AZUSA (CBSLA.com) — An Azusa family is very relieved after reaching an agreement with their mortgage lender, Fannie Mae.
Last week, the Coronels received a concession from the lender, allowing them to buy-back their foreclosed home for far less than the debt that went into default.
“For 25 years, this was my house and I got a lot of memories in here,” said Juana Coronel, the homeowner.
Juana and Jaime Coronel are now in their 60s and worked their entire lives to afford their 1,200 square-foot, single-story home.
But their American Dream went awry when they received a foreclosure notice from Fannie Mae in 2010 after they fell on hard times and missed payments.
The Coronels continued to rent the house.
But last November, they say the federal lender wanted to sell the home and began eviction proceedings.
“A lot of tears. I cry too much,” Juana Coronel said.
She said of Jaime: “He got a heart attack. Stroke.”
But the Coronels soon received much-needed help from the advocacy group, Alliance of Californians for Community Empowerment (ACCE).
ACCE was able to work out a principal reduction home loan for the family, which allowed the Coronels to buy-back their home at the current market price.
ACCE said the Coronels are now the first homeowners in the U.S. to do so.
“It was very good to see that there are still people out there that genuinely care the way things are going right now,” said Edgar Coronel.
CBS2 was unable to reach Fannie Mae after-hours for comment.