For 16 homeowners in Spokane and Ozark, the American Dream of owning their home has become a nightmare.
The owners say they never missed a mortgage payment, but they’re being foreclosed on anyway
In less than three weeks they will watch as their homes are auctioned off on the steps of the Christian County Courthouse.
All of the homes were purchased through a contract for deed where the homeowners pay their mortgage to the builder, and the builder pays the bank.
Eventually the homeowner refinances, eliminates the builder, and pays the bank directly. This type of financing is used to assist those who can’t qualify for a traditional mortgage.
All of these homes, and some 84 others, are owned by Harold Rogers.
The bank in these foreclosures is Peoples Bank of the Ozarks.  Rogers’ note was short-term and it matured.  The neighbors didn’t know that.
Now Peoples wants the loans paid in full. Rogers can’t do it.
While there is little recourse for the homeowners, some companies issuing contracts for deeds have found themselves in trouble with the law. Just this past February five people with Greenleaf Company based in Springfield were indicted on federal charges for deceiving homeowners using contract for deed.
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