Chase bank is scheduled to foreclose on Tim Collette's home in Bend, Ore., in about a week. All Collette wants to do is keep his home until his son visits in August from serving in Iraq.
With time running out, public officials are helping Collette, his son and thousands of others navigate the often frustrating mortgage modification maze in a shaky housing market.
"I spoke to my son this morning and told him that people are working on it and there could be a way we could have the home when he visits," Collette said.
Son Aaron, 20, has been deployed with the Army in Iraq since February and is scheduled for a temporary visit home in August for 15 days. "All he wants is to rest and sleep in his own bed," Collette said.
Collette, a specialty contractor, said he had always paid every bill and mortgage payment on time, with a credit rating of 810, just below the highest possible score of 850. When Collette bought his home in June 2006, he even put down $100,000 as a down payment to avoid borrowing too much.
But after the economy and the housing market took a turn for the worst, he lost his job in 2008. Unsure how long he would be unemployed and trying to prevent future problems with his mortgage, Collette said, he sought the advice of his bank, Chase.
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