We had recently received a referral from one of our trusted partners where a homeowner from Vancouver, BC was on the verge of a bankruptcy and possibly losing her home to a foreclosure due to an illness followed by a recent job loss. Bills started piling up very quickly and so did the phone calls from the creditors shortly after, her credit was deteriorating and she needed to act fast. She was desperate to find work to be able to continue to make her mortgage payments and keep her family safe in her home. The good news was that she had some equity in her home and we were able to find a way to help her fast.

How We Were Able to Help:

Without any proof of income requirement and with her low credit score, one of our lenders arranged a second mortgage on her property at a total of 75% of the value of her home – we negotiated with the lender to pay off all of her outstanding credit cards, bills, and get caught up-to-date with her mortgage payments.

The lender also provided an option to have an interest reserve set aside from the mortgage proceeds so that she would not have to make any payments on this second mortgage for the one year term. By doing this, she was able to keep her family and young children in the home and allowed her some time to put together a plan to either sell her home or look at other options. Also, we were able to reduce her bills by over $1,800 per month even without the interest reserve.

As Mortgage Professionals, we are here to help our clients through their best times when they are either purchasing their very first home or investment property and sometimes their worst times when there are deaths in families, job losses, business failures, divorces etc. and everything in between. We have the experience, knowledge, and understanding that life events can and will happen to all of us at some point and we are here to help our clients through them. If you know of a friend or family member that is going through some financial difficulties and could use our help, please contact us.