Foreclosure Losing Out To Lisa of Hartford
Lise Murzin Pelcz is not going to give up easily – sometimes it looks as if foreclosure is losing out to her. Whether she will be able to continue or not is yet to be seen. Perhaps only a miracle can save her. Her foreclosure woes are piling up as she misses out each month on mortgage payments. In fact she is very close to losing out her house to foreclosure in East Hartford. This house has been her home for the last 12 years. In it she has reared her children. Desperately she has run from one idea to another, taking up one and discarding another.
On a June day she wondered if she could try out raising funds. Her plan was to invite about 300 persons for $100 each. It would add up to $30,000. They could stage an act and ask over the fellow who roasts pigs. But after discussing matters with her daughter and her boy friend they realized that the costs for staging the drama would be too costly and not worth the trouble. So this was another dead end.
Today Lisa owes the bank about $30,000 in backlog payments. It includes taxes as well as insurance and penalty charges. For about a year she has not made any mortgage payments. The amount is much more than what she earns annually. This is excluding the principal amount of the mortgage. Lisa has been gifted with a foreclosure notice since five days before Christmas. Her aim is to manage to get a green signal for refinancing on the sub-prime mortgage. The irony of her situation is that from the very beginning she really could not afford it. As a consequence it is not surprising that foreclosure is closing in on her.
There are many like Lisa in Connecticut – about 15,000 defaulting for more than three months. Across the nation there are 1 million foreclosure postings. In the middle of the foreclosure tsunami Lisa is holding on to her dream although reality says otherwise.
Three months ago Lisa had reason to be buoyant. The State Legislature new laws had given her hope. She hoped that it would include her in the optimistic plans. But she did not qualify for the state remedial measures. Her lender, Eastern Savings Bank had decided on 10th June for the final foreclosure showdown in court. But the new measure would not take off till July 1st. Now she is thinking about filing for bankruptcy.
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If Lisa of Hartford (or other CT homeowners like her) is a senior, age 62 or older, she can come to Reverse Mortgage brokers like me and get an illustration as to what a reverse mortgage can do for her. Simply stated the benefits could be a full payment of her mortgage and no repayment terms until she is done living in her home. I can be reached at 800.290.3521 ext. 504, or my email contact is jkaravas@compbellmortgage.com.