Community Housing Services
A family that does not speak English (sister-in-law interpreted) was referred to Community Housing Services by a relative after being declined by their bank for a loan modification. They had been encouraged by a mortgage broker before the bubble burst to refinance their home with a first and second mortgage. They could no longer afford both mortgage payments and the value of the house was now equal to or less than the combined total of both mortgages. The hardship was caused by the husband losing his job in farming. His spouse has a seasonal job in a food processing plant. The husband is reemployed now as a janitor. The Good News is:
These clients are currently approved for a trial payment plan that will lead to an affordable loan payment for their first mortgage. Their payment for the first mortgage is about to be reduced by $265 dollars per month for principal, interest, real estate taxes and insurance.
AND, the great news is:
The homeowners just received a letter from their bank stating their second mortgage of over $19,000 is being fully forgiven due to the Principal Foregiveness Program!
For more information about Community Housing Services contact:
Jon Polansky, Housing Resources Coordinator
Community Housing Services
250 West Broadalbin, Suite 2A
Albany, OR 97321
Ph: 541-704-7651
Toll Free Ph: 866-245-1780
Fax: 541-967-9307
