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Article: Scott Tucker of NewCastle Home Loans Announces Senior Citizen Foreclosure Remedy.
- Article from:
- PRWeb
- Article date:
- June 1, 2009
CopyrightCOPYRIGHT 2009 COMTEX News Network, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Montgomery, IL, Jun 01, 2009 (PRWeb.com via COMTEX) -- Leo Bormann, age 74, is a retired bricklayer who has recently had two heart attacks and a stroke. He can no longer work, in any capacity, and has been unable to make his mortgage payments to a federally-subsidized bank for months now. But Scott Tucker, at Chicago-based NewCastle Home Loans, LLC, has a solution for all parties involved: a payment-free reverse mortgage.
Leo Bormann's Social Security and bricklayers pension total $1,974 per month, but the bank wants $1,939 per month of that money just to cover the principal and interest on his mortgage. That would only leave him with $35 per month, but wouldn't ...