Mt. Airy, NC – January 13, 2010 – In late October, Donald McClusky stepped through the doorway of Salisbury Community Development Corporation (CDC) and took a seat, waiting for a Foreclosure Prevention Workshop to begin. “I don’t know why I’m here,” he said-exasperated by his efforts to save his house-a modest wood-planked cottage with an open living, dining and kitchen area downstairs and one loft bedroom upstairs. It’s situated on twenty-four acres of land just outside of Mt. Airy. Donald was three months behind on his mortgage.
A Vietnam veteran and independent stock broker, Mr. McClusky had not worked since he suffered a devastating heart attack and other health complications in 2007. Facing mounting medical bills, he drained his IRA to help cover the costs. Fortunately, he regained his health, but at that point, the economy had turned sour and he was unable find work.
Mr. McClusky arrived at the workshop with little hope. This was his last ditch effort to save his home. Not long after the program began, Donald stood and openly shared his story with the audience, hoping someone would be able to help. Immediately, Lou Adkins, a HUD approved housing counselor at Salisbury Community Development Corporation, offered to review his case. She felt confident that Donald’s situation could be turned around. Feeling somewhat relieved, he explained the details of his mortgage to the counselor.
In less than a week, the counselors at Salisbury CDC had contacted Wells Fargo and Donald’s loan was temporarily modified through the Making Home Affordable program (www.MakingHomeAffordable.gov). This is the Obama Administration’s new foreclosure rescue program designed to help homeowners refinance or modify mortgage payments to a level that is affordable to them now as well as in the future.
His monthly payment went from $1107 to $486. In three months, his loan will be reviewed and his payments may adjust slightly, but will still remain affordable. Thanks to his perseverance and the hard work of the housing counselors at the Salisbury CDC, Donald will be spending the winter by his fireplace.
The Foreclosure Prevention Workshop attended by Mr. McClusky is part of the Mortgage Foreclosure Prevention Project, run by the NC Housing Coalition, Legal Aid of NC, the NC Justice Center and five other nonprofits. Over the last 3 years, the project (funded through a grant from the Z. Smith Reynolds Foundation) has hosted over 50 workshops across the state geared toward educating home owners on the foreclosure process and the options available. Dede Carney, a NC realtor/broker says “the Foreclosure Prevention Workshop is the best nuts and bolts workshop on this subject. It is very timely information presented in the most practical, non-threatening way that everyone can grasp.”
In addition to the Making Home Affordable Program, other programs are also available to assist homeowners facing foreclosure. The first step is to contact a HUD approved counselor in your area. Go to www.hud.gov and click on Foreclosure to find a counselor. The key in preventing foreclosure is to be proactive. As soon as you begin experiencing difficulty in making your payments, contact a counselor for assistance.
The North Carolina Housing Coalition is the state’s leading advocacy and resource organization on affordable housing. If you would like more information on where to find assistance please contact the Coalition at www.nchousing.org.
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