The Presidents Message
In the midst of a serious national housing crisis, it is heartening to
share the stories of families who benefit from housing programs offered
by the Urban League of Greater Hartford (the League). Two such families
are Mr. and Mrs. Garfield, Terry Ann Vassel, and Ms. Naddia Cohen and
family.
Mr. and Mrs. Vassel enrolled in the League's First Time Homebuyer's program
in FY 2005 - 2006 and worked very hard with their League Housing Counselor,
Ms. Marie Fort, to become mortgage ready. Their dream was to purchase
their first home and learn how to manage it as an asset. They achieved
mortgage readiness in terms of credit and income-to-debt ratios, but because
affordable properties are very limited, it was very difficult finding
the
right home in their price range.
Concurrently, the League was also providing foreclosure prevention counseling
to a Ms. Naddia Cohen and family. They had refinanced into an unaffordable
sub-prime loan product and found themselves on the edge of foreclosure.
Unfortunately, by the time Ms. Cohen came to the League for assistance,
property values were falling and the amount owed was very high compared
to the value of the property. Ms. Cohen realized that something had to
be done, so she sought the help of a League counselor, Ms. Dawn Davis,
who worked with Ms. Cohen and successfully negotiated a short sale on
behalf of Ms. Cohen and her family. The next challenge was finding a buyer
within a very short period of time. As the short sale price made the purchase
of the home most affordable, it looked like a very good purchase option
for Mr. and Mrs. Vassell.
The Vassels looked at the property and agreed it was the house for them;
however, the challenges continued, since they were already pre-approved
for a mortgage and had a very small window of time to close on this property.
The League counselor was able to work with League partners Webster Bank,
their loan officer Jose Correa, and Attorney Saundra Kee Borges. Together,
this team beat the deadlines and made it possible for the Vassels to purchase
their first home, at an affordable price, using a 30-Year Fixed loan product.
The team also made it possible for Ms. Cohen and her family to prevent
foreclosure, sell their property, and start over. League Housing Counselor,
Dawn Davis is still working with Ms. Cohen and will continue to do so
to help her and her family achieve improved economic self-sufficiency.
This League story and others like it are not just about the successes
that the League helps its program participants achieve, but also about
the support given to the League. The programs offered by the League are
made possible by community partnerships and the financial and in-kind
support of major corporations, small businesses and individuals, but the
core funding and support comes from the United Way of the Capital Area,
the department of Housing and Urban Development (HUD), Connecticut Housing
Finance Authority (CHFA) and the National Urban League (NUL).
We thank all of our supporters for another good year. Thank you, and
enjoy your summer.
The best,
James E. Willingham, Sr.
President and Chief Executive Officer
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