Date: October 10, 2012
Elizabeth Moron, a self employed immigrant from Peru, attempted to have her mortgage modified at a Bank of America servicer event after a previous denial. Unfortunately, she was denied for a second time because the bank did not want to accept Elizabeth’s self-employed income, even though it was the same income the lender used to originate the loan. At the event a foreclosure counselor from MEDA advised her not to give up and agreed to resubmit the application because Elizabeth was making sufficient income to support the modification. Elizabeth worked with her counselor who coached her to prove her business income by making consistent deposits and helped her prepare a profit and loss statement. After 10 months of struggling with the bank, Elizabeth was finally granted a loan modification with a principal reduction under the Attorney General’s settlement. Throughout the process, Elizabeth was willing to speak out at events and with the media to pressure lenders to comply with the AG settlement and encourage others to keep fighting for their homes. Elizabeth’s next step is to rebuild her credit and savings after attending the financial education workshop. She is taking advantage of other MEDA services such as business development and tax program. She continues advocating for her community by encouraging friends and family to get informed about their rights as consumers.