Hearing all of the news reports and the tragedy in New York and the Eastern U.S. seaboard, it reminded me that you can have a plan for your future, but there are circumstances and events you can't control.
Earlier this week, Kim came into see me to get help so that she could get back on her feet financially. Kim was married and had three great kids. A case study for a family doing well! Until her husband developed cancer and passed away. Much of the family's savings were spent taking care of him and when she returned back to her job, she found that the company had restructured her role and she was now unemployed. Unfortunately, Kim's husband didn't have mortgage insurance, but just a small mortgage was left on her $400K house.
Fast track 4 years later...(this past week), Kim came into see me on the recommendation of her lawyer. Kim still hasn't found suitable employment and is having a hard time making ends meet. She consistently has had problems paying her TD mortgage and some other bills. Her bank hasn't been kind to her and threatens to reposes her house.
What can be done?
Kim's on the verge of getting a new job and prospects look good for her in the next few months. This is where a private mortgage can help her financially. Because many private lenders will work with borrowers and create terms and conditions that will satisfy both parties. I suggested a private loan to pay out her existing TD Mortgage, her current bills and loans and also to grab hold of $15,000 in equity from her home for personal savings. The private mortgage that was set up allowed her no payments for a year to get her back on track. In a year we fast forwarded that her credit score would improve and she would be employed. Without the debt payments hanging over her, she could now focus on getting a job and her life back in order.
Has a hurricane gone through your life and finances? Call or e-mail me if you'd like to discuss your financial situation. Sandra
tel: 5197633900 ext.1001
e-mail: lastovic.s@mortgagecentre.com
2 comments:
Great Bolg post Sandra. Very well written, Scott Findlay
Before you choose a home loan package, make sure that you understand the basics of the interest rate structure, and other details. You alone know your situation; hence decide for yourself the structure that is best applicable for you.
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