Mortgage Company Stops California Foreclosure on Senior's Home with Two Minutes to Spare
(PRWeb) January 19, 2007 -- According to senior citizen, Joyce Powell, she came within two minutes of losing her Ontario California home to foreclosure.
"I have owned my home for 25 years, and it would have been devastating to lose it over something that could have been easily rectified," states 67 year-old Powell from her home.
"It started when I used my mortgage payment to cover some medical bills for a family member. I had expected to receive the money back fairly quickly but it never came. All of a sudden I was thirty days late and the lender now required 2 payments plus late fees to bring my mortgage current."
"At the time I did not realize the severity of the problem, and I did not understand and ignored some of the paperwork I was receiving. My late husband handled all these matters."
Mrs. Powell had received a Notice Of Default from the lender stating that payments must be made by a certain date. If the money owed plus fees are not paid at the given time, the borrower could be facing foreclosure.
Jaime Polanco, President of Amerivision Mortgage Corporation who assisted in stopping the foreclosure states "With so much junk mail that is designed to deceive senior citizens, it is not surprising that when Mrs. Powell received the Notice of Default it went unnoticed."
"Subsequent to the Notice of Default Mrs. Powell received a Notice of Sale, and this was treated in the same manner. It was only a stroke of luck that a visiting relative spotted the Notice of Sale on the kitchen table, and explained it to Mrs. Powell."
A Notice of Sale states that unless back mortgage payments are made by a certain date and time the house will be auctioned off to the highest bidder at the Courthouse.
"The family member contacted us with only 12 days to go before the intended sale date. Because of the seriousness of the situation I decided to handle the refinancing myself," continues Polanco.
"I managed to stop the California home foreclosure, by personally hand delivering a cashier's check for $15,000 to the Courthouse. The receipt was timed at 12:58 pm with the house schedule to be auctioned at 1:00pm."
"For an investor this was a very desirable property because the home had plenty of equity. There were 10 investors eager to bid on it when I arrived at the Courthouse. Needless to day none of them was too happy when I arrived to cure the foreclosure."
"If I had hit one red light on my way to the Courthouse, one lucky investor would have acquired a cheap house and Mrs. Powell would have been homeless," concludes Polanco.
"I am so thankful to Jaime Polanco for helping me out. After this ordeal my advice would be to family members to keep any eye on seniors so they don't get into a similar situation," concludes Powell.
