2017 Foreclosure Prevention Success Story
Foreclosure signs are still far too common in Delaware. According to RealtyTrac, a firm that tracks foreclosure, as of November 2017, Delaware has the 2nd highest rate of foreclosure in the nation. The national average is 1 in every 2,099 housing units; for Delaware it's 1 in every 875. In Kent County, it's even higher with 1 in 758 facing foreclosure. NCALL is working hard to keep them to a minimum. It takes a number of remedies to assist families in saving their homes when possible. Whether it be assisting with mediation, loan modification or Delaware Emergency Mortgage Assistance Program (DEMAP) for hardships as well as improved money management, NCALL specialists use many programs and options to help families in crisis.
Last year Abe got a packet in the mail from his mortgage company. His house was in full foreclosure. He wasn't sure what to do or where he and his kids would go. That is when he called NCALL.
Abe bought his home in 1998, but he had refinanced it several times to take out equity for life's expenses and unforeseen circumstances. The last refinance put him in an adjustable rate that got more and more unaffordable. He tried to refinance again but was denied. He works at a commercial water treatment company, and his hours had been cut back over several years, making it extra hard to pay his mortgage. Abe called and got right into a seminar with NCALL and met with a foreclosure prevention counselor. She gave him the truth, which he found very helpful. "She gave me both the good and bad scenarios and told me what to do. There was no false sense of hope. Her straight-up honesty was the best thing ever."
His counselor helped him to get the correct documents in order and Abe said she was great at communicating with him. "She emailed me frequently to let me know what was going on or what I needed to do." The trial modification was approved four days prior to the sheriff's sale date, which allowed him to stay in his home. Since then the modification has become permanent. Abe says his payment is affordable to him now and a month after his modification went through, he was able to get back to working full time. Without my NCALL counselor's help, I wouldn't have been able to do this. I learned a lot about budgeting and how important it is. I streamlined my payments, cut out unnecessary costs and eliminated monthly subscriptions to save money."
After a divorce, his wife moved to California, leaving him to raise four children. Abe has been proud to raise them and provide a safe place for his family to grow up. When he thought he might lose the home, he didn't know what he was going to do. The family would have needed to split up in order to have other housing. "it's the best thing, pulling up in the driveway and knowing this house is still mine."
About Foreclosure Prevention
NCALL's homeownership counseling helps households become mortgage-ready for conventional financing and special financing programs, such as FHA, VA, and Rural Development Section 502 mortgage loans.