Tim Collins finds himself living a national crisis.
First he lost his job when his company moved. Then he fell behind in his mortgage and faced foreclosure.
Now, he’s rebuilding his finances thanks to a last-minute deal with his mortgage company to rework his debt and lower his interest and monthly payments.
“You hear all these tales about home ownership being the American dream,” Collins said. “Honestly, it will shorten your life span.”
Collins can be thankful for at least one thing — his timing.
Had he faced foreclosure as little as six months ago, Collins’ mortgage holder might not have been nearly so willing to work with him. However, over the past 30 days government-run mortgage giants Fannie Mae and Freddie Mac and major lenders such as Citibank and JPMorgan Chase & Co. have come up with programs to shave home payments by temporarily reducing interest and extending loan terms.
Experts say those programs can save some of the owners and properties nearing foreclosure in metro Atlanta.
Amber Willis, a counselor with D&E, an agency that advises homeowners in crisis, said she’s recently noticed a dramatic change in the willingness of many major lenders to help folks like Collins.
“Earlier in the year, it was harder,” Willis said. “More lenders are finding creative ways to keep people in their homes.”
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Mortgage
Help, HOPE, Modification, Mortgage
