Here is how Brampton Mortgage Broker – Rumy Gill, helped Ben and Tina, both residences of Brampton had contacted Me in for a Debt Consolidation Second Mortgage. Ben and Tina were going through a rough financial time in their lives, although they had a household income of over $130k a year it was not enough to cover all their expenses.
Ben and Tina had fallen behind on their Credit Card Debt, Pay Day Loans which were in collections, and were struggling to keep up with their Line of Credit which was maxed out, Car Payments and Mortgage Payments.
Ben and Tina had never been in a situation like this before; they had always paid their Debts in full and never missed any payments. The stress that came with Dealing with the unpaid Debts was a new and stressful experience; they didn’t know how to deal with Collections.
When I asked Ben and Tina what happened; they told me that Ben’s Mother in Guyana has passed away unexpectedly;
“We had just pick up and go. We didn’t have any savings so we had to get Money from our Credit Cards, Line of Credit, anywhere we could. It’s not until we got back and realized how much Debt we racked up. But we had to do what we had to do, Ben’s family is not well off financially and we had to cover all the expense. We just need help, to get this taken care of. We don’t know what to do, it feels like we are just paying what we can and digging ourselves more into debt.”
After getting the full picture of the situation, I was able to talk to Ben and Tina about getting a Debt Consolidation Second Mortgage to help them get out of the messy situation that was created.
Ben’s and Tina’s Credit Cards $50k maxed out and could not make the $1,800 month
Line of Credit $25k maxed out where they were paying $200/month
High Interest Car Loan of $45k where they was paying $800/month
Pay Day Loans paying $5k where they were paying $300/month
Ben’s and Tina’s Total Debt was totaling to $125k, this did not include their Mortgage.
Ben’s and Tina’s Mortgage had an outstanding balance of $525k on their $850k Home, and they had renewed it 1 year prior for a 5 year fixed of 2.85%. The penalty was very expensive and their credit score had taken a big hit, they would not qualify with a Bank right now. They would need to pay off their Debts and allow some time to let their Credit Score heal.
The best possible option for Ben and Tina was to get a Debt Consolidation Second Mortgage of $175k. This allowed for all Ben’s and Tina’s Debts to be paid in full, and allow them to have some extra cash in hand for an unexpected Emergency or use it to make extra lump sum payments to their existing Mortgage.
Ben and Tina are feeling like life is back on track, and they are now able to manage their finances without any more stress. We also created a plan refinance their Debt Consolidation Second Mortgage of $175k in their Mortgage sooner than planned.
Contact Brampton Mortgage Broker – Rumy Gill, Today to get the Best Mortgage Options for your Mortgage Situation.
Rumy Gill – Mortgage Broker
Direct: 416-855-0545 Ext 101
Email: Rumy@BramptonMortgageBroker.com
Office : 2260 Bovaird Dr. E. Unit 202A
Brampton, ON L6R 3J5
Mortgage Intelligence Inc. – Lic# 10428
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