Maria Saavedra Ixtlico and her two sons are one such success story. For Maria, as for many others, the past few years have meant one hardship after another – a lost job, a predatory loan, and a car accident all in a row, causing her to fall behind on her mortgage. As the bills piled up and she lost any hope of saving her home of over 12 years, Maria’s greatest worry was for her sons. They had grown up in that house, with deep ties to the neighborhood and its nearby schools. “It’s not just a house or a property,” she explains, “It’s our home.”
When the city started to foreclose on her home, Maria went to Powderhorn Residents Group looking for options. Her mortgage servicer was willing to discus was a settlement for less than the amount she owned on her mortgage, and PRG then contacted Twin Cities Habitat for financial assistance. In conjunction with Build Wealth MN we were able to come up with the full amount of the settlement. Meanwhile, Twin Cities Habitat negotiated to extend the terms of the settlement and, in November 2009, TCHFH and Build Wealth came together to use financial assistance to settle the debt on her mortgage for good.
For Maria, having the security and stability of her own home back is a relief, and gives her hope for the future. “We have an opportunity to start over, thanks to Habitat. We are blessed,” she says. While Maria’s short-term payoff was the best option for her, each family and situation is unique – and so are the solutions. MFPP – often in partnership with other community partners – continues to find creative resolutions for many different types of families.
Maria, like any MFPP client, continues to receive follow-up advice and check-ins from TCHFH.
Contributed by Kelsey Finch
