After almost a decade of fighting to stay in their Lynn, the Massachusetts Home, Joe and Kathy Cavaliere had lost hope. They faced a foreclosure on their 24 -year -old house.
A few days before being expelled, the couple in the 1980s began to pack their things.
“It was the center of our family”, Kathy said WBZ-TV Cheryl Fiandaca. “All the holidays, all assemble. And it was going to disappear.”
But thanks to the intervention of the last minute of Fiandaca, the rider can stay in place and they have their house.
Here’s how they found themselves in the disastrous situation in the first place.
The financial difficulties of the rids began in 2006, when Joe, then in the sixties, withdrew a “Pick-Pay” mortgage from the World Savings Bank.
The bank told him that he could choose the quantity to pay each month. What he did not achieve is that unpaid interest in the mortgage would continue to be accompanied. And he did it – exponentially.
The lawyer for the couple Paul Collier describes the mortgage model of Pick-And-Paissement as “crazy”.
“It is to reduce people on an economic scale to buy houses under predatory mortgages that would eventually generate profits to lenders and, honestly, for foreclosure to borrowers,” he said.
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Joe found himself unemployed for a while and they have lagged behind the mortgage payments. The couple sent $ 5,000 to the World Savings Bank to make up for payments. Things have gone from bad to worse.
“They said they wanted everything, which was about $ 400,000,” recalls Joe.
Then, thanks to a series of mergers, Wells Fargo resumed the mortgage of the rids in 2008. The couple continued to have trouble following payments until Wells Fargo was seized at their home.
At that time, Kathy contacted the WBZ-TV call team and journalist Cheryl Fiandaca successfully intervened on behalf of the rids. Wells Fargo reversed foreclosure and announced that it would return the title of the house to the couple.
