Jerry and Megan -- Denied Twice, but Finally Approved for a Loan Modification!

July 30th, 2013

In 2003, Jerry and Megan were devastated by a house fire that destroyed everything they owned.  9 years later, after rebuilding their lives in a new home, Megan had neck surgery. Unable to work while she recovered, the couple fell behind on their mortgage payments. Megan begged their lender to allow partial payments, but despite her pleading explanations, the company refused to offer any alternative to an immediate and full repayment - a demand that was simply impossible for Jerry and Megan to fulfill. The couple heard about the assistance available at Consumer Credit Counseling Service, so they decided to make an appointment.

At CCCS the couple met with Tina Williams, HUD Housing Counselor, who helped them file a request for a loan modification.  Tina guided Jerry and Megan through all the complications of the modification process, assisting with documentation and communications with the lender.  After several months Jerry and Megan learned that their request had been denied.  During that time, however, certain changes to housing legislation gave the couple hope that they might receive better results if they applied again.  So for the second time Tina and the couple worked for months to satisfy all the lender's documentation requests.  Once again, the request was denied. 

Afraid that they would lose their home to foreclosure, Jerry and Megan filed for Chapter 13 Bankruptcy.  Due to a discrepancy in the filing, however, their home was never considered a protected asset.  Foreclosure was still looming in the couple's future!  Unwilling to give up hope, Jerry and Megan insisted on applying for another loan modification.  With Tina's help, they gave it another shot, resubmitting all the paperwork and waiting anxiously for a verdict. Finally they received the news they had waited for - their application had been approved! Their monthly mortgage payment had been reduced from $1,482.00 to $1,042.00, a savings of $440.00!

"Tina was right on top of everything and she was so supportive.  Without her help, I don't know how we would have managed any of this," remarked Megan.  "It's been a hard road emotionally, physically, and mentally.  But I am very tenacious and I have a lot of faith.  Our prayers, combined with Tina's prayers and the work of lots of people (Candice and Jennie at CCCS)  kept us going and helped us achieve a successful outcome.  I praise the Lord for his faithfulness to us!"

Congratulations, Jerry and Megan!  We're so glad that you finally received the reduction for which you worked so hard!

*Names have been altered to preserve anonymity.

If you fear that you might lose your home to foreclosure, please don't hesitate to contact CCCS. Call (423)490-5620, email, or live chat with us right now!

To learn more about Consumer Credit Counseling Service, click here.
To learn more about the Foreclosure Prevention Counseling, click here.

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