#2    The Situation:

An individual homeowner with full time employment encountered an on the job injured which made him unable to earn a complete income.  (His workman’s comp. insurance and L and I income was not enough for him to pay his bills or his mortgage payments.)  (He was also being garnished about $800 a month from a past vehicle insurance claim.)

Because of his late and/or missed mortgage payments, his Lender would not work with him unless he paid to them a large lumps sum payment first.  The foreclosure process was started....

Due to his history of late mortgage payments, and his current credit scores, the homeowner could not qualify for refinancing with a conventional mortgage lender.

The appraised value of the home was approx. $300,000.

The home owner owed approx. $150,000 on their mortgage.

The home owner also owed approx. $12,000 on the insurance garnishment.

The Action:

The homeowner was introduced to an Equity Lender that completed a loan that paid off his current loan, as well as the $12,000 insurance garnishment.  He also received approx. $5,000 to pay off some other minor debt and keep some “safety net” money.

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

The homeowner is now working full time again, and is receiving his complete income (with no garnishment). He also has very little monthly debt in addition to his mortgage payment.

The Result:

One year later, the homeowner had recorded 12 on time mortgage payments with the new Lender.  His credit scores were improved and he then qualified for a loan with a FHA mortgage lender at a much lower, 30 year FIXED interest rate.

Disclaimer and Privacy Statement