Typical Scenario

Mr. Borrower purchased his home in 1990 for $250,000. He married in 1992.

He divorced in 1997, and was required to pay his ex-wife monthly spousal support. He fell behind on support payments, which resulted in his wages being garnished, and his bank account being attached. As a consequence, paying his bills became even more difficult and although his ex-wife's spousal support payments were now current, he became delinquent on his mortgage loan, auto loan, and credit cards. His credit rating suffered as his credit cards went into collection, his car was repossessed and his home went into foreclosure.

Since his job relied on him having a car he was let go.

In 2000 his home was valued at $500,000 and his first loan had a balance of just $200,000. We made a 2nd loan (behind his existing 1st loan), which brought his 1st loan current and gave him the money he needed to get back on his feet.

Mr. Borrower remarried this year and lives happily ever after.