'Octomom' Hatches Plan to Forestall Foreclosure
According to Suleman's lawyer Jeff Czech, her mortgage holder, Amer Haddadin, who is also the home's former owner, agreed to an extension on that payment. Under the new agreement Suleman must pay $4,000 a month until the balloon payment is due.
"There are eleven alternatives to foreclosure so she will be fine," says Sam Gailbreath, a loan officer for Monarch Bank who has no specific knowledge of her situation. "Basically, it takes at least six months to foreclose a home depending on the area, or, in some cases much longer." Meanwhile, Suleman can negotiate a new mortgage arrangement or loan modification.
Chances are good that Suleman is looking to make a loan modification, says Gailbreath. If that's the case, she will then have the opportunity to submit a hardship letter. Fourteen kids, regardless of her excuses and quest for fame, objectively do sound like plenty of hardship. Suleman's world-renowned octuplets turned one year old in January; she has six other children.
"In the end, she may even be able to roll any outstanding mortgage payments into the new loan," says Gailbreath. Suleman's Orange County home was purchased by her father, Ed Doud, for $565,000 last year. The purchasing terms required a $130,000 down payment, regular monthly payments, and then the final balloon payment.
While Suleman's financial situation remains unclear, attorney Czech has stated she has some unspecified financial deals in the works. Some other upcoming Suleman projects and appearances: She recently agreed to allow the People for the Ethical Treatment of Animals to place a sign in her yard with the words "Don't Let Your Dog or Cat Become an Octomom" for a one-time payment $5,000 and a month's supply of veggie dogs and burgers. She also is booked as a guest on "The Oprah Winfrey Show" on April 20, and will appear the next day on the "American Idol" charity special, "Idol Gives Back."
But even Suleman, apparently, has her limits. Adult film company Vivid Entertainment made an offer to pay off her house in return for appearing in a porn movie. She said no.