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March 3, 2015
Helping local families to be financially stable is an important component of United Way's work to reduce and prevent poverty in Larimer County. Here's a story that illustrates how this important and complex work is changing lives in our community.
Paul, a self-employed veteran and homeowner, had gone through a rough patch and his income had taken a hit. He fell seven months behind on his mortgage payments. Although his income had rebounded and he could now make his payments, his home was headed for foreclosure.
Time was of the essence for Paul. Foreclosure was less than a month away and he needed help.
Paul reached out to GreenPath, a United Way Community Impact Partner that helps people control their finances and have a better quality of life. A GreenPath counselor helped him apply to modify the terms of his loan so he could keep his home. Unfortunately, the lender's attorney would not accept the new terms and payment, and Paul's home was foreclosed upon.
Despite this setback, Paul and his counselor did not give up. As a veteran, Paul reached out to Senator Udall's office because he felt the process had been mishandled. By advocating for himself and with the help of his counselor and the Senator's office, the lender agreed to hold off on evicting Paul from his home while he worked out a plan to bring the loan current.
After much persistence and paperwork, Paul was able utilize a special state program to catch up his severely delinquent loan. In September 2014, 14 months after the initial foreclosure, Paul had caught up on his payments. The lender rescinded the foreclosure and the property was deeded back to Paul.
He is now making on-time mortgage payments and expects to remain in his home for a very long time.
Copyright 2015 United Way of Larimer County