JoAnn Henderson bought her house New Carrollton, Maryland, in 2001. She refinanced a few years later for a higher amount. Shortly before she retired from her teaching job, she started having trouble with the steep payments.
“You would miss a couple and then you’d pay and pay and pay," she says. "And then you’d miss a couple more. Yeah — I almost lost the house.”
Henderson got a loan modification, which dropped her interest rate to 3 percent. Now she’s even got a rainy day fund.
“A tiny one," she says, laughing. "Not a big rain. A small rain.”