The Rabid Librarian's Ravings in the Wind: Foreclosures

Showing posts with label Foreclosures. Show all posts

Sunday, December 02, 2012

It's amazing how much damage the fine print can do

Mortgage Catch Pushes Widows Into Foreclosure

Just as the housing market is recovering, a growing group of homeowners — widows over the age of 50 whose husbands alone were holders of the mortgage — are losing their homes to foreclosure because of a paperwork flaw that keeps them from obtaining loan modifications.

In the latest chapter of the foreclosure crisis, homeowners over 50 are falling into foreclosure at the fastest pace of any age group, according to nationwide data, in part because women are outliving their spouses and are unable to cope with cuts in their pensions, ballooning medical costs — and the fine print on their mortgages.

While there are no exact measures of how many widows have entered foreclosure, figures compiled by AARP show the rate of foreclosures among people over 50 increased by 23 percent from 2007 to 2011, resulting in 1.5 million foreclosures.

I guess the moral of the story is to get the loan modified with your name on it as well before before a spouse's death or getting late in payments. But for so many, it's too late for that. It is sad.

Wednesday, June 08, 2011

Turning the tables

With moving truck, Fla. couple threatens bank with foreclosure: Bank of America wrongly foreclosed on a house that the Nyerges’ had paid for in 2009

Months after Bank of America wrongly foreclosed on a house Warren and Maureen Nyerges had already paid for, they were still fighting to get reimbursed for the court battle.

So on Friday, their attorney showed up at a branch office in Naples with a moving truck and sheriff's deputies who had a judge's permission to seize the furniture if necessary. An hour later, the bank had written a check for $5,772.88.