Life has a way of delivering some unexpected twists and turns, which is why every parent may relate to the story of Rich and Lynne of Pembroke, Massachusetts. Rich and Lynne say that having an eleven-year-old and a six-year-old, both challenged with autism, has been anything but an easy ride, especially since Rich remodeled and reconfigured some areas of their home to accommodate the wheelchair of their youngest son.
A career employee at a local newspaper, Rich was doing his best to support his family on one income after Lynne had to leave her job to care for their children. Eventually, Rich and Lynne fell behind on their $2,100 monthly mortgage payment. For more than a year, Rich and Lynne juggled bills, while trying to get their monthly payment reduced. They were not successful.
In July, Rich received a letter from his mortgage servicer saying that he would have the opportunity to meet face-to-face with both his servicer and the investor on his loan at the Making Home Affordable Help for Homeowners Event sponsored by the U.S. Department of the Treasury, the Department of Housing and Urban Development(HUD) and the HOPE NOW Alliance.
“I brought all of my documentation, was patient, and told myself I wasn’t leaving until I received either a solution or an explanation as to why I didn’t qualify,” Rich recalls of his attendance at the Foxborough homeowner event. He added, “Patience is what it takes.”
Rich and Lynne finally got the help they needed. Just days ago, they were approved for a permanent mortgage modification through expanded eligibility criteria under the Home Affordable Modification Program. This assistance will help their family save more than $340 on their mortgage payment every month.
On Tuesday, Treasury and HUD will hold a similar event in Detroit. At the free event, homeowners will have the opportunity to meet face-to-face with their mortgage company and a HUD-approved housing counselor to discuss options to avoid foreclosure. It is our 77th homeowner outreach event in communities around the country.
Nineteen of the largest mortgage companies are scheduled to be in attendance to meet with homeowners. Seven local HUD-approved housing counseling agencies will also be on site, as will Fannie Mae, Freddie Mac, the Federal Housing Administration (FHA) and the Department of Veterans Affairs.
Homeowners will also be able to learn more about Step Forward Michigan, administered by the Michigan State Housing Development Authority and funded by Treasury’s Hardest Hit Fund.
Additional homeowner outreach events are planned in the coming weeks for Nashville, Tennessee (October 24) and Orlando, Florida (November 2). Information about these and other events will be posted on MakingHomeAffordable.gov.
Alvina McHale is the Director of Marketing in the Homeownership Preservation Office at the U.S. Department of the Treasury.