On behalf of a husband and wife, we refinanced the loan on their waterfront property in Broward County, Florida, to bail them out of foreclosure.
The husband and wife were embroiled in a foreclosure action with their lender for more than seven years.
They defaulted on their mortgage payments in September 2013, and the lender brought a foreclosure action against them in December 2013. In June 2014, the lender obtained a summary final judgment of foreclosure, but the foreclosure sale date was rescheduled multiple times as a result of numerous bankruptcy filings by the husband and wife.
The foreclosure sale was eventually scheduled for February 2021.
That’s when our clients came to us for help.
We were able to provide them with a foreclosure bailout loan from a private lender, allowing them to refinance and pay their current lender.
Therefore, the February 2021 foreclosure sale was canceled, and the foreclosure action has been dismissed.
The husband and wife can now keep their home.
Besides the pending foreclosure, another challenge was the subject property’s roof. Due to the short shelf-life of the roof, the current insurance company was unwilling to extend coverage. Luckily, due to our close contacts, we found an insurance agent that was able to successfully bind a new insurance policy for our clients.
The new loan we obtained for them is a short-term, hard money bridge loan, with no prepayment penalty, allowing them to refinance into a more conventional loan once they improve their credit scores.
Are you facing a foreclosure action by your current lender? We can help bail you out of foreclosure and allow you to keep your home. Contact us today to discuss your scenario.