Marshall Fire victim once again fights to stop foreclosure on his property
An 80-year-old Superior man who lost his home in the Marshall Fire is once again fighting to keep his property from being foreclosed and sold. For the second time in as many months, Ed Sharp's mortgage company has threatened to foreclose on his property because he's not living there.
Because Sharp has a reverse mortgage, his house has to be his primary residence. If he lives somewhere else for more than a year, regardless of the reason, federal regulations allow his mortgage company to foreclose on his property, which is exactly what happened to Sharp.
After that story aired in February, the mortgage company backed off.
But this week, Sharp learned the mortgage company had foreclosed on his house once again.
This time, Rep. Joe Neguse, a Democrat who represents Colorado's 2nd Congressional District, stepped in to help.
"It makes no sense, it's nonsensical to suggest to those who are impacted by the Marshall Fire who've literally lost everything that now they would be compelled to have their home foreclosed on because of an occupancy requirement that obviously is not operative when they can't live in the house itself because of damage as a result of the Marshall Fire," said Neguse.
Neguse's office was able to get the mortgage company to rescind the foreclosure. He has written a letter to federal housing administrators urging them to waive the occupancy rule for people who lose their homes in natural disasters.
Meanwhile, state Rep. Kyle Brown is also trying to pass a bill at the Colorado State Capitol that would extend the time someone with a reverse mortgage could be out of their home to three years after a wildfire.
