A Foreclosure Nightmare Becomes A Dream Reality

It is too good but to be true – but it is. This is a real life story with a happy ending It seems that a resident of Bay Area, Oakland will now get a second chance to retain his house. News publicity has been rendering good service by highlighting certain instances of gross injustice.

A previous news focus had been on a Chinese immigrant who suffered from a debilitating disease. After being served with a foreclosure notice his house had been auctioned off by Countrywide Bank. The new owner, Wilson Young, came to know of the plight of the gentleman from the news column and wanted to set aright the wrong that had been done.

Hong Zhang Lin suffered from Parkinson’s disease. He failed in making regular consecutive payments on a $20,000 equity loan he had taken from Countrywide Bank. Lin cannot speak English but somehow goes about his work with the help of his sister Mia Lum who drops in regularly. She taught him how to spot the bills in the mail and pay them. The foreclosure notice caught him unawares. He did not even know about it. Lin said that he never missed on the loan payments for the last 15 years and does not recall having received bill statement from the bank. The equity on his house ranges from $350,000 to $500,000. Liu’s house came to be sold off at a foreclosure auction. Ever since Lin came to know about the loss of his house his condition took a turn for the worse. Physically and mentally he became stressed and strained, said his sister Lum. Countrywide Bank was repeatedly called but was at first reluctant to respond. Finally an answer came via e-mail saying that the purchaser had been contacted who had agreed to buy it back for a nominal consideration. The ball is now in the court of the purchaser. Young said that all he wanted was the bid price, costs and a token profit. Young is very humane and sporting about the whole thing. He puts it neatly by saying that they are both human beings. For Lin it is his very existence but for Young it is just another missed opportunity. Young had bought the house for $190,000. Things are underway but reporters are keeping tag and will release details as and when they come up.

Related Posts

• Foreclosure Clouds Gathering In The Horizon
• Seniors More Vulnerable To Foreclosure Scammers
• Billionaire Trump Ready to Help TV Personality McMohan Avoid Foreclosure
• Foreclosure Bill May Save The Dying But Not The Dead
• Indianapolis to host Foreclosure summit