On behalf of a mother and daughter, we refinanced the loan on their property in Broward County, Florida, to bail them out of foreclosure. They had defaulted on their mortgage payments in June 2019, and the bank brought a foreclosure action against them in December 2019. In February 2020, the bank moved against them for a summary final judgment of foreclosure.
Besides the pending foreclosure, another challenge was the daughter had a prior bankruptcy that was recently discharged in 2018.
However, we were able to provide them with a foreclosure bailout loan from a private lender, allowing them to refinance and pay the bank. The foreclosure action has been dismissed, and the mother and daughter get to keep their property. Their new loan is a short-term bridge loan, allowing them time to refinance into a more conventional loan once they improve their credit scores.