Widowed Homeowners are Struggling to Prevent Foreclosures
“It’s not my name on the loan, but this is my house”
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…