BROWNS SUMMIT, N.C. — Ask Quandra Graves about her Brown Summit home and she gets a smile from ear to ear.
“I love it, I love the area absolutely,” Graves said.
Everything about the home is perfect for Graves; she couldn’t be happier. The house is big enough, in a nice neighborhood surrounded by trees and close to plenty of businesses she frequents.
Everything was going well until Graves ran into some financial difficulties. She contacted her mortgage company and applied for mortgage relief. Graves was given three months of relief but had to apply again a few months later.
The mortgage company would eventually approve a 1-year mortgage relief program for Graves. While Graves worked to get back on track financially the monthly mortgage payments were deferred.
“It was a blessing,” Graves said.
After the year everything was falling into place. Graves had gotten into a better financial place and had been able to save up some money along the way.
Once the year was up Graves was ready to start making those monthly mortgage payments again when she received a letter from the mortgage company.
“The way it was explained to me, (the deferred payments) were like a second mortgage, so there was a balloon payment at the end of the term,” Graves said.
The mortgage company, however, expected the balloon payment to be paid at the end of the year, not at the end of the 30 years.
“What made me panic is when I received a certified letter,” Graves said.
The mortgage company started the foreclosure process. The mortgage company wanted the money paid or it would look to foreclose on the property.
“I was at a point where I was going to call an attorney because I did not know what to do,” Graves said.
Instead of contacting an attorney Graves called WFMY News 2 first. We were able to contact the mortgage company and explain the situation. After talking with Graves again the mortgage company agreed to put the balloon payment on the back end of the 30-year loan.
“I feel great,” Graves said. “Thank you, thank you, thank you.”
Graves can stay in the house which is all she ever wanted.
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