WASHINGTON — Fannie Mae has forgiven the mortgage and canceled the foreclosure scheduled for an elderly Ohio woman who allegedly shot herself as law enforcement officials tried to serve eviction papers.
Addie Polk's plight became national knowledge when Rep. Dennis Kucinich (D-Ohio) told Capitol Hill lawmakers about the widow as he voted against last week's $700 billion bailout proposal.
Polk and her husband purchased the home in 1970 for $10,000, according toThe Akron Beacon Journal. It was paid off in 1982. Polk refinanced several times starting in 1997 and ending with a 30-year mortgage in 2004 for $45,620 from a subprime lender, the newspaper reported.
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Fannie Mae assumed the loan in 2007.
AARP recently concluded a study that found that over 25% of mortgage delinquencies and foreclosures involve seniors–rebutting conventional wisdom that older Americans are immune from foreclosure because they have significant equity in their homes or have paid off their mortgages.
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