Foreclosure Reversed

January 2nd, 2008 | Tags: Foreclosure

Janet Beck’s house in Centerreach had been foreclosed. She had tried her level best to keep it but failed. Finally it suffered the indignities of the hammer at a foreclosure auction. It was successfully bid by an attorney from West Islip, Alfred Jackson but he backed out from it. Now Janet is being given another chance to make this house into a home again. The foreclosure has been reversed.

Janet is now required to procure a new loan to get back her title explained a representative of M&T Mortgage Corporation of Buffalo. Jackson had bought the house together with some other investors. He confirmed his decision of backing out from the deal. Janet was buoyant saying that she instinctively knew all along that this house was her home for always. She has been living here since 1989, raising her children from a husband who never contributed to the family kitty. This house had been and is her lifeline.

Jackson would not explain why he backed out. But attorney Arshad Majid of Hauppauge who has been representing Janet, says that a story published in Newsday caused strong public feelings in support of Janet. This might have influenced Jackson to avoid criticism.

Janet Beck is a 43-year-old registered nurse. She tried all she could to save the house. She located a lender to refinance her mortgage and paid her dues much before the deadline. Nevertheless the unit was sold at an auction on 11^th September. Her documents show that she had till 27^th September to clear her pending dues. When she heard that her house was already on the racks she hurried to the auction site at 10 am to find that it had been sold to the highest bidder about an hour ago. There was some confusion about when the bank received the cheque and when the auctioneers were intimated. M&T had tried their best to undo the auction but put the blame on Beck for not taking action earlier.

The sudden turn of events had traumatized Janet. The issue now is whether she will be reimbursed for the various legal and fees she has had to bear (more than $30,00) and her new loan, which will be over $200,000 because of unpaid interest. The mortgage had been for $140,000. She had fallen back on repayment because of an injury that had temporarily laid her down. She is afraid to light up for Christmas – unsure whether this house is her home or not.

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