One of a million: Naples man loses home to foreclosure
Nathaniel Keith is one of thousands of ...
Published Jan. 5, 2010
Like millions of homeowners across the country, Keith got a big loan from a sub-prime lender with an adjustable-interest rate and high payments. Six months later, another company promised him a reverse mortgage to pay back the home equity loan in exchange for his house. The reverse mortgage company told him to stop making payments on the home equity loan. Keith went back and forth with the reverse mortgage company for months, but nothing materialized — so he defaulted on the home equity loan. He knows he made a mistake when he trusted the reverse mortgage company and stopped making payments, but that doesn’t make it easier. He’s losing his home and his life in Naples.
|Foreclosure crisis: 75-year-old Naples man loses home of 47 years||Jan. 5, 2010|