Family Who Lost Mortgage When Company Folded, Gets Great News - NBC New York

Family Who Lost Mortgage When Company Folded, Gets Great News

News 4 viewer came to their rescue



    Family Who Lost Mortgage When Company Folded, Gets Great News

    Lois and Brian Dryer were all smiles when they met with loan officers from Residential Home Funding, a mortgage lender in East Brunswick, New Jersey.

    The Dryers were supposed to close on their dream home in Hazlet, New Jersey on Wednesday but could not, because their lender, Lend America folded, making their mortgage, worthless.

    “I finally have some hope,” said Lois Dryer.  “There’s a light at the end of the tunnel.”

    After seeing the Dryer’s story on News 4 New York, Edward Mackin of Residential Home Funding contacted us, offering to help.

    “I was sitting there watching the late night news,” said Mackin. “When I felt terrible that it’s around the holiday season and this family won’t be able to move into their American dream.”

    Mackin and his branch manager Jeff Rosen agreed to sit down with the Dryers to see if they can be helped.

    “I’ve spoken to the president of lending and he says we can get the loan done in two weeks,” said Jeff Rosen.

    Which is a far cry from the three months the Dryers thought they would have to wait for a loan to be approved.  They are living in a hotel now and can’t even imagine having to stay in a hotel for three months.

    Lend America shut down after the Federal Housing Administration revoked its right to approve loans.  The FHA says Lend America was too quick to hand out loans to people who couldn't afford to pay them back.

    A representative from Lend America did call the dryers today and offered to find them a new lender.

    “Do I go with a recommendation from Lend America who just told me they closed?” asked Brian Dryer.

    It’s still unclear how many people are affected but Senator Charles Schumer is urging the FHA to ensure borrowers are able to secure new mortgages.

    Meanwhile the FHA says those with questions about the status of their loans obtained through Lend America. Click here for more information..