From Hurting to Homeowner

Yoly Planells felt her phone buzz in her pocket at the dental practice where she works as a hygienist.

Tears flowed when she read the message.

Despite what she’d saved for the down payment, her sterling credit score and history, and the low loan-to-value percentage of the home she’d been pre-approved to purchase, her banker texted that financing had fallen through.

“I was so upset,” Planells remembered. “It was hard to find this house because supply is low and the prices are high and this is the one that worked for me. I had been a customer of that bank for 20 years with no overdrafts and a full savings account. I was really upset when I later learned it was because of additional income that could have been taken into consideration if they had only asked me the right questions.”

Planells’ homebuying dream wasn’t dashed, however. Her practice’s office manager suggested she contact her mother, Teresa Diaz, at Regions – an idea seconded by the doctor she worked for who also was a Regions customer.

“Teresa’s daughter Michelle told me, ‘Don’t worry, Yoly, my mom is going to help you,’” Planells recalled her co-worker saying. “‘I know she will do anything in her power to help you.’”

That’s just what Diaz, who manages 14 Miami-area branches for Regions, did by tapping the expertise of veteran Regions Mortgage Loan Officer Lisette Fernandez.

Fernandez began looking for the loan that best met Planells’ needs and circumstances – a mortgage loan process that included painstakingly asking about and documenting all income sources – a key step her former lender had missed.

They had not asked about Planells’ child support from her divorce or the second income she received from a second hygienist job. As a result, this time the loan sailed through the process and met all the income requirements without a hitch – closing in just over a month.

“As soon as I met Yoly and learned the details, I immediately got together with the underwriter,” Fernandez said. “She was already out of contract and in jeopardy of losing her deposit so there was no time to lose. After communicating with the buyer and the selling agent, I was able to get a new contract and go from there.

“We asked all the right questions and got to work. And it was magic. Everything fell into place. I went to the closing to make sure Yoly felt supported, and was glad I had the opportunity to be there for her and walk her through it all.”

“This was a dream come true for Yoly and her girls,” Diaz added. “It upset me, too, when I heard her story. She had worked too hard to put herself in a position to make this important move for that to happen since she was more than qualified financially. We were all determined to help her succeed and to show her we personally cared – an experience we try to deliver every day to our customers.”

‘Treated me like family and gave me confidence’

Planells said she was so moved by the care Diaz and Fernandez displayed throughout the home financing process that she moved all of her accounts to Regions.

“What this home means to me is being able to be more independent, live in a safe place and in the right neighborhood near my work and the girls’ school,” she said. “We all got our own rooms, and a yard we never had when we were living the past two years with my parents in their small apartment after my divorce. Everything has fallen into place and it’s all because of Teresa and Lisette.

“They never gave up, treated me like family, and gave me confidence throughout the process that everything was going to be OK,” Planells said. “I’m so thankful that text message I got that day wasn’t the end of the story — and my search for a home and a better life for me and my family.”

Editor’s note: June is National Homeownership Month. Whether you’re interested in purchasing a home or making renovations, see the Regions Next Step^® Homeownership financial podcast series on Homeownership or Homeownership Resource Center for helpful tips and more.