Stop the foreclosure on the home of our mother who has Alzheimer’s Disease
What happens when you find out that your mother is a victim of predatory lending, that her home is in foreclosure, and there is nothing you can do to help?
Our Mom treats her house like a family member. She has lovingly tended to her yard for the past 50 years and continues to do so. It’s what she looks forward to every season. Mom’s house holds three generations of memories. After suffering a series of illnesses and hospitalizations, she was diagnosed with Alzheimer’s Disease. Now her home is in foreclosure. Our mother’s stability depends upon her remaining in her home within the familiar surroundings which contain all of the memories that keep her connected to her life.
Why is this happening?
Our mother is one of the many predatory lending victims hurt by Wells Fargo during housing collapse. Predatory lending is when the borrower is led into a transaction that is not what they expected. Victims can often be elderly people who are living on fixed incomes and who are allowed to use their home equity as collateral. Using income documentation the bank has refused to verify, Wells Fargo went ahead and approved Mom for three separate loans, all of which they knew she could not possibly afford based on her Social Security income. Given our mother’s cognitive decline she was not only unable to make the right decisions for herself, but the bank also processed mortgages for her which she was clearly not eligible. She has fallen into extraordinary debt and is facing the imminent foreclosure sale of her home of almost 60 years. Displacing her from the one place she knows and loves would certainly have an irreversible and detrimental effect. Our Mom should not be punished for signing loan papers she was neither emotionally or financially qualified to sign.
Why time isn’t on our side
By the time we realized how much trouble Mom was in, it was too late to intervene. The statute of limitations for predatory lending had run out. We have only a few short weeks to prevent this foreclosure sale from occurring or she will be torn away from her home and forced into a state-run nursing facility, leaving her devastated and confused. A fate she does not deserve.
Please sign our petition and tell Wells Fargo to let our Mom stay in her home where she belongs. Thank you!
As a result of everything that has happened to our family we are actively working with our Congressman’s and Senator’s offices to draft a proposal that will be designed to protect the elderly and those with Alzheimer’s Disease from predatory lending in the future. Given that it can take ten to fifteen years to receive an Alzheimer’s diagnosis we strongly believe that families and individuals should not be punished for decisions made by those cognitively impaired by this disease.