Mortgage Case Study – Approving a mortgage during Foreclosure (Hard Money Financing)

foreclosureScenario: Client was in foreclosure and needed extra money to pay-off debt.

Mortgage Required: $290,000

Obstacles: Client was already behind on payments for his second mortgage and the lender has started foreclosure proceedings. Client also had no income verification as he just started a new business.

What we accomplished:

– Found a lender that was willing to payout the 2nd mortgage and give additional funds to pay of debt
– Settled the 2nd mortgage and saved the client from foreclosure
– The deal was finalized in 5 business days

What’s more interesting:

We managed to finance 75% of the appraised value with bruised credit and no income verification.

Result:

– Client avoided foreclosure and payed-off additional debt
–  Fast funding saved client additional interest costs
– Grateful client who got to keep his home! When banks said NO – we said a YES!

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