We spotlight MaryAnn, a Truehold resident in St. Louis, who used a sale-leaseback to avoid foreclosure.
Like many others navigating the evolving housing market, MaryAnn found herself grappling with escalating costs. Truehold’s recent survey of 2,5000 American homeowners highlight this growing trend: 56% of Millennials and 53% of Gen Zers say they cannot or are struggling to afford their home due to inflation and rising costs and are looking to cash out equity.
After diligently managing her mortgage for years, MaryAnn was confronted with an unexpected increase in her monthly payments, which soared from $540 to over $900. Determined to keep her home, she took decisive action, and started the process of refinancing with the bank. But even as she did, a foreclosure letter landed in her mailbox. MaryAnn recalls the moment vividly, "Out of the blue, one day, I go to my mailbox and there's a letter from a lawyer with the foreclosure letter. A couple of days later, I get a sale date."
The prospect of losing her house - her haven of 14 years - was scary. MaryAnn admits, "I wouldn’t have anywhere to go. Especially working from home, I would’ve been so screwed."
It was then that she found Truehold.
Truehold’s team offered a fresh perspective and a viable solution through a sale-leaseback. They suggested taking part of her home's purchase price, placing it in a trust, and using it to manage her rent payments for two years. This approach provided MaryAnn with the financial breathing room she needed.
MaryAnn credits the support and guidance of the Truehold team for their part in her success. "It was super easy. The lady that I was working with was even reaching out to [the bank]. She was so helpful to get me through at all.”
“She was so helpful to get me through at all.”
MaryAnn is aware that her situation isn't unique—many homeowners are struggling with increased payments: "I’m sure I’m not the only one they’re doing this to." Today, she enjoys a newfound sense of stability and is committed to renting as a more manageable and predictable housing option than homeownership. When asked if she would recommend Truehold, she responds emphatically: "100%, especially if they're facing challenges with their bank. Because you all take care of the taxes, all of that.”
Truehold played a pivotal role in MaryAnn's journey to regain her financial stability: “You all saved me from losing my house,” she says. But it's MaryAnn's proactive approach and resilience that truly shine through. Her story serves as a beacon of hope and encouragement to others facing similar financial challenges. At Truehold, we are committed to working alongside you, providing tailored financial solutions to help you rise above housing challenges.
“You all saved me from losing my house.”
This interview has been edited for length and clarity.
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