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CU saves injured vets family home from foreclosure
UXBRIDGE, Mass. (2/16/11)--Worcester (Mass.) CU went to bat for the family of a recuperating Iraq veteran after Countrywide Home Loans foreclosed on their Uxbridge, Mass., home. The result: the credit union helped save their home. The family, Lisa and Michael Damon and their children, Max, 6, and Abby, 9, learned that California-based Countrywide Home Loans was foreclosing on their home in late January 2008. Their story and the help it received from the credit union were featured in the Telegram & Gazette (Feb. 11). Michael Damon, who had been injured while on duty in Iraq, could not work and could not take care of the children while recuperating at home in 2007. That meant Lisa Damon couldn't work full time. That was the year the adjustable rate mortgage they took out in 2004 soared to 10%, doubling the monthly mortgage. Even though the family had paid off their vehicles and had no credit card debt, and even though Lisa Damon persistently tried to talk to Countrywide officials about their circumstances, the company foreclosed on the home in January 2008. She worked with a lawyer Andrea M. Park, and a newspaper ran a story about the foreclosure. "I read the story and said, 'This is not right,'" said Karen E. Duffy, president/CEO of $79 million asset Worcester CU. "I just thought it was so wrong that someone who was serving this country, and this family, were having this terrible problem," she told the newspaper. Duffy and Park took over the case, working closely with the Damons. The credit union stepped up to ensure that the couple received what a solidly underwritten and affordable 30-year, fixed-rate mortgage at 5.1% interest--the best rate available at that time, said Duffy. That effort led to the Damons repurchasing their home in December 2009. "Karen Duffy saved my life," Michael Damon told the newspaper. To read the full article, use the link.
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