Durham County woman on verge of losing home after taking consolidation loan

Investigators

DURHAM, N.C. (WNCN) — The Durham County house is clean, tidy and well maintained and on the verge of being foreclosed.

 The owner of the home, Elizabeth Taylor, is about to lose almost everything.

 “As of next Friday if I don’t come up with $42,000 I will have nowhere to live. I will have nowhere to live that is not fair. I have never been late – I have never missed a payment, paid it on time” said Taylor. 

To get a clear picture of how Taylor got to this point, Taylor says 21 years ago her husband died and that started a series of what might be considered unwise financial decisions. 

Within a few years, she accumulated $40,000 in debt, her kitchen table is covered with the paper trail of her decisions. 

In November of 2003, Taylor took out a home equity loan to pay off $40,000 of debit. Since day one she has only made interest payments on the loan. 

The bank called her with bad news a few weeks ago.

 “Ya know your loan is getting ready to mature October the 29th and I said ‘what!’ She said ‘you are gonna have to come up with $42,000.’ I said ‘what!’ I said I don’t have it!’ I said ‘what is going on’,” said Taylor. 

Taylor says no one ever explained the details of the loan to her. Now the bank is demanding she pay the principal in two weeks. 

She is attempting to refinance and Monday an inspector looked over her house, which is more money out her pocket.

“So I have a guy that is supposed to be coming here today to do the deck and the porch. They just keep costing me money they have drained my bank account. I’m not lying to ya, I had a little bit of savings. They have drained me dry and now it means that I’m gonna have to live off of what little Social Security I get this coming Wednesday,” said Taylor

The state has mortgage assistance programs for those that have lost a job, been the victim of a scam or on a fixed income.

 CBS 17 has put Taylor in touch with an agency that might be able to offer some assistance with a loan modification.

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