It is often the case that bad situations compound and build upon each other. For many Massachusetts families, the loss of a job or a divorce can put into limbo the financial stability that two-income households generally experience and create turmoil when incoming money is cut in half. Though money struggles are often a byproduct of family problems, the impact of financial insecurity on a family can be more devastating than the actual challenges within the familial relationships.
A Massachusetts family is learning this hard lesson right now and is fighting to save its home from foreclosure. The parents divorced and the mother, who gained custody of the four school-aged children, became responsible for paying the home’s mortgage. Though the former couple fell behind on a year’s worth of mortgage payments during the divorce process, the woman is now able to pay the mortgage on her own and sought a loan modification from her lender to maintain the mortgage on just her income.
Rather than work with the woman, her lender placed her real estate property in foreclosure and refused to work with her to keep her family in their home. Her children even witnessed the auction the lender held to sell her home and now she is working to save enough money to rent a comparable property for her family to live in after it is evicted.
This woman’s story is not unique and unfortunately for families all across Massachusetts many others are experiencing the same financial challenges. Though non-profit and governmental aid agencies do exist that can help people work toward keeping their homes, some homeowners may not have enough time to wait out the long process of loan modification and could consider working with legal professionals to advocate on their behalf with their lenders.
As this family prepares for more change in their lives, homeowners in Massachusetts may take note of their struggles. Financial challenges can affect anyone and can quickly grow from minor nuisances into major problems for all members of a family.
Source: Randolph Herald, “One Randolph family’s struggle to save their home,” Mike Melanson, Sept. 1, 2013