Jillian called us right after she had signed her mortgage renewal with a private mortgage at a 10% interest rate. She told us she had put her house up for sale because she couldn’t pay her income taxes and she was behind a year on her property taxes. Although she was self-employed and receiving $2,500 in spousal support, a big $25K bill from Revenue Canada was impossible for her to pay. She was paying $2,000 per month on a private mortgage and Jillian was feeling, “like the walls were caving in”. We told her we could help.
We arranged a mortgage for $250,000 at 3.5 % five year fixed rate mortgage, with one of our prime lenders. Her payments are reduced to $1,119 per month, a savings of $900 per month on the mortgage alone. Since prime lenders will only lend to people who have income taxes and property taxes up to date, we also arranged a private mortgage for one month to clean up the unpaid taxes. With taxes paid, the new mortgage we arranged for her can close. The best part of the story is that Jillian who had her house up for sale, now doesn’t need to sell. “I really didn’t want to move,” said Jillian. And thanks to our solution, Jillian doesn’t need to.
Needless to say, the banks couldn’t help her but we could and did. Folks, once again, we have so many more options and solutions having access to many institutional and private lenders. We always do our best for our clients, because we care.