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Story #2

A client of ours had racked up a lot of credit card debts over the years and was starting to make payments late on some of these accounts. Her credit took a nose drive.  As a result of the late payments, she started paying very high interest rate on her credit card, and was rapidly increasing the debt.  

Good news was that she had equity in her house!  She had decided she wanted to take out some of this money to pay off her credit card debt.  

However, due to her low FICO score, she had a difficult time obtaining a new mortgage. We helped her get qualified for a FHA loan and she was able to clear up all of her debts.

To assist her even further, six months after the FHA loan, since she was debt free and her FICO score had risen, we helped her to obtain a low interest rate on a conventional loan.  

Our client finally got out of the nightmare she had struggled in for years. Now she is debt free and has a low mortgage payment!

Posted in:Stories
Posted by Andrew Liu DRE: 01109246 NMLS#249736 on February 16th, 2017 1:09 PM

Story 1:

A client of ours called, and he was in panic. He and his partner had purchased a home together a few years ago, but his partner just moved out and needed cash to purchase a property in another state. My client needed cash fast so he could pay his partner off and kept their current house.  The cash-out would be more than enough for the partner to pay all cash for a property in another state.

They went to a major bank for a cash-out loan.  At the time, the loan seemed to be progressing nicely. Anticipating that cash would come soon, his partner got into a purchase agreement, then removed all contingencies. Few days after that, the bank informed them that it would not fund them.

Now, my client was in a really bad situation. His partner demanded that they sell their current house in order to get the cash he needed to finish his purchase. However, on the other hand, my client wanted to keep the house since he wouldn’t be able to purchase a similar one with the price he paid few years back.

I helped him to locate an investor who provided him with a bridge loan so that he could get the cash he needed for his partner and he kept the house he was living in. 

 

Story 1:
A client of ours called, and he was in panic.  He and his partner had purchased a home together a few years ago, but his partner just moved out and needed cash to purchase a property in another state. My client needed cash fast so he could pay his partner off and kept their current house.  The cash-out would be more than enough for the partner to pay all cash for a property in another state.

They went to a major bank for a cash-out loan.  At the time, the loan seemed to be progressing nicely. Anticipating that cash would come soon, his partner got into a purchase agreement, then removed all contingencies. Few days after that, the bank informed them that it would not fund them.

Now, my client was in a really bad situation.  His partner demanded that they sell their current house in order to get the cash he needed to finish his purchase. However, on the other hand, my client wanted to keep the house since he wouldn’t be able to purchase a similar one with the price he paid few years back. ?

I helped him to locate an investor who provided him with a bridge loan so that he could get the cash he needed for his partner and he kept the house he was living in. 

Story 1:
A client of ours called, and he was in panic.  He and his partner had purchased a home together a few years ago, but his partner just moved out and needed cash to purchase a property in another state. My client needed cash fast so he could pay his partner off and kept their current house.  The cash-out would be more than enough for the partner to pay all cash for a property in another state.

They went to a major bank for a cash-out loan.  At the time, the loan seemed to be progressing nicely. Anticipating that cash would come soon, his partner got into a purchase agreement, then removed all contingencies. Few days after that, the bank informed them that it would not fund them.

Now, my client was in a really bad situation.  His partner demanded that they sell their current house in order to get the cash he needed to finish his purchase. However, on the other hand, my client wanted to keep the house since he wouldn’t be able to purchase a similar one with the price he paid few years back. ?

I helped him to locate an investor who provided him with a bridge loan so that he could get the cash he needed for his partner and he kept the house he was living in. 

Posted in:Stories and tagged: Stories
Posted by Andrew Liu DRE: 01109246 NMLS#249736 on December 8th, 2016 12:11 PM

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Pacificwide Lending

CA License #01762647 NMLS#241222, TX License #241222, FL License # MBR 3291

7041 Koll Center Pkwy Ste 270 Ste 270
Pleasanton, CA 94566