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LAZARO AND HADA

A Home Saved from Foreclosure

Lazaro and Hada, homeowners since 1999, faced losing their home due to unpaid mortgage during the housing crisis. With three weeks before auction,
Housing Is Your Right intervened. By negotiating with the bank, they halted foreclosure. The outcome involved averting homelessness and preserving
a multi-generational family haven.

their story

Lazaro and Hada purchased their home in 1999 and since then have opened it up to two more generations of their family. They were one of many families affected by the housing crisis and found themselves in $63,247 in unpaid mortgage payments.

When they were contacted by Housing Is Your Right there was only 3 weeks until their house would be put up for auction.

course of action

Recognizing the gravity of their circumstances, we at Housing
Is Your Right were determined to exhaust all possibilities to prevent this multi-generational family from losing their cherished home.

To achieve this, we pursued a loan modification approach, which involved altering the original terms of their mortgage loan.

Our initial step was to submit a comprehensive Mortgage Modification package, accompanied by a heartfelt Hardship Letter, to initiate negotiations with the bank.

RESULTS​

Through persistent communication and negotiations with the lender, we successfully reached an agreement that halted the foreclosure of the property. We were able to calculate the amount of money owed which was $208,109.92.

Additionally, we were able to secure a modified interest rate, resulting in lower monthly payments compared to their original mortgage terms.

Most importantly, we provided this family with a fresh start, shielding them from the devastating prospect of homelessness while enabling them to retain ownership of their home.

discussion

Most importantly, we provided this family with a fresh start, shielding them from the devastating prospect of homelessness while enabling them to retain ownership of their home.

Had Lazaro and Hada not reached out to Housing Is Your Right and capitalized on the valuable resources and expertise at our disposal, they would have faced the loss of $250,000 in equity and the imminent risk of homelessness for their grandparents, parents, children, and grandchildren.

Our intervention not only safeguarded their home, but also provided them with renewed hope and stability for future generations.

Our intervention not only safeguarded their home, but also provided them with renewed hope and stability for future generations.