Down to the Wire!
August 8-14 Deal Of The Week
Andy from Oakville, Ontario had come under hard times at the beginning of the year when he lost his job. Unable to find work, the bills started piling up and he found himself in mortgage arrears, tax arrears and had all his credit cards maxed out. Andy called us with 4 days before he would face foreclosure on his property from the bank.
Here’s what his situation looked like:
Property Value: $750,000
1st Mortgage: $221,000
Credit Score: 533
How we helped:
2nd Mortgage: $190,000 with 3 day closing
Using the existing equity in his property, we were able to avoid foreclosure and get Andy’s head back above water. The first mortgage and property tax arrears are now up to date, and his credit card debts have been paid off. To help Andy in the coming months, we included $40,000 cash so that he could make his monthly payments until he found work again.
In 3 days Andy went from a state of emergency to one of comfort and ease, and we are grateful to have provided that for him.