Seven years after the real estate market crashed and took the economy down with it, major investors are again buying mortgages by the thousands. If there’s no way to keep the homeowner in the home, HUD shepherds the property through the foreclosure process.īut not in this case. Normally at this point, instead of taking over the mortgage, HUD regulations would require the bank to work with the borrower during a pre-foreclosure stage. The mortgage was then transferred to the Department of Housing and Urban Development, which oversees the FHA.
Bank of America filed for a claim and received payment.
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Uwansc’s mortgage was insured by the Federal Housing Administration, meaning if he failed to make payments, the bank would typically be paid the full value of what was left of the mortgage, plus costs associated with servicing the debt. When he didn’t pay the amount the bank said he owed, it claimed he was in default. He believed he had worked out a loan modification with Bank of America in 2011 after signing paperwork, but the bank disputed the terms Uwansc thought he had secured. “We loved it because it has this big yard where the kids can play,” Uwansc says.īut soon after closing on the loan, Uwansc began having trouble making payments. The Nigerian-born father of four moved into his house on Richardson Road in Gwynn Oak, Maryland, in 2005. Like millions of others, he found himself owing more on his house than it was worth. Julius Uwansc was in trouble with his mortgage after refinancing in 2009, just after the real estate bubble popped.
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