Brad was a fireman with a ton of consumer debt.   He made over 100 thousand per year but had no money.   Because he made such good money, he was easy prey for his bank, who rolled out lines of credit, visas, car loans and when all of those got maxed after his divorced…they rolled out another line of credit with a higher rate of interest.   Brad was depressed and almost destitute.  Almost every dime he made was going to payments to the bank.  You could say he was paymented to death.  Remember the bank wants to keep you in as much debt as they can, without bankrupting you.  Because if you were bankrupt you couldn’t pay the interest anymore.  So depressed Brad would get his paycheque and start subtracting.  At the end of the day, nothing left.  That’s when he came to us.

We reviewed Brad’s  entire debt load.  Sadly, he owed more than his house was worth.   We refinanced him to pay off some of his debts.   With the new government rules, homeowners can only go to 80% of the value of their home.   With his great job and good credit, we were able to find a private lender who would provide a good private 2nd mortgage to eliminate a few more debts.  His total payments went down by 1500 dollars per month with our 1st and 2nd mortgage solution. 

We told Brad to increase his 1st mortgage payments  to help increase his equity position and to stop spending on credit.

After two years, the value of   Brad’s house improved enough, so we are now able to pay off the 2nd mortgage with a new 1st mortgage.    With our coaching, Brad is well on his way to financial stability.  And he doesn’t have to subtract payments any longer from his pay stub.