Here is how I (Rumy Gill – Brampton Mortgage Broker) was able to help finance a $465k Private Mortgage in Brampton to pay off mortgage arrears and credit card debt. Jack and Tracy found themselves in the biggest financial mess of their lives; due to the ongoing COVID-19 situation, Jack and Tracy were just barley getting by due to uncertain circumstances. Jack had just lost his job and he was trying to find new employment and Tracy had transitioned to working from home.
With the constant scare of COVID-19 and rising daily case numbers, Jack fell into a depressive state and wondered if even trying to find work was going to be worth it. Jack did not want to leave his home and be exposed to getting COVID-19. He was really afraid and just wanted to stay at home, or just find a job where he could work from home. Jack told Tracy that it would be best that they both not leave the house at all and just order any food or supplies from online until the situation of the COVID-19 would calm down.
For months Jack and Tracy did just that, they stayed home, and only went outside on the porch or their backyard to get some fresh air, although they were protecting their health and well-being. Their finances on the other hand were falling apart. Since Tracy was the only one working and bringing in income the finances started to fall apart as Tracy’s income was not enough to keep with all the expenses.
Even though, Jack had applied for the CERB and did receive money to help with the cost of expenses, it still wasn’t enough, they had racked up their credit cards, and they were behind on their property tax and started to miss some payments on their mortgage. Although they had deferred some payments with the lender, it was now time for them to make back those payments and Jack and Tracy were not able to make the mortgage payments and fell into arrears. Unfortunately, the situation got worse, due to all the stress, Tracy was unable to keep her job and now they needed help and fast.
They had thought about selling their home at one point but the thought having strangers come into their home during this pandemic scared them and they just didn’t want to sell. Without jobs, where would they move too?. It all just seemed overwhelming to them.
Not knowing what to do, Jack and Tracy contacted me, Rumy Gill – Brampton Mortgage Broker, to help them find a way to save their home and clean up their debts so they both could focus on trying to find new jobs so they could get back on track.
After getting a clear picture of their current situation, this is what I was looking at:
- Value of their home $700k
- Current Mortgage with Missed Payments $325k
- Credit Cards $35k
- Behind on their Property Tax for $10k
Even with their bad credit and no income situation, I was able to get them a new Private Mortgage on their Brampton home for $465k. The new Private Mortgage of $465k provided Jack and Tracy much needed breathing room and helped cleaned up their financial situation.
Here is what the new Private Mortgage of $465k was able to do:
- Pay off the Current Mortgage and Arrears of $325k
- Pay off the Credit Cards totaling $35k
- Cover the payments for one year for on the new Private Mortgage
- Give them $50k cash in hand for any Emergency or Savings
- Pay their property tax in full for $10k
This allowed Jack and Tracy to now start rebuilding and maintain their credit, start looking for jobs without the financial stress, and have cash available to them for any emergency that may come up.
Since the Private Mortgage was funded, Jack and Tracy have been successful in their new jobs, as they have both been able to land job interviews and it is only a matter of time before they land a job.
If you are looking for a Private Mortgage in Brampton, make sure to contact Brampton Mortgage Broker – Rumy Gill, today to get the Best Private Mortgage Options for your Mortgage Situation.
Also, if you are looking to change mortgage companies, it may be the right time to refinance your mortgage so you can get the best rate and monthly payments for your mortgage.