Homeowner avoids foreclosure with last minute payment

Homeowner avoids foreclosure with last minute payment

August 25, 2010 7:55:01 PM PDT
A homeowner days away from foreclosure thought he had finally dug himself out of trouble, but that's not what happened, at least until he called 7 On Your Side.

Nicholas Hatt is enjoying a rare moment of quiet after months of not knowing if he would lose his home.

"I've been having ailments with stress not knowing what was going on, going to the doctors suffering from not being able to sleep at night," says Hatt.

A series of events caused him to fall eight months behind on his mortgage. First he lost his job, then his tenants stopped paying the rent, and at the same time his adjustable mortgage ballooned.

"It was terrifying. Once I was in foreclosure, the date would be moved every month," says Hatt.

His grandfather offered to loan him $53,000 to get his mortgage current, but giving that money to Bank of America proved difficult.

"They told me until they received the money, they would have the foreclosure date set for Monday, and this was a Friday and I'm asking for the money to be transferred from one account to the other. They told me I had to mail it," says Hatt.

He showed 7 On Your Side a copy of the cashier's check and a tracking confirmation showing Bank of America received his check, but days went by without the payment being posted - not knowing if he would lose his home.

"At that point, I just kept calling. I kept calling every day. They didn't post anything," says Hatt.

After two weeks, his anxiety had become unbearable. He turned to 7 On Your Side for help. We called Bank of America and within two days, the funds were posted to his account and Nicholas' home came out of foreclosure.

"Thank you from the bottom of my heart for helping me resolve this in such a timely manner," says Hatt.

Bank of America spokesperson Diane Wager apologized for the delay and added, "Mr. Hatt's payments were being processed through our normal business channels simultaneously as his inquiry to your station."


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