10/05/07 — A Greenwood Township couple scheduled to have their home sold at sheriff sale today has been given a two-month reprieve.
The home of Rhonda and Ed Schell was to have been sold after Option One, a financial firm, filed for foreclosure after the couple couldn’t make their mortgage payments. Those payments were increased last year when variable interest rates on their account were increased.
However, Option One has contacted the couple’s attorney, John Nagurney, after reading of the their plight in a Tribune news story published Sunday. Nagurney said Option One has a clipping service that collects stories from numerous publications to show to clients. The clipping was sent to the company.
Upon receiving the story, Nagurney said, Option One officials notified him and asked for copies of all letters sent to their company’s attorney. Nagurney said company officials told him they had no copies of any correspondence with the law firm.
After further review, the company delayed the sale for 60 days, meaning the Schell family’s home won’t be back on the sheriff sale list for at least two more months.
The Schells had signed mortgage papers for monthly payments of $519 with a variable interest rate. However, the couple was told that if they made their payments on time for two years, the variable interest rate would be converted to a fixed interest rate.
Although their payments were made on time, the couple reported in Sunday’s story, the company didn’t change the account to a fixed rate.
Instead, the payments went to up, to $848. Despite being assured by company officials that they were working to resolve the issue, six months later the payments went up again, to $1,121 — an amount the couple couldn’t pay. The family includes five children, two of whom are in college.
In March, the couple declared bankruptcy and kept trying to resolve the issue with Option One. When it still couldn’t be settled, Option One filed foreclosure papers that could result in the couple losing their home.
One issue that Nagurney has raised about the property is that the septic system is connected to a neighbor’s leach bed with an unrecorded lease. He said the lease isn’t transferable to a new owner and, should Option One take the property, it wouldn’t be able to be sold with no septic system.
Nagurney said he has faxed copies of all correspondence to Option One.
Local News
Couple’s house briefly saved from foreclosure
- Local News
-
-
Conneaut Lake Park roars into 120th season
Conneaut Lake Park’s 120th season is officially under way with its in-keeping-with-tradition, four-day Memorial Day weekend opening, and the “crowds are coming in,” Jack Moyers said Saturday.
-
Area communities ready to celebrate Memorial Day
Editor’s note: The following Memorial Day events have been reported for publication in The Tribune. All events are Monday, except those in Edinboro and Shermansville, which are planned for Sunday. -
Remembering Civil War Bucktails
A glimpse into daily life of the Civil War era is easy to see in Crawford County.
-
Area Memorial Day events
The following Memorial Day events have been reported for publication in The Tribune. All events are on Monday, except the one at Edinboro that is planned for Sunday.
-
Civil War soldiers highlight Meadville Memorial Day events
A courageous Meadville man — wounded three times but remaining on a Civil War battlefield until he was too weak to continue — is being remembered this Memorial Day as the Meadville Area Memorial Day Committee continues its mission of observing the 150th anniversary of the War Between the States.
-
Police: Locals admit to killing Ohio woman
Two Cochranton women were arrested and jailed on homicide charges early Thursday after allegedly admitting they killed an Ohio woman and buried her body in a shallow grave near their residence recently.
-
Reader 'Faces' are coming in
Mom's car dash, Meadville, PA
Lucy Kedzierski, 12, looks at the face every morning waiting for school bus!
She took this with a cell phone. -
North Street Project sure to be 'very disruptive'
With the preliminary traffic control plan for Pennsylvania Department of Transportation’s North Street Project complete, Meadville City Manager Joe Chriest summed up the anticipated impact of the project, which is expected to span the entire 2013 construction season. “This is going to be very, very disruptive,” he said Wednesday.
-
Boat business booming in warm weather
It’s been a booming business in boats this spring, according to some area boat dealers.
-
City leaders not concerned after financial downgrade
During the past five years, Moody’s Investors Service has assigned three different ratings — all within the range of “upper medium grade” to the City of Meadville’s bonds. In 2007, the city was given a rating of A3, the lowest of the trio. In 2010, the city’s bond rating was raised to A1, the highest ranking in the “upper medium” category. Monday, Moody’s gave the city’s $10,000,000 General Obligation Bonds, Series of 2012, which went on the market Monday, the middle rating of A2.
- More Local News Headlines
-
Vatican in Chaos After Butler Arrested for Leaks
Jimmy Carter Endorses Egypt's Election Results
Biden Addresses West Point Graduating Class
Dozens of Children Killed in New Syria Attack
Raw Video: Activists Allege Massacre in Syria
NJ Man Charged With Murder in Death of Patz
Support, Fun for Kids of Fallen Soldiers at Camp
Fugitive Penguin Caught, Returned to Aquarium
50 Years Later, Underground Fire Still Burning
Light Show Transforms Sydney Opera House
Raw Video: Unruly Passenger Restrained in Miami
Raw Video: Robber Uses Drive-thru Window
Raw Video: Dragon Arrives at Space Station
Calif.'s Coronado Named Nation's Best Beach
CEO Salaries Become Sore Issue in Labor Disputes
