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Scott Tucker of NewCastle Home Loans Announces Senior CitizenForeclosure...

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'ss 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'st cover his property taxes 's38; homeowner'ss insurance, let alone groceries and utilities.

The bank has now moved to auction his home, under Kendall County case no. 08CH782, judgment no. 271,193.76. And on Monday, June 8th, the Kendall County Sheriff'ss Office will do just that. Local real estate investors expect the $260,000 home to auction for just $78,000, or 30 cents on the dollar; a $182,000 loss for the federally-subsidized bank.

But Scott Tucker, a reverse mortgage originator, at NewCastle Home Loans in Chicago says The bank turned-down my offer to pay-them-off 'sonly's $100,000 'sshort,'s with an FHA-insured, payment-free reverse mortgage, that would leave Mr. Bormann in his home, for the rest of his life, with no monthly mortgage payments to make. He could even leave the house to his kids.

Tucker continued, They have taken taxpayer bailout money, and now they seek to kick Leo out, at age 74. And they'sll lose $182,000 at auction, but they could do the right thing, and lose 'sonly's $100,000 on a short refi's into a reverse mortgage. My way, they'sre $82,000 better off.

Leo'ss Social Security and pension are more than enough to cover his property taxes, homeowner'ss insurance, groceries, and utilities. It'ss his $1,939 mortgage payment that'ss the problem, Tucker says.

OTHER CONTACTS FOR THIS STORY:

Leo Bormann, disabled senior citizen home owner, Montgomery, IL: 630-896-7379

ABOUT SCOTT TUCKER - Scott Tucker is the Author of Reverse Mortgages's8230;from Z to A (Advantage Media, July 2009, $14.99), a Member of the National Council on Aging, the National Reverse Mortgage Lenders Association, and Life Member of the VFW and American Legion. Tucker is an active duty Veteran of the U.S. Navy. Tucker is a reverse mortgage originator for NewCastle Home Loans, LLC, a Chicago company. He may be reached at 773-327-3094.

CONTACT:

Scott Tucker

NewCastle Home Loans, LLC

Voice: 773-327-3094

Fax: 773-327-2842

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