Success Stories

James Jackson
Belair-Edison Resident

Waving happily from his front lawn with his two-year-old daughter, an observer would never guess that James Jackson has gone through some very difficult times recently. Jackson’s story is the American Dream. It’s about hard work, determination and happy endings.

Jackson was raised in Baltimore’s projects by his mother. He was determined to make it out of the projects. He is the only one of seven siblings to graduate from high school. After high school, while working during the day, Jackson attended night class for two years to get his certification in electrical & construction blueprint. After that he went on to acquire a commercial drivers license.

In 2004, Jackson bought his first home; a home that was safe for his 2-year old daughter and 10-year-old son to play. “I was surrounded by drugs and gunfights growing up, I’m trying not to expose my children to that.”

Jackson has invested in his children to give them opportunities that he never had. “I was a really good gymnast,” Jackson remembers, and when he discovered that his son shared similar talents, he enrolled his son in gymnastics class. His 2-year old daughter is already attending pre-school.

Just about a year ago, Jackson’s mom passed away. It was very hard on him, and Jackson took three days of bereavement leave from his work as a commercial truck driver. At the end of that leave, just after he dropped his daughter off at pre-school, a car ran a red light and hit his car. The injuries were so bad that Jackson was taken to Shock Trauma.

“My boss kept saying that they would hold my job for me,” but upon his return he was informed that he had been released from his job. He had been gone too long.

A single father, Jackson was desperate, his bills were backing up, and he was still grieving the death of his mother. He tried to apply for unemployment, but a glitch in the system kept him from receiving benefits.

“I didn’t know where to go.” Then a friend recommended that Jackson refinance his home and use some of his equity to catch up. The friend referred him to a mortgage broker that she used to refinance.

Jackson was nervous about refinancing; he had a good rate of 5.5% on his mortgage. “It hurt me so bad, because I never wanted to refinance.” The mortgage company’s name indicated it was a Christian institution, which eased Jackson’s mind. “She [loan officer] kept telling me, we’re going to take care of you.”

"I only wanted to take out $15,000 to get caught up on my bills and help pay for my mom’s funeral”. When Jackson looked at the settlement sheet he was shocked to see that they were taking out another $5,000 on top of $15,000, and they were raising his interest rate from 5.5% to 8%.

When he asked his loan officer about the additional $5,000, she told him he needed it to pay the fees for refinancing. Jackson was caught between a rock and hard place. His loan officer was reassuring him, telling him he was doing the right thing, “They were telling me I needed the help. She told me that because I had good credit, I could come back and refinance at a lower rate once I got a job.” So despite his misgivings, Jackson took the risk.

Later, when Jackson found a new job, he went back to the loan officer to refinance. He told her, “I don’t want any cash back, I just want to refinance at a lower interest rate.” She gave him a good faith estimate detailing the terms of the refinance. He agreed to it, and kept the paperwork.

When closing time came, his loan officer didn’t show up. Instead she sent someone else to his house. The new paperwork didn’t match the previous estimate. The mortgage increased by $13,000, even though he had asked for no cash back. They were still going to give him cash back and charge him additional fees. This stopped Jackson dead in his tracks, “I stopped filling out the paperwork,” and the loan officer told Jackson he could call the original loan officer with any questions.

When he called her, she got defensive, and demanded that he return the good faith estimate. “I kept the paperwork, and I still have it,” says Jackson.

At this point, Jackson decided to contact the real estate agent who helped him buy his house. She recommended that he come in and talk to housing counselor Roy Miller at the nonprofit Belair-Edison Neighborhoods, Inc. Miller was able to identify the refinance as having predatory characteristics and recommended that Jackson apply to Baltimore Community Lending’s HELP program. As of today, Jackson has been approved by the HELP Program and will be able to refinance at an affordable interest rate.

“I thank God they are giving me a second chance,” says Jackson.

Predatory loans take advantage of people, when they are vulnerable, and sometimes when they don’t realize they are vulnerable.

Jackson wishes he had listened to his mom’s advice, “The last thing she told me before she died was ‘Follow your first instinct.’ I had butterflies the first time I refinanced. I didn’t want to do it.”


