$420K
Second mortgage that stopped a foreclosure
A client was $100,000 in mortgage arrears, and the major lender had already started moving to foreclose. Four other brokers had told them they could fix it. None had delivered.
We structured a second mortgage behind the existing first and negotiated directly with the lender to halt the proceedings while it settled. The lender's own legal team asked us how we were actually getting it done. We just did the work.
The second mortgage settled inside twelve months, the arrears were cleared, and the foreclosure was stopped.
The finance
This was a second mortgage deal.
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