New American Funding couldn’t be more excited to announce that Jaime and Juana Coronel have made history in being the first family in America to repurchase their foreclosed property at current market value. The Coronel originally purchased their home 25 years ago, but after the housing market crash, like millions of other Americans, were forced into foreclosure. Jaime Coronel states, “In 2009, I was laid off from my job and began to fall behind on the mortgage payments. Finally after unsuccessfully trying to modify our home loan and being unable to find a job…[forcing] foreclose on our property…Due to all the stress, I suffered a stroke which permanently disabled me and forced me to retire and collect my pension and Social Security benefits.”
The Coronels sought out the Alliance of Californians for Community Empowerment (ACCE), a Non-Profit organization whose focus is to build power in low to moderate income neighborhoods and stand to fight for social, economic, and racial justice. After being turned down by multiple lenders, with the help of ACCE, the Coronels were finally directed towards New American Funding’s Downey branch, led by branch manager Mario Loria. New American Funding was able to successfully finance the Coronel’s home purchase and close their loan in 20 days with the help of Loan Officer Lilia Gonzalez and Production Assistant Xochilt Alvarez under Loria’s guidance.
After a four year struggle, the Coronels are not only proud homeowners once again, but they are back in the house where they raised their family. This past Thanksgiving and Christmas the Coronels spent the first holiday season in years with their children and grandchildren in their beloved home that was lost. They look forward to being able to spend many more happy years and holidays in their home in Azusa, California.
New American Funding is extremely proud to have been able to help the Coronels to once again achieve the American Dream of homeownership and even more pleased to have been able to help them with the home financing needs and product options to make it happen. Please follow the link to see the video coverage of this historic event: http://www.nbclosangeles.com/news/local/Azusa-Family-Becomes-First-in-Nation-to-Buy-Back-Their-Foreclosed-Home-283558511.html