Thursday, December 22, 2011

90-Year Old Woman Faces F'closure On Loan Requiring No Payments; Bankster Says Debris Near Home Is Code Violation, Constitutes Default On Reverse Mtg.

In Southwest Miami-Dade, Florida, WSVN-TV Channel 7 reports:

  • An elderly woman is facing foreclosure in the place she has called home for most of her life. Ninety-year-old Rosalee Green has lived in her Southwest Miami-Dade residence about 57 years, the majority of her life.

  • However, the nonagenarian may be evicted from her home due to a code violation. "I've been here this long. Where am I going to go? I'm 90 years old," said Rosalee Green. "I want to stay in my house."

  • Green was recently served with papers that said she defaulted on a reverse mortgage, which allowed her to take a lump-sum payment against her home's equity without having to pay back the money.

  • "They said that I didn't have to pay anything until, if I die, whoever lives here would take over, and so, I figured that was it," she said. According to Green's son, Dale Green, his mother needed the money from the reverse mortgage because she does not have steady income. "We've been doing whatever we can to keep up with things going on around here," he said, "but income is low, and we're just trying to stay above water."

  • Now,the lending company that loaned the money to Rosalee wants the money back, and the 90-year-old may soon face eviction.

  • The company claimed that debris near Rosalee's home is a code violation, which nullifies the reverse mortgage. Rosalee's attorney, Eric Stine, said, "For them to find a little technical flaw, which is what they're trying to hang their hat on, and displace a 90-year-old lady from her home, we just feel is bad faith."

  • Stine said that the lending company did not give his client a chance to fix the violation, so she could remain in the home where she raised her 11 children. "It's a mess," Rosalee said. "I don't think it's fair. If I would have known [this would happen], I would have never, never [got the mortgage]."

  • The out-of-state lending company told 7News by phone that if Rosalee can prove she has cleaned up some of the debris near her home, and she has kept her home's taxes current, she may be able to avoid foreclosure.

Source: 90-year-old woman facing foreclosure.

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