Transcript: Get Help With Mortgage Payment Challenges
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Since the economic downturn started almost 6 years ago, thousands of homeowners have struggled to keep their homes. And Wells Fargo's Home Lending Servicing Team is helping find options for customers.
Kerri was working full-time for a large chain pharmacy when she started getting ill.
"Her energy level was just nothing. I mean, she could barely function. The doctor basically said, 'I recommend going part-time until we can get your strength level back up.' When that happened, not only did we take a large pay cut but the money we were having to pay, our co-pays and deductibles for her treatments, really put a bind on us."
The Taylors had built their dream home before the downturn. So when Kerri's illness, an immune deficiency she's had since birth, lowered their income it became hard to keep up their mortgage payments.
"You just start feeling insecure about the decisions you make. You wonder if you made the wrong choice."
They wanted to refinance but their home had lost nearly 40 percent of its value. Sam, who reached out to Wells Fargo's Home Lending Servicing Team, was put in touch with Angela Ludwig.
"Initially he was very nervous and so basically I just tried to reassure him that my role was to be with him every step of the way through that process; guide him through that process. I need their help in sending me in those documents. So that way we can then, you know, get it reviewed by our underwriting and our review team."
Over five months Angela and the Taylors worked as a team exploring every possibility.
"I would lay in bed at night. My anxiety level was through the roof. I mean, here we are, built our dream home, and the threat of us losing it. I felt like as a father and a husband I was letting my family down."
The Taylors received a mortgage modification that lowered their payment and let the team know their gratitude. Now the Taylors expect a lengthy stay in their home.
"Wells Fargo came through for us amazingly and Angela was a leading factor for that. Calling her was like Wow, I'm talking to somebody that actually..."
"And you trusted in the company too."
"Yeah, and she trusted that--and she goes:
'Well, I know what you're experiencing and trust me it's not easy, but we're gonna get through this together.' Wells Fargo, you know, Angela and Wells Fargo team is gonna help Sam and Kerri Taylor keep their home. We're gonna do this."
"And just her-- like Kerri said, her confidence and...Her goal was to help us rather than collect a debt."
Kerri now works about 30 hours a week but tells us if her health issues resurface the family can still make their mortgage payments.