White Board Window - Finding a lender

Lynda Steward: We have gone through some real major changes, especially my son, who is now facing foreclosure. So he was asked to refinance. We asked his lender could we refinance, and they denied him. They told him that he had to default and he did that. And now he is facing foreclosure, because he couldn't get into the system to refinance. So it would be a great benefit to be able to save his home if we could refinance. Brian Deese: This is a very tough story, but it reinforces why refinancing is so important. Nobody should be in a position where they are doing the right things, they are paying their bills, they are meeting their obligations, and the only way they think they can get assistance is to default on their loan. So the goal of providing universal access to refinancing is that anybody who is in that situation will know, that if they go to a lender, they will have someone who will say yes and who will work with them to try to find a way to refinance.