An Azusa family has taken a public stand – asking Fannie Mae to sell them back their home after the federal mortgage lender issued them a foreclosure notice in 2010.
Facing Eviction Even Though They Can Afford Home
Attempts by Jaime and Juana Coronel to obtain a loan modification failed, forcing the family to become renters in the home they had once owned. Now the family is facing eviction. And even though the family has the means to purchase the home it will be sold to investors.
The family alleges they received an offer from Fannie Mae to purchase the home for $450,000 with a $45,000 down payment. At that time the Coronels objected and asked for the house to be appraised. They received no response. According to real estate agent Felipe Acuña, in its current condition, the home is worth $260,000, said Felipe Acuña. Additionally, the family received pre-approval for a loan in that amount from First Mortgage Corporation, a Fannie Mae-approved lender.
One Family in Millions Facing Foreclosure
The Coronel family was just one of the millions of families affected by the recession. Jaime, who is 63, lost his job as a landscaper in 2009. When they tried to get a loan modification they were denied.
“We had the money to make the payments,” said Edgar Coronel. “But they (the loan servicer) said they wouldn’t even consider us for a loan modification until we missed a few payments.”
Protests for Coronel Foreclosure
The Alliance of Californians for Community Empowerment was present at a protest held in support of the Coronel family. They vowed to stay at the home until the Coronels were allowed to purchase the home at fair market value.
“Fannie Mae refused to work with the Coronels,” said Peggy Mears, an ACCE organizer at the protest. “They’ve been pre-approved recently by a lender … for a mortgage equal to the current market value for the home.”
“They’re not just taking away a house from us,” Edgar Coronel said. “This is all I’ve ever known and they’re taking away values, memories, everything.”
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Source: SGV Tribune, Azusa Family Fighting Eviction Asks Fannie Mae to Sell Back Home, April 13, 2014