Cedar Rapids Weather
Struggling Iowa Homeowners Could Soon Lose a LifelineBy: Claire Kellett, Anchor/Reporter
CEDAR RAPIDS - Thousands of struggling Iowa homeowners could soon lose a lifeline. A state-sponsored 1-800 number that gives free mortgage counseling to avoid foreclosure is running out of money. A lack of state, federal, and private funds could close Iowa Mortgage Help as early as June.
Chris and Laura Swiser are so grateful Iowa Mortgage Help saved their home, they felt they should share their story. They want to help save the state-sponsored service. The couple’s home just outside of Cedar Rapids holds 50 years of their family's history. "My dad designed and built it in 1960. The only thing he didn't do was the plumbing,” says Chris. The couple bought the house from his parents 30 years ago. They raised two boys on the two acres of land, but financial troubles put their future here in jeopardy. "I was very scared because I was thinking first of all, how are we going to pack all of this stuff, and where will it all go?" says Laura. Chris lost his job at the end of 2006. When he found work about a year later, he was making less than half of what he did before. The couple fell 14 months behind on their mortgage payments. "It got to the point of a sheriff sale and foreclosure,” says Chris. One hour before that sheriff sale last month, Iowa Mortgage Help called the Swisers. The service worked with the couple's mortgage company to rewrite their loan. "They were a Godsend, the fact that they got it taken care of seconds before the ax fell,” says Laura. The Swisers have a new mortgage with a lower interest rate and their monthly payment is now $100 cheaper. "I would encourage anyone needing help to give them a call,” says Laura. Because the Swisers made that call, they are adding another family memory to their growing collection. In May, their older son is getting married in the front yard, just like his younger brother did. Iowa Attorney General Tom Miller has asked state lawmakers to use existing state funds to help the program short-term. It is estimated that Iowa Mortgage Help needs anywhere from $750,000 to one million dollars to last the rest of the year. More Good Stuff |
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