On a typical Friday evening, just before closing time, Porfirio walked into our credit union carrying a briefcase filled with paperwork. He shared his story—a tale of financial uncertainty and the risk of losing his family’s home.
Porfirio recounted his private agreement with a seller, a contract that stipulated a hefty balloon payment after eight years. The weight of this impending payment wore on him, knowing that failure to meet it could result in the forfeiture of his home. His fears were compounded by the possibility of the seller altering the terms, leaving Porfirio and his family in a precarious position.
Recognizing the gravity of his situation, Assistant Branch Manager Charlie decided to dive deeper into the details of Porfirio’s predicament through open questions with the help of Carmen, a bilingual branch employee. The duo brought Lending Director Darla into the conversation to help find the best possible solutions to make sure Porfirio didn’t lose his home. While considering various options, such as a home equity loan, we proceeded with caution, cognizant of the potential hurdles ahead.
When Porfirio returned with his children the next day, armed with meticulous records of their payments spanning eight years, it became evident just how diligently he had fulfilled his obligations. As the team navigated through his concerns and evaluated his financial standing, it became clear that seeking legal counsel on the contract’s terms was the prudent course of action.
Upon scrutinizing the contract, our legal team identified troubling elements indicative of predatory lending practices. Fueled by a collective commitment to make a meaningful difference, we wasted no time in initiating a Peninsula loan application process to get Porfirio out of the predatory lending cycle and into a stable loan with reasonable terms. Four days later, Porfirio received the long-awaited news of his approval, a moment of immense relief for him and his family!
For Porfirio, Valentine’s Day holds a newfound significance — a day not only of love but also of gratitude for the unwavering support extended by those who truly want to help. As he looks ahead, Porfirio harbors dreams of one day owning a farm and providing a better life for his loved ones, buoyed by the newfound security afforded by the assistance he received from the Peninsula team.
Porfirio’s journey stands as a testament to the transformative power of community and compassion. We extend our heartfelt appreciation to Charlie, Darla, and Carmen for their steadfast support in championing Porfirio’s cause. Together, we continue to empower dreams and forge meaningful connections with our members, one story at a time.
