NHS of Baltimore Preventing Foreclosure One Family at a Time

By: Alicia Schuller, Marketing Coordinator, NHS of Baltimore

NHS of Baltimore is in the business of preserving and creating financial stability for families and our housing counselors fight hard everyday to stop foreclosures and increase homeownership. In the current housing market, it is nice to hear a story of success now and then, contrary to the usual bad news of another family losing their home.

Last week, our counselors successfully negotiated a loan modification for a client who was struggling to pay her mortgage of $1,000 a month. We worked with her lender to get her out of an adjustable rate of 7.5% and into a fixed rate of 5.5%. Ultimately, we were able to bring our client’s monthly mortgage payment down to $750- a compromise both her and her lender could afford.

Ask any one of our counselors, and they’ll tell you, “its not easy”. Up until more recently, many lenders were hesitant to modify delinquent loans because they were unsure whether they were just delaying the inevitable. The Making Home Affordable program has helped to change that slightly. “We are now getting more cooperation from the lenders due to the three month trial period for the modification,” said Rena Somar, Homeownership Counselor, NHS of Baltimore.