Tony has fallen behind on his mortgage, personal debts and Hydro-Quebec, due to a reduction in hours at work. He is not comfortable in this new reality and is looking for a change.
First, Tony has made the decision that he wants to bring everything up to date and fix his credit rating. Secondly, he intends to do some renovations and sell his building for the best price. His goal is to make a good profit, pay off his debts and move in with his girlfriend.
In fact, he has tried to get mortgage financing from his bank. However, because of his credit rating and his current mortgage arrears, they won’t lend to him. B-lenders and alternative financing are not available because they are currently on 60-day notice.
A bad credit mortgage would only be available with the help of a private lender. *Beware here, call us have to contact aprivate lender, they are not all the same and not all are there for the right reasons. We have lenders that have been in business for many years and have specialized accreditations.
Bad credit mortgage in conjunction with an orderly sale, a winning result!
The solution here is an orderly sale with a private mortgage of first rank. Tony will be able to consolidate all his debts, arrears and associated fees. In addition, he will have more time to complete the work and sell his home for the best price. In an orderly sale, a real estate broker is appointed to make sure the sale goes smoothly. The ctr.imm will help Tony target the renovations that need to be done to get the best price.
Now that Tony has obtained a letter of commitment, he can contact a contractor to get a better estimate of his costs. Tony will get an idea from the contractor of the time frame to complete the work. Now Tony is equipped with the advice of the real estate broker, the condition and the cost of the work to be done. This information will allow us to structure a good mortgage bad credit. Tony will receive enough to bring all his arrears up to date, do the work, pay the application fees, notary, etc.
However, the loan contains an additional amount called “prepayment”. It will be used to reduce the monthly payments to a more affordable level. The purpose of the private loan is to help him and he will be in a better position at the end of the term!
For Tony, it is important to work with a mortgage broker who specializes in private and alternative financing. He wants to be supported through all the steps associated with his file. The key is to look at the financing in a global way so that you can act in a precise and local way.
To properly structure a bad credit mortgage, one must be able to answer the following questions:
What is Tony’s exit strategy?
Can we get the strategy in place before he loses the house?
Will the payments be realistic?
Can he save money by making the transaction?
Will his credit rating and financial situation improve?
Have we adequately addressed the client’s need?
On the one hand, to have a good transaction… You have to be able to answer yes to all your questions!
Tony is in good hands and he will be successful with this bad credit mortgage.
Plus, Tony can relax and sleep with a clear head knowing that:
Everything is under control
Tony will not lose his building in the meantime.
He will not need to lower his price since he will have made the necessary renovations.
He will not be in a hurry to sell and would not have to accept ridiculous purchase offers.
For more information on a bad credit mortgage, alternative financing or 60 day notice, contact us! It will be my pleasure to put my 10+ years of experience at your service!