You don’t have to be upside down on your mortgage to lose your house.
The Bernstein family is packing up and preparing to move out of their Sylmar house Friday after 25 years. The mortgage was practically paid off.
“What I owed on the loan was $37,000," said Raymond Bernstein, who bought the house with his wife Diane. "I have so much equity I would be an idiot to lose the house.“
Bernstein insists a series of accidental missed payments led to foreclosure.
“My bank got bought out and my automatic payments got shut off without my knowing, then the mortgage owner then sends a notice I am behind. “
Bernstein says he worked out a repayment plan with Citibank. The bank confirms Bernstein made the first payment of $4,000 in January.
But what happened to the second payment is in dispute and the subject of a lawsuit.
Citibank says the Bernsteins missed the second payment.
Bernstein says he mailed it, “they then claimed not to get a payment and they foreclosed and sold it at auction.”
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