UPDATE: Bank suspends foreclosure against gas station that tried to pay one day late mortgage
From: St. Petersburg Times, Friday, August 5, 2011
It looks like Saji Mathew will get to keep his gas station, at least for now.
The 41-year-old man faced foreclosure after missing a mortgage payment on the gas station by just one day. He made several attempts to continue paying and made a $50,000 offer in court earlier this week to settle the case that the bank refused.
On Thursday, a day after the St. Petersburg Times published an article detailing the saga, the bank, BB&T, said it would suspend the foreclosure action and work with Mathew to clear up the case.
Mathew was elated to hear the news.
"I am going to work with them," he said. "I want to resolve the issue and pay them the money. I want to get my property back and move on."
BB&T has been working with Mathew for nearly three years and regrets that the situation accelerated to this point, said David R. White, vice president of corporate communications.
"This issue was reviewed at the highest level at BB&T," White wrote in a statement. "(We) are prepared to work with Mr. Mathew to resolve this. There is more to this story than we are able to discuss, due to client confidentiality."
Mathew's attorney, Brian Gray of Fort Lauderdale, speculated that the bank is referring to a Charlotte County foreclosure case in which BB&T foreclosed on Mathew and two others for defaulting on a different gas station.
Gray cautioned that the bank has only stopped the Pinellas County foreclosure and could file it again at anytime. Still, he wants to settle the case.
"I hope my client can resolve this and be compensated for his significant legal expenses incurred by BB&T's unnecessary actions," Gray said.