	Case Study: James Jackson A single father, Jackson was desperate, his bills were backing up, and he was still grieving the death of his mother. Predatory loans take advantage of people, when they are vulnerable, and sometimes when they don’t realize they are vulnerable.	James Jackson Belair-Edison Resident Waving happily from his front lawn with his two-year-old daughter, an observer would never guess that James Jackson has gone through some very difficult times recently. Jackson’s story is the American Dream. It’s about hard work, determination and happy endings. Jackson was raised in Baltimore’s projects by his mother. He was determined to make it out of the projects. He is the only one of seven siblings to graduate from high school. After high school, while working during the day, Jackson attended night class for two years to get his certification in electrical & construction blueprint. After that he went on to acquire a commercial drivers license. In 2004, Jackson bought his first home; a home that was safe for his 2-year old daughter and 10-year-old son to play. “I was surrounded by drugs and gunfights growing up, I’m trying not to expose my children to that.” Jackson has invested in his children to give them opportunities that he never had. “I was a really good gymnast,” Jackson remembers, and when he discovered that his son shared similar talents, he enrolled his son in gymnastics class. His 2-year old daughter is already attending pre-school. Just about a year ago, Jackson’s mom passed away. It was very hard on him, and Jackson took three days of bereavement leave from his work as a commercial truck driver. At the end of that leave, just after he dropped his daughter off at pre-school, a car ran a red light and hit his car. The injuries were so bad that Jackson was taken to Shock Trauma. “My boss kept saying that they would hold my job for me,” but upon his return he was informed that he had been released from his job. He had been gone too long. A single father, Jackson was desperate, his bills were backing up, and he was still grieving the death of his mother. He tried to apply for unemployment, but a glitch in the system kept him from receiving benefits. “I didn’t know where to go.” Then a friend recommended that Jackson refinance his home and use some of his equity to catch up. The friend referred him to a mortgage broker that she used to refinance. Jackson was nervous about refinancing; he had a good rate of 5.5% on his mortgage. “It hurt me so bad, because I never wanted to refinance.” The mortgage company’s name indicated it was a Christian institution, which eased Jackson’s mind. “She [loan officer] kept telling me, we’re going to take care of you.” "I only wanted to take out $15,000 to get caught up on my bills and help pay for my mom’s funeral”. When Jackson looked at the settlement sheet he was shocked to see that they were taking out another $5,000 on top of $15,000, and they were raising his interest rate from 5.5% to 8%. When he asked his loan officer about the additional $5,000, she told him he needed it to pay the fees for refinancing. Jackson was caught between a rock and hard place. His loan officer was reassuring him, telling him he was doing the right thing, “They were telling me I needed the help. She told me that because I had good credit, I could come back and refinance at a lower rate once I got a job.” So despite his misgivings, Jackson took the risk. Later, when Jackson found a new job, he went back to the loan officer to refinance. He told her, “I don’t want any cash back, I just want to refinance at a lower interest rate.” She gave him a good faith estimate detailing the terms of the refinance. He agreed to it, and kept the paperwork. When closing time came, his loan officer didn’t show up. Instead she sent someone else to his house. The new paperwork didn’t match the previous estimate. The mortgage increased by $13,000, even though he had asked for no cash back. They were still going to give him cash back and charge him additional fees. This stopped Jackson dead in his tracks, “I stopped filling out the paperwork,” and the loan officer told Jackson he could call the original loan officer with any questions. When he called her, she got defensive, and demanded that he return the good faith estimate. “I kept the paperwork, and I still have it,” says Jackson. At this point, Jackson decided to contact the real estate agent who helped him buy his house. She recommended that he come in and talk to housing counselor Roy Miller at the nonprofit Belair-Edison Neighborhoods, Inc. Miller was able to identify the refinance as having predatory characteristics and recommended that Jackson apply to Baltimore Community Lending’s HELP program. As of today, Jackson has been approved by the HELP Program and will be able to refinance at an affordable interest rate. “I thank God they are giving me a second chance,” says Jackson. Predatory loans take advantage of people, when they are vulnerable, and sometimes when they don’t realize they are vulnerable. Jackson wishes he had listened to his mom’s advice, “The last thing she told me before she died was ‘Follow your first instinct.’ I had butterflies the first time I refinanced. I didn’t want to do it.”
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