Maria’s story begins like any American Dream. She bought her first house, a two flat, around 2002. She got married and began having children. By 2005, Maria’s family had outgrown the two flat and decided it was time to upgrade. Maria and her husband purchased a single-family home in the same area as the two flat. When they purchased the new, larger home, they decided to keep the two flat as an investment property for additional income, instead of selling it.
Life was good. Both Maria and her husband were working, they had tenants in their investment property, and their family had a larger home to grow into. After a couple years though, things started to fall apart. They began having issues with the tenants in their investment property, Maria’s husband lost his job, and they began having issues which lead to Maria’s husband leaving. With less income and no child support for their four children, Maria had to foreclose on the investment property. Life was getting harder, but Maria was able to keep the family going and make payments on their home for eleven more years.
By July of 2016, Maria could no longer afford to keep the house. However, in working with Linda Callaghan from First Centennial Mortgage, Maria decided to do a deed in lieu of foreclosure and moved into an apartment with her four children. A deed in lieu of foreclosure is also known as a mortgage release. It’s when a homeowner voluntarily transfers the ownership of their property to the owner of their mortgage in exchange for a release from their mortgage loan and payments. This process helps avoid having a formal foreclosure process which includes a hearing and other costs.
Four years later, Maria’s life is back on track. She has a stable job and even with the recent pandemic, she has remained working during the stay-at-home orders. Money is still pretty tight, but she stayed in touch with Linda who helped her with credit counseling. With Linda’s guidance, Maria was able to restore her credit to pay off much of her debt and qualify for the best house she could afford for her family. She works very hard to give her kids a better life than she had, and she is very excited to be purchasing a new home for her family. She said, “I feel very proud that I am able to buy a home for my family. This is my forever home! I cannot thank Linda enough for helping me get here!”
At First Centennial Mortgage, we are honored to be a part of Maria’s story. We work hard to help our borrowers achieve their dream of homeownership. Linda said, “I love helping people like Maria because I have so much respect for them!” Every home has a story; let us help you finance yours.