Amalia was worried. Her vision started to go and she lost her job – her only income; the fear of losing everything had set in. There was no money and the bills were stacking up. Amalia talked to a lender to take action, but when they told her she didn’t qualify for their unemployment program, she nearly handed over the keys.
It wasn’t until she heard about Spanish Coalition for Housing (SCH), that she thought she could fight for her home. She met with SCH homeownership counselor, Maricela Barrera, who immediately welcomed her with open arms.
Soon after they met, Amalia was awarded disability for her sight. With the new source of income, Maricela confidently suggested that she apply for a forbearance plan, and to Amalia’s amazement, she was approved on September 22, 2015. With this new plan, Amalia was able to make her mortgage payment for 6 months at half the original mortgage rate. With this plan, Amalia knew that at the end, she would have to pay back the other half of her mortgage in one large lump sum. She couldn’t fathom how she would come up with that money and thought she would end up losing her home at the end of it all.
Toward the end of the six months, Maricela – knowing that Amalia couldn’t pay back that sum – reviewed her case and helped her submit a packet for My City Modification, which would be an incredible victory, as it reduces the receiver’s payment by up to 60%.
Amalia started the entire process with Maricela in the early summer of 2015, and as of August, 2016, she received her total modification; her payment was reduced from $2,400 with an interest rate of 4% to an unbelievable $450 with a 2% interest rate.
With a sigh of relief, Amalia said, “[the best part is] that it’s over”.
She can breathe again knowing she gets to go home at the end of the day. She felt comfort, knowing someone was on the other end looking out for her.
“[For those who are where I was], be very patient . . .,” Amalia said. “It wasn’t a piece of cake, but it worked.”