The prospect of facing foreclosure and losing your home can be traumatic. This reality faces many, including the mayor of Akron, Ohio, who had to deal with the possibility of foreclosure on his former home recently. The foreclosure action was filed by Wells Fargo bank on the property jointly owned by Akron Mayor Don Plusquellic and his former partner. Although his name was on the title, the mayor said he had no involvement with the property for four years. According to him, his ex-partner stopped paying the mortgage when she moved to Columbus, Ohio, unbeknownst to him. He claimed not to have received any notice from the bank.
The issue, which first came to light several months ago, has since been resolved. The mayor reportedly made back payments, plus interest, court charges and penalties. He also refinanced the mortgage with another bank. The property is currently occupied by a rental tenant.
A foreclosure does not necessarily have to end with you losing your home. It should be an orderly process and you are entitled to a notice at the beginning.
Losing your home is a serious matter, whether it is because of a misunderstanding or financial challenges. In this case, Plusquellic avoided foreclosure after what he considered was a case of miscommunication. It is important to remain in contact with your mortgage lender in the event of any discrepancies to avoid any serious problems. If you feel your mortgage lender has acted in a less than favorable way during negotiations, you may consider seeking professional legal advice. Individuals are often wise to seek legal guidance as soon as possible during the foreclosure process in order to learn whether it is possible to prevent foreclosure.
Source: West Side Leader, “Plusquellic resolves foreclosure action on former home,” Feb. 27, 2014