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Foreclosure Imminent for Elderly Couple’s Home

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By : Leticia Carvalho    99 or more times read
Stark County posted 2,596 foreclosures this year, compared to 2,438 homes at the same period last year. These foreclosures will be posted on sheriff’s sale and have affected several unfortunate families, including two elderly couple already in their 80’s.

William Hammen, 83 and wife Bette, 85 are in trouble of losing their home they have been living in since 1965 to foreclosures. They have received the notice 10 months before and have only known about their predicament after friends and neighbors discovered their situation. Richard Bierie, Bette’s brother and their only relative, together with some friends are trying everything they can to forestall the sheriff’s sale, but to no avail.

The house was appraised at $120,000 and minimum bid would start at $80,000. Bierie and friends are hoping that the appraisal is too high and might discourage buyers to buy more time for the couple before losing their home to foreclosures. Bierie has been trying to contact CitiMortgage to question how did a couple with an income of only $1,550 in Social Security checks were able to take out a $105,000 mortgage from the bank and another $12,000 line of credit.

With a monthly house payment of $942.47 plus another $300 per month payment on their home equity line, the mortgage was definitely heading towards disaster. Exorbitant amortizations versus meager income flows are primary causes of foreclosure homes.

Initial inquiries showed that the Hammens might have been forced or coerced to take on the mortgage even if it was way beyond their means, making them susceptible to foreclosures. William Hammen insists that he did not request for a loan from CitiMortgage but two men suddenly showed up in their homes and asked them to sign documents.

Investigation also showed the Hammens as apparent victims of internet scams involving fake lotteries from Nigeria, which may have extorted thousands of dollars from the Hammens, in exchange for “winnings” in the form of fake checks that banks refused to encash.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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