Anna is a proud immigrant to Canada. She worked hard in her country of origin and decided to settle here in Quebec. When she arrived, she bought a duplex in cash to move in with her 2 adult children and their respective spouses. <\/p>\n\n\n\n
Life was good for many years. When she retired, her income dropped considerably. The property is now starting to need some work, and she would like to refinance. Unfortunately, she does not have a good enough credit rating to refinance. In addition, her children have accumulated debt over the years, making it difficult to use them as co-borrowers. She and her children begin looking online for a private lender, which at first glance will allow them to pay off their debt and do the necessary work. <\/p>\n\n\n\n
The private lender provides a loan of $350,000 on an assessed property value of $500,000 and prepays them for a full year, at a rate of 12%. They are happy! No payments for the entire first year, which will allow them to breathe easy for some time! Then, the end of the term comes\u2026 <\/p>\n\n\n\n
Anna\u2019s son had a cut in his work hours and his credit rating did not increase enough to allow him to be refinanced with a bank. They must renew with the lender, pay a renewal fee and start making the monthly payments, which are now $3500 \/ per month! <\/p>\n\n\n\n
Even when combining the earnings of 5 adults, payments, food, gas, electricity, taxes, and kids, it\u2019s hard to sustain this sort of payment. At last, Anna reaches out to us for help. <\/p>\n\n\n\n
Here is what we were able to do for her: <\/p>\n\n\n\n
With this new arrangement, we were successful in reducing the monthly payment to $2,175 per month, a savings of $1,325 per month and the mortgage balance gets reduced with every payment. <\/p>\n\n\n\n
Overall, this is a great outcome for our Anna and her children! <\/p>\n","protected":false},"featured_media":2527,"parent":0,"template":"","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":""},"class_list":["post-6757","etudes-de-cas","type-etudes-de-cas","status-publish","has-post-thumbnail","hentry"],"blocksy_meta":[],"acf":[],"yoast_head":"\n