On behalf of a permanent resident alien, we saved his investment property from foreclosure by providing him with a foreclosure bailout loan, closing 4 days before the sale date.
Our client had purchased the property, a single-family residence in Miami, nearly 2 decades ago in 2005. In 2018, he placed debt on the property with a $300,000 mortgage. In March 2019, he defaulted, and the lender filed for foreclosure in August 2019.
After his attempts to delay the foreclosure failed, and with his scheduled foreclosure date looming, he came to us looking for help.
The list of challenges was long.
First, the borrower had several negative credit events. Besides the foreclosure action, he had also filed for bankruptcy twice (both bankruptcy cases were dismissed for his failure to file the required documents).
Second, the borrower had a criminal record.
Third, the property itself had issues, with no less than 5 code enforcement actions and 6 building violations.
Despite those hurdles, we found a lender willing to extend him a foreclosure bailout loan.
We obtained 65% loan-to-value for a loan amount of approximately $515,000. We also helped him get an amnesty letter to reduce the payoffs for the code and building violations.
Ultimately, he was able to finance all closing costs, and after paying off the plaintiff lender in the foreclosure action and after paying off the city for the various violations, he was still able to leave the closing table with about $6,000.
Importantly, we closed him quickly in 24 days, and 4 days before his scheduled foreclosure sale date.
After being fully paid off, the plaintiff lender moved to cancel the foreclosure sale, and our client was able to keep the property.
Do you need a foreclosure bailout loan? We have the expertise to help. Contact us today to discuss your scenario.