Three clients (that’s right 3 new clients…what is happening?) called this week all at the end of their rope. Welling up in our office, all of them told us how the house of cards was caving in. All three couples had a common denominator. The financial pressure was so great that they feared losing their homes for the first time and needed solutions fast. They blamed their banks for rolling out large lines of credit which of course over time, all had used, eventually maxing them out. Now they were using one credit card to pay another or throwing it on their credit line. They all tried to keep up but the writing was on the wall.
These are responsible hard working couples, two of them make over $100K who prided themselves on their credit and now the stellar credit was starting to suffer. It doesn’t take much to take a financially solid couple and turn their lives upside down, a reduction in overtime, reduced work hours, maternity and paternity leaves and or sickness. Luckily, for two of the couples, they called us in the nick of time. We were able to refinance their homes and there was enough equity that we were able to get their lines of credit and credit cards paid and their mortgage payment is still very affordable. One couple had let their credit slide with late payments so we had to organize a private second mortgage in order to pay off their credit lines and overdue income taxes. In less than a year, their credit score will rebound and we will be able to get them the best mortgage available. Don’t stick your head in the sand. If you are feeling you are on the slippery slope call us. We’re hear to help.