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Man gets second chance on potential foreclosure in South Carolina

Here's a really interesting story about a man who thought he was going to be getting harassing calls about his mortgage, but to his surprise, the company was actually offering a job-help program. The man from Columbia, South Carolina, is a 59-year-old who was laid off. He didn't think he'd be out of work long, and he used retirement, part-time work, and unemployment benefits to support his life out of the job.

Still, it's hard to make ends meet. His funds began to run low, and that's when he decided to take an invitation to the free court of job coaching and online homework. The idea is that with the help, the people behind on their mortgages will be able to get back on their feet instead of having to worry about missing payments and foreclosure.

The man was one of 234 borrowers in the program who had accepted the offer, and now he's part of the 40 percent who have been back to work within six months of being involved in it. He reported that he started a new job on July 14. His job pays approximately $4 less per hour, but he'll be able to keep his home. He's also been able to restructure his loan payments, so he can catch up on his mortgage.

The program reportedly costs as much as $1,500 per participant, but in the long run, it's likely to boost the lender's appearance and to help people stay in their homes. This is just one way you might be able to work toward a more stable future, if your bank or lender offers it. If you're facing foreclosure in the meantime, you may be able to seek legal help to prevent losing your home.

Source: Bloomberg, "Bank’s Call to U.S. Borrower Leads to Job, Not Foreclosure" Michelle Jamrisko, Jul. 17, 2014

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