Seattle Press on Line - Disabled Grandmother Wins Mortgage Reprieve

Disabled Grandmother Wins Mortgage Reprieve

Oct 18, 2000 -- A foreclosure auction of the home of Patricia Nesbitt was postponed to November 3 last week by Advanta Mortgage, a Pennsylvania firm. According to Advanta Vice President for Corporate Communications Catherine Reid, the delay is intended to give Nesbitt a chance to arrange a "reverse mortgage" which Advanta has agreed to accept and which will enable Nesbitt to keep her home.

Nesbitt and community supporters including members of Seattle ACORN have charged that Nesbitt was socked with thousands of dollars in unfair and hidden costs. Nesbitt says Advanta demanded re-payment of $140,000 on what was originally an $80,000 loan. When she was unable to keep with payments of over $2000 per month, Advanta took steps to foreclose and sell her home at auction.

Nesbitt is disabled and cares for her two grandchildren.

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