As detailed below, there were never any issues with this loan until a new servicer took over. At no point in time was this client unable to pay her mortgage payments. But for the bank and its debt collector/servicer, this case should never have been filed.
Our client has lived in her condominium for over 20 years. She’s had a full-time job with the same company for over 23 years, making approximately $63,000 per year. Her mortgage payment is $662.56 per month. Underwriting standards dictate that housing debt is generally affordable so long as it does not exceed 28% of a person’s income. Our client’s housing debt is 10% of her income. For many years, until the incidents leading up to this case, our client’s mortgage payments were auto debited from her checking account without issue. She had no issue affording this loan, ever.
And, she has always paid her taxes and her association dues, which includes insurance. There were no escrows.