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Bank gives sisters more time to pay reverse mortgages

01:00 AM EDT on Sunday, October 5, 2008

Bank of America has held off on a scheduled foreclosure and granted an extension to the family of a late Johnston man who had taken out reverse mortgages on his contemporary house at 2 Valley View Drive. A story on the threatened foreclosure ran in the Sept. 28 ProjoHomes.

Sisters Linda DeCiccio and Brenda Holder said the bank has given them until January to sell the house. Their father, Louis J. D’Iorio, died Jan. 8, at the age of 94. Reverse mortgages are due for repayment when the homeowner sells the house or passes away.

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