Nadya Suleman, also known as "Octomom," after her highly criticized octuplet birth as a result of in vitro fertilization, is facing foreclosure. That's something that many homeowners without 14 kids have faced, in this recession.
Suleman has missed a balloon payment of $450,000. Additionally, she's reportedly over $4,000 in arrears on mortgage payments.
Given all that, the lienholder, Amer Haddadin, is giving Nadya Suleman only until Tuesday to make good on both amounts. She will also have to come up with the interest and any attorney's fees. If not, he will begin proceedings on foreclosure.
A balloon payment mortgage is a mortgage which does not fully amortize over the term of the loand, leaving a balance due at maturity. That sum is paid in one lump, or balloon payment.
Amer Haddadin reportedly said that he sold the home to Nadya Suleman's father, Ed Suleman, in March of 2009.
Single mom Nadya Suleman gave birth to octuplets on Jan. 26, 2009. Public sentiment turned against her, rapidly, when it was discovered that she already had six children, giving her a total of 14, and that all were as a result of in vitro fertilization.
Written by Michael Santo
HULIQ.com
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