Tuesday, September 28, 2010

Bank reverses foreclosure for Va. family with very ill child

NOTE: Do you think this ISOLATED case is all that uncommon?????

Bank reverses foreclosure for Va. family with very ill child: "Chase -- the bank that foreclosed on the home of a Prince William County couple caring for their gravely ill child -- has reversed the foreclosure and offered to modify the family's mortgage, the bank said Friday.

But Mike and Kathy Wales are waiting until a lawyer can look at the fine print before responding to the bank's proposal.

The couple, whose 10-year-old son, Alex, was found last year to have a rare and terminal neurogenetic disorder called cerebral adrenoleukodystrophy, fell behind on their payments this year and had been trying for months to have Chase modify the mortgage on their three-bedroom townhouse in Bristow.

But Chase, which was administering the loan for mortgage finance giant Fannie Mae, mishandled the application for assistance under the federal mortgage relief program, a spokeswoman for Fannie Mae said Friday.

Early this month, just days before the house was to be sold in foreclosure, Chase told the Waleses that they had been approved for a modification under the federal Making Home Affordable Program. But the promised documents never arrived, and on Sept. 8, the house was sold back to Fannie Mae."

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