Tuesday, January 20, 2009

Northern California Woman Faces Eviction After Foreclosure Rescue "Life Preserver" Turns Out To Be An Anchor

In Northern California, the Redding Record Searchlight reports on the story of a local homeowner who was facing financial trouble and looking for help to save her home from foreclosure. Facing mounting debts, she took a step that would ultimately cost her her home.
  • "I saw this ad on TV saying, 'We can help you,' " she said. "So I called them because I was in trouble." Next thing she knew, she was in a Redding title company in April 2006 deeding her home to a Redding man and signing a lease-option contract. She said she got $3,000 out of the deal that went to pay bills. "All of a sudden I realized I was giving them total control of the property, but if I hadn't done that we would have been out," [she] said. She hoped to buy the property back after two years. [... She] acknowledges her decision may not have been the best, but she acted under the extreme pressure of mounting debt.

She now faces a February 8 eviction date.

For the story, see Redding woman's efforts to save her home end in foreclosure.