Ms. N. was on a fixed income and having a difficult time paying her mortgage due to an increase in her monthly expenses. She applied for a loan modification, but was denied because her income didn’t meet the criteria. Our staff contacted Ms. N. and suggested she fill out an application for Save the Dream Ohio. Our staff collected all the required documents from the checklist and communicated with the underwriter about her case and because of our support, her application was approved. Her new payments are now reduced by $375 per month and Save the Dream helped her reduce the balance of her loan by $25,000. Grateful for all the help and guidance she received from the Spanish American Committee during the process, she shares her success story with others and is a vivid example of what we do at SAC for our community.
Mr. R came in seeking help for his mortgage. His Hardship started when he was laid off. He called the Mortgage Company to let them know why he would be late on his mortgage payment . The representative explained a couple of options such as a re-payment plan, forbearance, deed in lieu and loan modification. They sent him the package and sent back the required documents with the package.
Mr. R sent everything in. First, they said he was approved for forbearance then after a loan modification for $352.00 for 1 year his regular payments were $583.00- a difference of $231.00. Mr. R called the Mortgage Company after one year to see if he still qualified for a new loan modification.
He sent in another loan modification package with new information required; after many calls and leaving voicemails, no one at the mortgage company knew where the package was. Mr. R was still sending in payments and they were accepting them but the payments were not found anywhere.
After my client explained everything to me, as a counselor I decided to start to investigate why they were accepting his payments but not showing on their system. I requested many times to speak to their supervisor and have it escalated or I was going to get someone involved in Ohio General Attorney’s office.
I received a call from Mortgage Company and it was explained to me that someone made a mistake of adding another client’s information on Mr. R’s mortgage loan. After many calls they decided to release the title and mortgage, meaning Mr. R no longer has a mortgage note. He no longer owes the mortgage company the $58,000 loan.
Ms. C attended the home buying class in July 2016. The following week she had her one-on-one counseling session. At the session, we went over her income, credit report and budget. Ms. C had been to other banks and mortgage companies to see if she qualified for a home loan but because of her low credit score at the time she couldn’t do it. After a couple of months helping clear out some credit issues and saving for down payment, Ms. C called very happy to let me know that her credit score went up from 589, 601, and 550 to 625, 668, and 735! She got approved from a bank and received down payment assistance of $3,750.00 and approved for $60,000 dollars. The education she received from our Housing Program helped to her realize there was much to learn about buying a home.