Promises of Assistance Add To Foreclosure Woes
October 17th, 2008
As the foreclosure crisis worsens, tucked away in media corners are news of individual tragedies. Each is fraught with heart-rending agony.
In Ellicott City two elderly women struggling with health and financial problems are being threatened by foreclosures. What makes their story poignant is that this happened at a time when they were under the impression that Help was close by.
Betty J. Bullock was 63 with poor eyesight that had become worse through the years because of diabetes. She was surviving on $800 per month that came from Social Security. She had been working from 1997 but her savings were nil. Griselda Mason was 68. In addition to problems with her eyes she had walking problems that had constrained her on the work field. She defaulted on her mortgage payments that hurt her credit records and hastened the threat from foreclosures.
At this critical psychological point they received via the mail promises of help. The text was full of bounce with words like “your best hope has just arrived.”
But the foreclosure rescue operation turned into the tragedy of a nightmare. It was a classic case of predatory lending. The matter reached the law courts. In the mail, promises were made of last minute foreclosure rescue operations. Loans would be refinanced and assurance was given that the two old ladies would get out of their debts within two years. In lieu they would have to sell their houses. They would get no cash but would continue to stay as renters at rates that were well beyond their means. Soon after came attempts at eviction. The lawyers are trying to get back the houses and seeking damages and compensation for the women to the tune of $6 million.
Peter A. Holland, a lawyer from Annapolis said, “This is one of the most egregious cases I have ever come across.” He was representing Bullock in the Howard County Circuit Court. He added that she was blind and the agreement was inked in her house the night preceding the foreclosure. Bullock died recently after suffering a stroke. Her young granddaughter continues to fight the case.
Mason managed to sell her house for an amount, which was slightly higher than her debt. The deal was choked with all kinds of exorbitant fees. The property was said to have been transferred to a certain body but no such corporation could be traced. Mason and her son did not know that they no longer owned the house until several months had passed.
- Spurt in Sales of Foreclosed Properties
- Foreclosure Climate Changes Spirit of Competition to Cooperation Among Contractors
- Bouncing Cheques Issued by Title Companies Lead to Foreclosures
- Increase in Foreclosures Prompting Class Action Legal Suits
- Avoiding Foreclosures by Walking Away From Loans are not Without Problems
- Foreclosure Assistance Being Taken on Tour by Housing Advocate
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