The Story Of A Single Family Highlights The Injustice Done To Many Who Are Being Denied Foreclosure

Scott and Doris Stauble in the twilight years of their lives are suddenly in trouble being threatened with foreclosure

. Their story highlights the injustice done to many who are being denied foreclosure prevention assistance.

In 1997 the Staubles had bought their house for $90,000 and now they are trying to short sale it for $100,000. According to her assessors the house is worth $214,000 including its grounds.

Initially Doris had been hopeful of refinancing it so as to manage her monthly payments at $1,000 but till now Bank of America that had taken over the mortgage after acquiring Countrywide in 2008, has declined to bring down the installments by about $500 each month.

It is ironical that Bank of America should take this holier-than-thou-attitude after having pocketed $45 billion from the bailout funds. It took money for Merrill Lynch that the Bank had also taken over in 2008. Bank of America contends that it has given $2.4 billion to the federal governments in dividends but it has yet to pay back the bailout dollars. Recently the bank declared that it has plans of returning $45 billion as repayment of bailout funds but it was not specific about the dates.

Bank of America is emphatic that it has done plenty to help the foreclosure victims. According to Jumana Bauwens, a spokesperson of the bank from 2008 January it has lowered mortgage rates for nearly 600,000 borrowers out of their customers numbering 14 million. Nearly 400,000 have benefited thanks to HAMP. The banks too fill their pockets with thousands for the modifications done as incentives. Bank of America claims to have made similar offers to the Staubles that would have reduced their monthly payment by approximately $100.

When The Sun questioned Bank of America regarding the Staubles and their problems about contacting representatives of the bank Bauwens assured reassessment of the financial situation of the family and also take into consideration medical expenses. She added, If we have to postpone or delay the foreclosure, we will. However she was doubtful if the bank would be agreeable to bringing down the monthly installments.

Annette Blaisdell said that Doris had helped her while she was working with Society of St. Vincent de Paul (charitable organization). Blaisdell remarked, She's one of those people who you call if you have a problem, said Blaisdell. She has a lot of resources and she's always there for everyone. She's an amazing lady. Blaisdell rued the fact that today Doris herself was in trouble.

by: Karen

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