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Thursday, May 13, 2010 Pays Off Mortgages For 2 Struggling Homeowners

Rapper Bails Out Struggling Homeowners

When all else fails, it's time to turn to Oprah.

Two families who were guests on "The Oprah Winfrey Show" this week thought they were getting help from a financial adviser after falling behind on their home mortgages. But instead, they got the gift of a lifetime.

After telling their tear-filled stories to the audience, Winfrey announced that she had a surprise for them in the form of Grammy Award-winning rapper and producer From the show:

" is paying off both of your mortgages!" Oprah says. "You will own your homes free and clear."

And the tears flowed on.

Instead of a financial adviser, the two struggling families had a visit from an angel who paid off the $250,000 owed by the the 10-member Eller family and $100,000 single mom Alycia Allgood was overdue on her home loan.

Like many Americans who have fallen behind on their mortgages, the Ellers and Allgood both were financially stable until losing their jobs.

John and Cheryl Eller, parents of eight children between the ages of 8 and 20, bought their home in 2001 and made the payments easily through John Eller's job as a chief executive. But after getting laid off, he's making a third of his previous salary:

"I went through my 401(k). I went through all my savings," he says. "I've been an executive in a major corporation, and I've also made doughnuts on a graveyard shift working in a bakery for $10 an hour. I've had to do whatever it takes."

Meanwhile, Allgood put herself through a master's program by working full time to get a well-paying job that helped her support her daughter, Asia, and buy their first home. But when her company downsized and she lost her job, she eventually fell eight months behind on her mortgage.

But because these stories aren't unique in these tough economic times, isn't stopping with the Allgoods and the Ellers.

Also on the show, announced his plan to try to help Americans avoid foreclosure through the home fund, which urges people to donate money to help struggling families keep their homes. His mission from the website:

"Growing up I dreamt that one day I'd be able to buy my mom a house and take care of my family. I realized that dream and experienced the positive effect giving back had on my family. Now I am compelled to help others who are in jeopardy of losing their homes and inspire others to join the movement.

The collapse of the housing market and the economic crisis has left millions in jeopardy of losing their homes. The crisis awakened a personal mission to create the home fund to save people facing the very real problem of foreclosure and homelessness."

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Sources: Harpo Studios, Huffington Post, MSN, home fund, Google Maps

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