The Second Time Around, a Home Loan Means Dignity
The Scanlons were among the many thousands of homeowners crushed by the recession of the late 2000s. Then, when they couldn’t sell the home they were living in, and their lender wouldn’t give them more time, they lost it to foreclosure.
Bankrupt and heartbroken, Mike and Kathy landed in a tiny subsidized apartment in Durham.
They were sure that their bad credit and limited income meant no one would give them a home loan. Kathy called the Community Loan Fund and got information about its Welcome Home Loans for manufactured homes. Kathy mailed the application and just five weeks later, the Scanlons closed on a manufactured home in Mountain View Cooperative in Gilford, N.H.
The Scanlons regained some dignity and a way of life that allowed them to be happy again.
This story was published in the New Hampshire Community Loan Fund's 2013 Annual Report.