For Mortgage Arrears
Frank has been laid off his job for a few months, and now he's received a demand letter from the bank after he missed 3 mortgage payments. His bank is not willing to help due to his current lack of income, and Frank doesn't want to sell his family home.
The 360Lending team was able to get Frank a 2nd mortgage that was structured so he doesn't have to make payments for the next 6 months. Our arrangement allowed Frank to catch up on his mortgage arrears, get a bit of extra cash, and not have to worry about his cash flow for the next 6 months.
|1st Mortgage Balance:||$98,000|
|Home Equity Loan Amount:||$30,000|
|$7,200 Mortgage Arrears:||PAID|
|Mortgage Payments Next 6 Months:||PAID|
|Payment Home Equity Loan:||$225 per month|
For Property Tax Arrears
Matt and Rachel recently inherited their home from their parents. Their elderly parents are about 5 years behind on their property taxes, which the city is charging ~15% interest per year. Matt is currently working part-time and Rachel is a self-employed contractor. They want to act before the city pursues power of sale on their property.
Our advisors at 360Lending used the equity in their property to pay off the property tax arrears, which saved them thousands of dollars per year in interest, and avoided additional costs from future legal action. In addition, we also got them extra funds so they can complete some property upgrades to further improve the value of their home.
|1st Mortgage Balance:||$440,000|
|Home Equity Loan Amount:||$66,000|
|$27,500 Property Tax Arrears:||PAID|
|Power of Sale:||AVOIDED|
|Payment Home Equity Loan:||$436 per month|
For Income Tax Arrears
Jane is a long-term contractor for a language school. She went through a rough patch in life and accumulated about $55,000 in income tax arrears over a long period. Finally the Canada Revenue Agency registered a judgement on her credit bureau, and she's at risk of having her wages garnished.
360Lending was able to refinance her home at a low rate, and used the money to clear up her income tax arrears. By removing the judgement on her bureau, Jane's credit score skyrocketed, which allows her to qualify for better products in the future.
|1st Mortgage Balance:||$122,000|
|Home Equity Loan Amount:||$71,000|
|Payment Home Equity Loan:||$488 per month|