Johnnie Jefferson, an 85-year-old resident of Richmond, Texas, says he faces the grim prospect of losing the six-bedroom home he’s lived in for more than 20 years after falling out with his bank over the mortgage.
“It just ruined my whole life,” she told Fox 26 Houston in an episode that aired Nov. 20. “I have nowhere to go.”
According to the local broadcaster, the problem started in 2012 when Jefferson verbally agreed to settle the debt. It then escalated into a legal battle over the mortgage, threatening the status of her home and her future.
Here is what happened.
Jefferson’s loft, which he has lived in since 2002, is more than a roof over his head – it represents a lifetime of hard work. As a nurse, Fox 26 says she was among the first non-physicians to own a medical clinic in the greater Houston area. Jefferson says he put his savings in the house.
But the decision to get a debt settlement may have cost him dearly.
“[She] he talked to someone and it was a verbal agreement,” Kietha Hamilton, an attorney representing Jefferson, told Fox 26. “They never put it in writing.”
After that, Jefferson’s bank disputed the mortgage payment, and according to media reports, in 2019, the bank filed a foreclosure motion. It is now closed, the records were picked up by the Fox 26 show.
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Foreclosure occurs when the borrower fails to make the required mortgage payments, and the lender takes legal action to repossess the property. Often, the process begins after the homeowner has missed a significant amount of money, and it can take months to complete.
Jefferson’s legal team says they are in court to recover the money – estimated at $400,000 – out of the millions of dollars.
Fox 26 has not indicated whether they have attempted to reach the bank or law enforcement for comment.
Mortgage adjustments are common for borrowers facing financial difficulties. They can offer help by changing the terms of the loan, such as the repayment period or the interest rate. Debt settlement is similar but different from debt settlement. Legal experts, including Jefferson attorneys, emphasize the importance of getting any loan modification to your loan in writing.