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Bank goes to foreclosure at $3k in arrears, says Bodden Town man

A Bodden Town man vows to fight for his home after being told he has until the end of the month to vacate. He says ScotiaBank is foreclosing on his home. But get this: he’s not $20,000dollars behind, he’s not $30,000 behind. He told Cayman 27 he was only around $3,000 in arrears.

51-year old Gregory Watt said when he purchased his home in Northward back in 2012. He felt like he finally had achieved the Cayman dream.

“I got my house, I was ecstatic, and then 2013 it all turned into a nightmare,” said Mr. Watt.

He said he faced difficulties paying his mortgage after losing his job – making what he calls “mammoth efforts” not to fall completely behind. He told Cayman 27 his arrearages never exceeded $6,000.

“In 2015 one of the representatives called me and said, Mr. Watt, we applaud you for the great effort you have been making on your mortgage, and you are now qualified for a refinance,” he said.

That never happened.

Mr. Watt told Cayman 27 the bank has showed little compassion through this matter.

Fast forward to May of 2017:

“The actual figure as of May of this year, was $3376.81,” said Mr. Watt. “That brought me to exactly 90 days.”

Encouraged by his progress, he attempted to make another payment, which he says was not accepted.

“Any further payment would’ve made me go below 90 days, which would’ve given me more time, they didn’t want that, that’s why they stopped me from making the payments,” he said.

In August, he was told the bank had entered into an agreement to sell his home.

“They gave me until the 28th of this month to vacate the premises,” he explained.

Now, three weeks away from eviction, Mr. Watt said he can’t understand the bank’s unwillingness to work with him.

“There’s no compassion coming from them at all, all that is exuding from the bank is just greed greed greed, we want to take take take,” he said.

He hopes sharing his story will stir outrage against what he calls ‘predatory’ banking practices. He said he won’t give up his Cayman dream without a fight.

“To the best of my ability, to the last drop of my blood,” he said.

Cayman 27 reached out to ScotiaBank for their side of the story. In response to our queries, they said their interactions with customers are strictly confidential and they will not be providing any comments.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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