Here's a press release I'm sending-out today, to try to help someone who JP Morgan Chase & Co. refuse to help...
FOR IMMEDIATE RELEASE:
CONTACT:
Scott Tucker
NewCastle Home Loans, LLC
Voice: 773-327-3094
Fax: 773-327-2842
JP Morgan Chase & Co. Refuse Reverse Mortgage Pay-Off to Save Home of Disabled Montgomery, IL Man, 74-years-old, from Foreclosure Auction; Faces June 8th Sale Date
Montgomery, IL, June 1, 2009 – Leo Bormann, age 74, is a retired bricklayer who has recently had two heart attacks and a stroke.
He can no longer work, in any capacity, and has been unable to make his mortgage payments to JP Morgan Chase & Co. for months now.
His Social Security and bricklayers pension total $1,974 per month, but JP Morgan Chase & Co. want $1,939 per month of that money just to cover the principal and interest on his mortgage.
That would only leave him with $35 per month, but wouldn’t cover his property taxes & homeowner’s insurance, let alone groceries and utilities.
JP Morgan Chase & Co. have now moved to auction his home. And on Monday, June 8th, the Kendall County Sheriff’s Office will do just that.
Local real estate investors expect the $260,000 Montgomery home to auction for just $78,000, or 30 cents on the dollar; a $182,000 loss for federally-subsidized JP Morgan Chase & Co.
But Scott Tucker, a reverse mortgage originator, at NewCastle Home Loans in Chicago says “Chase turned-down my offer to pay-them-off ‘only’ $100,000 ‘short,’ with an FHA-insured, payment-free reverse mortgage, that would leave Mr. Bormann in his home, for the rest of his life, with no monthly mortgage payments to make."
"He could even leave the house to his kids,” Tucker says.
Tucker continued, “Chase has taken taxpayer bailout money, and now they seek to kick Leo out, at age 74. And they’ll lose $182,000 at auction, but they could do the right thing, and lose ‘only’ $100,000 on a short refi’ into a reverse mortgage. It’s just plain cruelty and elder abuse if you ask me.”
“Leo’s Social Security and pension are more than enough to cover his property taxes, homeowner’s insurance, groceries, and utilities. It’s Chase’s $1,939 mortgage payment that’s the problem,” Tucker says.
OTHER CONTACTS FOR THIS STORY:
Kendall County Sheriff Richard A. Randall: 630-553-7500
U.S. Rep. Bill Foster, attn: Meghan Auker, 866-324-6128, meghan.auker@mail.house.gov
JP Morgan Chase & Co.: Joe Evangelisti, Media Relations: joseph.evangelisti@jpmchase.com
Pierce & Assoc., PC (represents Chase), Ms. Milton, 312-476-5840, CMilton@atty-pierce.com
ABOUT SCOTT TUCKER – Scott Tucker is the Author of Reverse Mortgages…from Z to A (Advantage Media, July 2009, $14.99), a Member of the National Council on Aging, the National Reverse Mortgage Lenders Association, and Life Member of the VFW and American Legion. Tucker is an active duty Veteran of the U.S. Navy. Tucker is a reverse mortgage originator for NewCastle Home Loans, LLC, a Chicago company. He may be reached at 773-327-3094.
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Any help you could lend, would be much appreciated. I could especially use contact info for an executive at JP Morgan Chase & Co. who could approve this short refi.
Sincerely, your friend,
Scott Tucker
NewCastle Home Loans, LLC
Voice: 773-327-3094
Fax: 773-327-2842
