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Community Rallies To Save Seniors Home With Reverse Mortgage

image The Daily Times writes that the home of 72 year old Lorraine Zickefoose is scheduled to go up for auction because she fell behind on her payments with Wells Fargo Home Loans.  Hoping to save her home, she applied for a reverse mortgage with John Smaldone’s AAXA Mortgage and was approved but due to falling property values the she is about $38,000 short according to Smaldone.

"Lorraine is going on 72 years of age, she is a widow and is handicapped," Smaldone said. "She has nowhere to go, she may be put out in the streets."  A local church group and other concerned citizens are rallying in a last minute attempt to stop foreclosure on the woman’s home. 

Smaldone told RMD that he has been trying to negotiate a settlement with Wells Fargo in the amount of entitlement that Zickefoose would receive from the reverse mortgage but the company turned it down and asked its attorneys to proceed with foreclosure.

image"We are still trying to stop the proceedings," Smaldone said Tuesday. He has written letters seeking help from U.S. Rep. John Duncan and Sheriff James L. Berrong.

According to an email from Smaldone, the woman’s home was appraised $170,000 and when the lender ran its own appraisal it came back with $139,000. 

I know that are tons of Wells Fargo people that read RMD, if you think you can help please let me know.

Groups racing to save Alcoa woman’s home