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Making Home Affordable An official program of the Departments of the Treasury & Housing and Urban Development

 

 Joe, Dorchester, MA

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Joe from Dorchester, MA lost his job in the construction industry in late 2009.  He had purchased a home and was in the process of fixing it up when he lost his job.  When he realized he was unable to afford his mortgage, he contacted his bank and was quickly told he did not qualify for a modification. “I tried to work with my bank and they were fast to say no,” says Joe.  Joe was introduced to the Making Home Affordable © Program after speaking to his niece and then the Nuestra Comunidad Development Corporation, a Boston area NeighborWorks America housing counseling organization.

Joe entered into a HAMP SM trial modification in December 2009 and moved into a permanent modification in March 2010.   “The housing counselors helped me prepare all the paperwork to make sure my application was in order,” he said.  “The permanent modification documentation lays out exactly what I can expect going forward.  The simple fact is that I knew what I had was worth fighting for.  If you walk away, you won’t get your foot back in the door any time soon. I’m 45 years old so starting over would be very difficult. My home is my sanctuary to me and keeps me close to my extended family.”

Joe has spent the last year keeping up with his mortgage payments, with a savings of almost $1,500 per month.  “I was out of work for two weeks in January 2011, and because my payments were reduced, I was able to pay my mortgage instead of struggling to make up the difference.” 

“I have a clear understanding of what will happen over time.  Keeping my home has been priceless,” Joe says.

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Last Updated: 4/19/2011 3:35 AM