#1    The Situation:

Husband and wife homeowners had family members that needed urgent medical attention.

Due to the sudden medical bills needing to be paid, the homeowners began becoming late on their mortgage payments.

After a few months, their Lender started the foreclosure process....

Due to the history of late mortgage payments, and their current credit scores, the homeowners could not qualify for refinancing with a conventional mortgage lender.  (They attempted and were turned down.)

The appraisal value of their home was approx. $335,000.

The home owners owed approx. $170,000 on their mortgage.

The Action:

The homeowners were introduced to a Equity Lender that completed a loan that gave them approx. $10,000 in cash out money to pay off the remaining medical bills, as well as some other debt.

They also agreed to use the loan to prepay 6 months worth of mortgage payments, making the homeowners first mortgage payment due from them 7 months from when their loan was completed.

The homeowners also received credit repair services to help correct the negative information listed on their credit report, and to bring up their credit scores.

The homeowners are now working full time and have no monthly debt (other than their upcoming mortgage payment.)

The Result:

After one year, the homeowners will have recorded 12 on time mortgage payments with the new Lender.

Their credit scores will also be improved and they can again then qualify for a loan with a conventional mortgage lender, if desired.

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