Countrywide Refuses To Accept Funds From Reverse Mortgage To Stop Foreclosure

Activists in Detroit are taking action with the Moratorium WOW! Coalition by introducing SB 1306 to the Michigan legislature that would put a two-year moratorium or halt on foreclosures and evictions.  The group issued a call for demonstration to stop the eviction of Rubie Curl-Pinkins from her home in Detroit’s near west side. Ms Pinkins has lived in her home for 45 years, had it paid off, but was lured into a predatory loan when her medical bills piled up. Her adult daughter, who suffers from congestive heart failure and is on oxygen to help her breathe, lives in the home as well.

Countrywide Bank and its law firm Trott & Trott initiated foreclosure hearing against Pinkins. In an attempt to stay in her home Ms. Pinkins applied for a reverse mortgage and is able to pay off her loan balance in full but Countrywide refuses to accept her payment.

While I don’t agree that there should be a moratorium on foreclosures or evictions the story about the senior makes no sense to me.  We all know Countrywide is one of the largest providers of reverse mortgages so why wouldn’t they originate the reverse themselves and pay off the loan?  I tried contacting Trott & Trott but I haven’t received a call back yet.

Moratorium struggle builds, activists plan to stop eviction

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