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Soldier Buys Back Father's Home After Foreclosure

By Mike Wheatley | September 26, 2011

What with risking your life, being shot at, walking through minefields and dodging terrorist bombings, you’d think that many U.S. military personnel would be glad to come home and put their feet up. Sadly though, thanks to the housing crisis, more and more soldiers are finding that when they return home from active duty, they no longer have a home to go to.

Soldier buys back parent's home

Jose Cordova Jr., who bought back his parent's foreclosed home. Image courtesy of ABC 15

For far too many, the elation of coming home is being tarnished by a foreclosure sign as servicemen and women find themselves feeling the effects of recession harder than most.

Yet in the case of one serviceman, air traffic controller Jose Cordova Jr., it’s not all doom and gloom he’s returning to. Instead, for Cordova Jr., the shoe is on the other foot, for he’s been able to spend the $30,000 he managed to save while on duty to buy back his father's recently foreclosed home in Phoenix, Arizona, reports ABC 15.

Cordova’s story began while he was serving overseas. Shortly after he left, Jose Cordova Sr. was laid off from his job, which meant that the family soon fell behind with mortgage repayments. As soon as he learned that the family had lost their home, Cordova Jr. resolved to start saving his up. Before long, Cordova saved up enough to make an offer on the home, then quickly put in a call to local real estate agent G-II Varrato to sort things out.

As Mr. Varrato explained it, Cordova Jr., had managed to save up almost $30,000 from his military pay, unbeknownst to his family. Seeing no other option, Cordova instructed Varrato to put in an offer on the property, which had already been auctioned off and was now back on the market.

Varrato told reporters:

“I’ve been doing this for 25 years, and in all that time I’ve never met a young man with the kind of commitment and compassion for family Jose (Jr.) has. He's an incredible individual."

Cordova family home foreclosure

It might not look like much, but for the Cordova's, it's home. Image courtesy of ABC 15

Yet that’s not the only incredible aspect to this story, for the seller of the home also had a heart of gold. Upon hearing Cordova’s story, seller Raul Ponce was so taken that he quickly agreed to reduce the price he was asking, and accepted the $30,000 offer which was way below what it had been listed for.

“I just wanted to help,” said Ponce. “Sometimes, you need to help people out.”

Once the offer was accepted, Cordova Jr. managed to take two weeks leave in order to fly back to Phoenix and close the deal on the home, which was sealed earlier this month.

“We’re just so happy to have the home back, really happy,” said Cordova Jr.

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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