Owen Moore purchased his first home with Washington Mutual in March of 2000 for $89,550. It was a thirty-year conventional mortgage with a fixed interest rate of 9.375%. His principle and interest payments were $744.83. Mr. Moore loved his home and had always made it a priority. Unfortunately, in October of 2006 Mr. Moore was laid off from his job. Mr. Moore wasnt worried though because he had enough savings to be able to make several months mortgage payments while he sought employment. However, finding a job became harder than Mr. Moore thought and in July of 2008 he defaulted on his mortgage.
Even though Mr. Moore had found employment in August of 2008 he was unaware of the help available for homeowners in his situation. Suddenly in March of 2009 he was served papers telling him he had a conciliation conference on April 23rd. On the front of these documents was a paper that said in bold black letters YOU MAY BE ABLE TO GET HELP WITH YOUR MORTGAGE and underneath gave him a hotline number. The hotline gave Mr. Moore Acorn Housings number and he was set up for his first appointment with our agency on April 16th, 2009.
On April 23rd, 2009 Mr. Moore walked in to the chaotic crowded City Hall room where the Philadelphia Conciliation conferences are held. He sought out his housing counselor and they sat patiently waiting for an answer from the mortgage companys attorneys. However, they were not ready for him so the attorneys postponed his conciliation conference to May 14th, 2009. Mr. Moore would have to wait twenty-one more long days to find out if his mortgage company would offer him a modification.
During the time between his previous conference and May 14th Raquel continued to follow up with the attorneys. She did not want Mr. Moore to have to continue to go back to court, and have additional fees placed on his loan.
Subsequently, on May 13th, 2009 we received an email from the mortgage attorneys offering Mr. Moore a modification. It was a three-year step rate mod, which lowered his initial payment to 2%. She called Mr. Moore and explained the modification to him. Mr. Moore was very elated. The only thing left was for the documents to be sent out.
Mr. Moore waited for his modification documents. On June 8th he received them and brought them immediately to the Acorn Housing office. He then had it signed and notarized and sent to the mortgage company. Mr. Moore is very appreciative of Acorn Housing and wants to say thank you for all of our hard work.
