Foreclosure Threat Cannot Extinquish Fires Of Hope In Hearts Of Couple

January 28th, 2008 | Tags: Foreclosure

Reports from Sturgis coming in says that Larry and Diane Schull were about to lose their house a month ago but the house continues to be their home as hope lingers in their hearts.

Their house is styled as a cabin and was built by Larry 14 years previously. It was all set to be sold at the foreclosure sale held in sheriff’s auction at St. Joseph County on 20^th December. But a last minute development plan postponed what seemed inevitable and for the moment the house is saved.

To save the house from foreclosure the Schulls arranged to sell it with the land to a couple based in Romania belonging to the US Sate Department and continue to remain as their tenant. Later they would buy back the house after about a year or so together with the 23 acres of land they now possess along 6400 block of Fair Road. Larry and Diane are in their early fifties. Facing financial tribulations they filed for bankruptcy in 2002 to save themselves from the pressure of monthly payment amounting to $2,700. This was equal to their combined income. They began to stumble in payments from June when the monthly payment was $2,300. During the time of Thanksgiving there was a notice in a local journal that their house was being foreclosed upon. $150,00 had been spent to construct the log cabin. On it there was a pre-bankruptcy loan of $180,000.

When the Schulls story came out in the Kalamazoo Gazette on 16^th December, many people have tried to contact the couple. One person donated $2,000 that will be used by Larry Schull to pay for the closing fees on the unit. Months of tension are now telling on the mental health of the Schulls. Larry says that his salary is insufficient to survive on. His wife is on unemployment help since October and is now looking for a job.

Problems arose establishing communication with the potential buyers and their links with the respective banks. But that crisis has been tided over and the Schulls are waiting for the deal to be completed with the fire of hope burning in their hearts and in the house that is their home.

The Schulls are facing what thousands of others are doing all over the country. The hiking of adjustable-rate-mortgage has left innumerable borrowers victims of foreclosure.

Search Images:

Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.