was part of the lay off last Oct. who was allowed to extend their loan far beyond what we've been allowed?

This would not apply to the CFO who had his loan extended to 2010, he was not part of the lay off, he resigned.
 






Anonymous said:
They extended the $3 million loan that they gave the former CFO out to 2010 without any required payment, I believe. I'll look it up again. It's described in a 10K.
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Stop comparing Nanula to "riffed" employees. He resigned, he was not riffed. I wonder though if others resigned would they have had a generous offer like that?
 






Anonymous said:
Stop comparing Nanula to "riffed" employees. He resigned, he was not riffed. I wonder though if others resigned would they have had a generous offer like that?
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He didn't get a better deal because he resigned in disgrace, he got a better deal because he was a company officer and he knows where the skeletons are buried in spite of resigning in disgrace. If anything, riffed employees should be given more consideration than the crooks at the top, not less. Sheesh. Go put some lipstick on that pig of yours.
 


















Anonymous said:
Can anyone tell me how many people this is affecting? What will happen come February? Will people simply walk away from their house?
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Everyone's situation is different. Read all of the posts here on cafepharms on these 3 threads (if you haven't already done so);

1) Serious Questions for RIF'ers, Amgen 2nd Mortgage
2) Amgen RIF and the Bridge Loan - Action Required
3) Amgen extends 2nd TD payment

In addition read as much as you can about foreclosure. One website I find very informative and interesting is all-Foreclosure.com. Go to the Foreclosure Section, Discussion Board and you will find anything and everything going on across the country concerning foreclosure.

A few weeks ago (when the due date was Oct. 12) I spoke to an attorney and he advised me to keep paying my first (i have a job and want to stay). He said if you can't pay the 2nd, you can't. Just keep paying the first until you get a notice of default from amgen, that's when I would seriously consider stop paying the first and call him to discuss actions to take from there. He emphasized there's no one formula that fits everyone and for me I just have to ride it out. Now that the due date has been deferred to Feb. 09 I'll keep paying my first and wait until I get a notice of default from amgen (next year, probably around Mar. or Apr.) then I'll call him to discuss actions. Who know's, a solution may reveal itself by then.

I also spoke with a HUD counselor from (www.nw.org, click on Foreclosure Resources, click on Immediate Help to view or call the 1-888-995-4673). I had to leave a message with a call center and it did take about a week but someone did call me back. They said amgen probably won't forclose (cause there's nothing to get) but will probably put a lien on my house. I spoke with the attorney about this cause I was concered with interest and fees accruing and he said, oh well, if you can't pay it, you can't pay it. Ride it out.

By the way, his name is Ron Levine of Manfredi & Levine, Thousand Oaks,
(805) 379-1919. Very helpful. He said anyone in his firm can help as they are all real estate attorneys.
 






This is not sounding good for those of us with 2nds through Amgen. Does anyone know if they will be giving any assistance with the home selling process if we decide to take that route in an attempt to avoid foreclosure or a lien?

Furthermore, would anyone like to purchase a lovely home in Rancho Conejo? One of the selling points was how close it was to Amgen! A lot of good that has done.
 












My name is Georgia and I do not work for Amgen, but a good friend of mine did, and she told me that I should post on this message board. I have just read about Amgen and the difficult position they have put many people in with regards to their 2nd mortgage, and I very much sympathize with each of your situations. The reason for my post is that I am currently looking to purchase a home in the area near Amgen, specifically Rancho Conejo. I understand that a lot of people may not be able to sell their homes for the same price for which they purchased them, but perhaps if you do not have to go through the hassle of showing your home, listing it on the MLS, and can avoid the hefty commission fees then maybe you would be interested in selling your home to me. Just an idea. If anyone would be interested please contact me at the email address below. I am looking for a 4 bedroom. Best of luck to everyone.

Georgia

gmahan46@yahoo.com
 






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