Housing News

Here's One Different Foreclosure Story

One website tracked new heroes of the economy to bring some good news.

A special section of CNNMoney.com was posted recently to honor people who have turned the tides of the recession to earn but at the same time, not to take advantage of the people around them. They’ve featured a resort CEO who sacrificed his entire annual salary to save his company, an ex-Circuit City employee who organized a career fair in Richmond, and a real estate firm president who gave free spaces for commercial use by small businesses. But one woman stands out from the rest. Marilyn Mock of Rockwell, TX was surprised when one housing auction that she attended would give her a new career. Last October, Mock successfully bid on a house worth $30,000 but later saw the original owner, Tracy Pottsboro, coming to tears when she lost her house to Mock.

Instead of ignoring Orr, Mock offered her a sweet deal: she’d allow the former to go back to her house and ask her to pay back monthly until the entire loan has been covered. The situation quickly led her to establish her foundation, Foreclosure Angel, and so far, has helped three homeowners. In October, Mock said to ABC News, “I do a lot of things, you know, loan money out and give to somebody—you see somebody in need, you give them money,” she said. “Or you see somebody in the grocery store, they don’t have enough money to pay for it, I’m usually the one behind saying here, here’s $20 or something.” Here’s a short clip of her:

Mock’s kindness should be a source of inspiration to those who need change and wouldn’t wait for the government’s plan to change our situation. But here’s one point that needs to be remembered: when salvaging homes, careful screening must be done among the original homeowners. They should show proof that they can find employment and remain prudent in their pay backs or else, the foundation will lose its credibility.

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