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<br /> CLIENT PROFILE: Barbara saves her home
<br /> arbara's life as a homeowner has made a complete about-face.Two
<br /> years ago,she had called her mortgage company and said, "I can't afford
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<br /> i- my$1,200 a month house payment.What can I do?"
<br /> '' s, ' �= Her lender suggested a mortgage modification,a process in which the terms of
<br /> ' .:, .:,....;, 4~ -4. �w a mortgage are modified outside the original terms of the contract agreed to
<br /> : � by the lender and borrower. Barbara said, "Yes!"and they began the process
<br /> ,� ,Above didn't to lower her payments,to save her Oakdale
<br /> all else „ home she loved so much. "Above all else, I
<br /> I wan.0 to lose my house,
<br /> �� didn't want to lose my house.”
<br /> After nearly a year,the modification was still not complete.At the time,
<br /> 2- . '> , Barbara was told that the only hope of her home not going to sheriff's sale(a
<br /> � s foreclosure on the property)was to put it up for short sale. In the meantime,
<br /> ' ' her daughter suggested getting in touch with the Washington County
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<br /> Housing and Redevelopment Authority, a member of the Homeownership
<br /> ,, x Advisors Network.At the HRA,she was connected with Nicola Viana,a Senior
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<br /> Homeownership Specialist.
<br /> . , ,„, .. �'` Barbara received a purchase agreement ".. ro
<br /> o d the legwork,
<br /> - ,, . '. for her home around the same time,
<br /> � � ,- 4. but for a price far below the value of and d 1 `e someone in
<br /> - - . v 4 ,, € the property. Nicola reviewed Barbara's your cor ne , arid 1 ":y u
<br /> financial situation and outlined out her succeed.”want
<br /> options. Barbara decided to apply for a
<br /> :4z loan modification with the help and guidance of Nicola. "When a sheriff sale
<br /> was set to take place, I requested that Barbara's lender postpone the sale while
<br /> her file was under review," Nicola said.When Barbara's mortgage was sold to a
<br /> 5 " new lender, Nicola assisted Barbara in starting the application for modification
<br /> anew,with the goal of getting the monthly payment to$702. "This I knew I
<br /> could do," Barbara said.
<br /> "If I hadn't had Nicola and the
<br /> Barbara's patience and Washington County HRA when
<br /> '...:4".4.; :if, .-''''''' P crseveranc.c s�r�.ed per we_ needed them, !would have lost my
<br /> though this ? ` €cess; she house. I did everything she told me."
<br /> advocate." Every time Barbara spoke with the
<br /> lender,she connected with Nicola as
<br /> well,and with Nicola's help and advice,the modification was soon in place.
<br /> "Nicola went above and beyond to make sure everything worked out. And I
<br /> have my house." Nicola says: "Barbara's patience and perseverance served her
<br /> well through this process;she became her own advocate."
<br /> Barbara believes that if everyone had an organization like the Washington
<br /> County HRA and a specialist like Nicola,they would most likely be able to keep
<br /> their homes. "If you do the legwork, and have someone in your corner,and if
<br /> you want it,you can succeed," Barbara says.
<br /> CC In 2011 , over 12,000 homeowners facing the threat of
<br /> foreclosure sought advice from the Homeownership
<br /> Advisor's Network. Over 60% avoided foreclosure,
<br /> surpassing the industry average.
<br /> www.hocmn.org
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