Sometimes One Roof Community Housing in Duluth, Minnesota, is able to do more than just lend money to fix a roof or replace a water heater. Archie and Kat had lost their home through foreclosure, but with resourceful thinking and determination, One Roof helped them save their home of 18 years.
The relationship with the family began in 1998, when the couple attended the homebuyer education classes and counseling services offered by One Roof's predecessor. As homeowners, they had paid their mortgage for more than 18 years, until health issues and job loss changed their financial circumstances to put them on the brink of losing their family home.
"When we first bought the house, we were on stable ground," Archie says. "We had low-paying jobs. I worked four jobs, my wife worked one."
The situation became dire. The sheriff's sale had already taken place and their home had been sold.
With just six weeks to go before completely losing their home, equity and family stability, Archie and Kat returned to One Roof looking for one last opportunity. The One Roof lending staff discussed the option of redemption available to Minnesota homeowners facing foreclosure. The statutory right of redemption offers the opportunity to reclaim foreclosed property after the sale upon payment of the defaulted loan, costs and fees.
The already long-standing relationship between One Roof and the family and the 74 percent equity the couple had in their home enabled the lending team to work quickly to refinance the property.
One year later, Archie shared what that moment was like: "When Gloria (One Roof's lending coordinator) called and said we are going to approve you, I was like, 'yes!', but I'm not going to be happy until we're signing on that dotted line. The day we signed, the three of us went down to the courthouse and handed off the paperwork and the check … I don't think anything will ever touch that day. That moment of happiness was the best ever. We didn't have to move."