90 year old Addie Polk, of Akron, Ohio, Is becoming the symbol of the home mortgage crisis. She attempted to kill herself when the Sheriff came to evict her from herÂ home. A home she has lived in since 1970. Public records indicate the tragedy was more a consequence of predatory lenders then 90 year old Addie’s want to live large on credit with no means to repay.
It began in1997 when she started borrowing on her home to make ends meet, a home that was firstÂ paid off in1982…What Addie may have needed was a senior reverse mortgage. For those who haven’t seen Robert Wagner or Jim Garners senior reverse mortgage commercials. It’s a loan that allows the lender to give a homeowner 62 years or older government backed access to all the equity in their home without having to worry about making monthly payments. Depending on individual needs seniors can take a lump sum or receive monthly payments and the loan is paid off only after the senior dies and the estate is settled.
Since Addie hasÂ remortgaged her home three times since 97 and the market only kept going up from 97 till her last loan with country wide in 2004, I would have to agree with others in the press who initially suspect Addie may have been the victim of predatory loan agents. But in a happy note Fannie Mae spokesman Brian Faith announced the mortgage association had decided to halt action against Polk and sign the property “outright” to her after her plight was brought up in the United States congress. “We’re going to forgive whatever outstanding balance she had on the loan and give her the house,” Faith said. “Given the circumstances, we think it’s appropriate.”
Residents of Akron have also rallied behind Polk, who is being treated at Akron General Medical Center. She was listed in critical condition Friday afternoon having shot herself twice, according to Akron City Council President Marco Sommerville. And double kudos’s to U.S. Rep. Dennis Kucinich, D-Ohio, who mentioned Polk on the House floor Friday during debate over the rescue proposal.”This bill does nothing for the Addie Polk’s of the world,” Kucinich said after telling her story. “This bill fails to address the fact that millions of homeowners are facing foreclosure, are facing the loss of their home. This bill will take care of Wall Street, and the market may go up for a few days, but democracy is going downhill.”