Foreclosures Blog - Foreclosure Listings Nationwide

Across the nation, more and more homeowners are waking up in the morning and finding out that the place they have been calling home is about to be foreclosed. In Ohio, this is what a 90-year old lady experienced. After living almost her entire life in her Akron home, she is being evicted because of mortgage default. Sadly, she shot herself in the chest as the deputies were knocking on her door, carrying the eviction papers.

According to reports, the elderly homeowner tried to kill herself because she can no longer pay her mortgage dues. Based on county records, she took out a mortgage four years ago from Countrywide amounting to $45,620. During the same day, records revealed that she also took out a line of credit amounting to $11,380. But it would seem that the property was appraised at only $31,230 by Summit County.

After the property was foreclosed this year and sold at an auction for just $28,000, the woman continually ignored all eviction notices and letters from the sheriff’s office. After calling the sheriff’s office last Tuesday, she was shocked to learn that she was being evicted from her home the next day.

She is currently recovering from her chest wounds at the nearby hospital.

For the county officials, the unfortunate situation of the elderly homeowner will serve as an example of how greedy mortgage lenders and servicers can become. During the last housing boom, many lenders engaged in aggressive lending practices that resulted to home buyers getting approved for loans they could not afford.

In the end, the entire housing industry suffered and the consequences of such action can be felt in the widespread foreclosure crisis. Across the nation, millions of homes are in some stage of foreclosure and more are expected by the end of the year, primarily due to the collapse in the financial market.

This entry was posted on Friday, October 3rd, 2008 at 2:45 pm and is filed under Foreclosure Crisis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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