Widowed Homeowners are Struggling to Prevent Foreclosures

Foreclosure Trouble

“It’s not my name on the loan, but this is my house”

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Why more widowed homeowners are struggling to prevent a foreclosure

When Jesus Sequeira’s wife, Yadira, died in 2008 from lung cancer, times soon grew tough.

Sequeira said his income plunged, leaving him unable to pay the mortgage on the couple’s Canyon Country home when payments more than doubled a year later.

Sequeira hoped a loan modification might save him, but there was a glitch: Even though he was listed on the title, only his wife was on the mortgage note — a setup Sequeira said a Countrywide Financial employee suggested given her superior credit.

The arrangement, he said, turned efforts to secure a modification into a multiyear red-tape nightmare that may end in a trustee sale.

“It’s like I can have a heart attack, because I don’t know what is going to happen,” said Sequeira, 58, who owns a small Koreatown market. “It’s been like that for three years.”

Rest from the LA Times here…

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4closureFraud.org

Comments
One Response to “Widowed Homeowners are Struggling to Prevent Foreclosures”
  1. Alabama John says:

    Many around here are praying for a tornado to come by and destroy their home without causing any injury to living things. If that happened and it does, their Homeowners Insurance Company will pay the balance of their mortgage off. The Insurance Company will then give them the difference of their mortgage amount and the appraised value of their home in cash and they can move to a smaller place and save their credit and lifelong reputation.

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