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Hernando Today

Trapped At Home

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Tony Marrero

Published: February 2, 2008

BROOKSVILLE - BROOKSVILLE - Get Barbara Coppola talking about real

estate and the tears will likely follow.

The 74-year-old Brookridge resident feels trapped in

her tidy Brookridge home, struggling under the

increasing weight of an adjustable-rate mortgage and

the knowledge that, though she and her husband Philip

have to sell because they're in over their heads, they

simply won't be able to get the price they need.

The house has been appraised at $179,000. They owe

$115,000.

The Coppolas have had it on the market for nearly two

years and have dropped the price numerous times. It's

now down to $149,900.

"I would come down to one forty, but I can't do it with

Realtors because I wouldn't have any money to move,"

Coppola said.

She recently said goodbye to her real estate agent and

tucked an orange and black "For Sale" sign in the

window overlooking a statue of the Virgin Mary, arms

outstretched, in the front yard.

To complicate matters, Philip, 71, is in the hospital

recovering from a stroke. On Friday, doctors found

blockages in his heart. They're considering open-heart

surgery.

So far, those costs are being taken care of by Medicare

and Medicaid.

But the stack of open, ragged-edged envelopes on the

Coppolas' desk at home contains bills that add to the

couple's weight.

Barbara claims she and Philip, a former produce

supplier, were duped into signing an adjustable-rate

mortgage back when they bought the three-bedroom,

two-bath home in 2001. They thought they were getting a

30-year, fixed-rate loan, Barbara said.

It started to creep up within a year. They've tried to

refinance with no luck.

Now, Philip's entire Social Security check goes toward

the $1,500 mortgage bill.

"It's so high, it's killing me," Barbara said.

Philip's small pension and Barbara's Social Security

check help make the car payment and the rest of the

bills.

Al Johnson, a senior lending officer at American Family

Mortgage in Spring Hill, said the Coppolas' likely

"could not have a worse combination of circumstances."

But Johnson said he sees similar situations all the

time: Borrowers who either didn't get proper

explanations from their lenders or didn't ask enough

questions, or both, coupled with bottoming-out property

values.

It all adds up to hemmed-in homeowners, said Johnson,

who has been in the business since 1968.

Many wind up in foreclosure. The foreclosure rates in

the country have hit record levels, and that's

reflected in the rates in Hernando County, too.

Johnson said he is encouraged the recent meltdown is

leading to changes in the way lenders do business.

For now, though, "It's hang-on time" for homeowners

like the Coppolas until the market rebounds, he said.

Some forecasters say it could be next year before that

will begin.

Barbara Coppola isn't sure how much longer she'll be

able to hang on.

Her husband's health is paramount. After that, they're

hopeful they'll be able to sell the house for enough to

head back to New York, where the couple's two children

live.

The kids, though, have families of their own and also

are facing hard times, she said.

"I have no help whatsoever," she said.

Reporter Tony Marrero can be reached at 352-544-5286 or

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