Sydney Henderson will turn 100 on November 18th. Although a friend is planning a party for her, all she wants is for Wells Fargo (which holds a reverse mortgage on her condo) to stop foreclosing procedures against her for $24,000 in back taxes.
When she took out a reverse mortgage in 1998, she believed she enrolled in a state program that allowed senior citizens with reverse mortgages to defer property taxes and roll them into their mortgage. Wells Fargo determined that she should have been paying the taxes all along. Sydney believes there’ll be enough equity in her condo when she dies to make the bank whole plus a profit.
Her party planning friend saw the foreclosure notice in the paper and contacted an attorney. The day before the foreclosure, the attorney filed for Chapter 13 protection which temporarily stopped the proceeding. Sydney’s attorney has tried to negotiate with Wells Fargo. He has sent them letters which they acknowledge receiving but nothing else. He tried speaking to the attorney handling the case for Wells Fargo but she won’t return his calls. The bank’s spokesperson has told him as of September 1st, another company is handling all of the bank’s reverse mortgages. He’s contacted the new company and all they’ll tell him is they’re looking into it.
Sydney’s only income is Social Security. She’s been trying to raise additional money by selling her belongings to help pay for her expenses and a few hours of a personal care assistant. If a settlement is not reached by this January, the bankruptcy judge could move to dismiss Sydney’s case leaving Wells Fargo free to move forward to foreclose on her home.