The Foreclosure Minute Blog
Phillip worked as a welder before retiring in May 2011. Now on a fixed income, his mortgage payment of $906 per month put his debt to income ratio over 31%. Luckily, Phillip never went into default, but his monthly retirement payments were $800 less than he had previously earned, and he was beginning to feel the pinch of his reduced income. A single parent, Philip immediately sought assistance to ensure he would be able to keep his home for him and his 12 year old son.