Bea Gaddy Legacy at Risk

The Baltimore Sun reports that the Bea Gaddy Family Center is facing foreclosure proceedings. The proceedings were filed by US Bank as custodians of an entity known as PTL Partners, LLC.

This historic and important institution in Baltimore city started from humble beginnings. Ms. Gaddy used lottery winnings to feed over 40 people on Thanksgiving and so began a Baltimore tradition. Representatives of the center tell the Sun that it is fighting the foreclosure proceedings and lets hope it will prevail.

Property owners facing foreclosure should engage with the lender at the earliest possible moment either before or after a hardship that prevents them from making the mortgage payments begins. The earlier one does the more likely that a solution can be worked out. In addition, the loan modification process can take a long time.

I have helped clients for whom it took two years to get a modification. Two years of applications and paperwork some mysteriously lost by the lender and submitted over three times.

Moral of the story is start early and never give up!