I always look forward to hearing from our past clients. Their calls give me a chance to catch up with the changes in their life – a new job or business, a new baby, children off to college and plans for downsizing. A phone call last summer brought what seemed like an ordinary request for a refinance to lower an interest rate and pull out some equity to pay off some debt. We started the process of updating the loan application and collecting the required paperwork. We ordered the preliminary title report and the appraisal and waited for everything to come in.
The arrival of the title report gave us the first hint that this family was facing some major financial stress. They had refinanced several years earlier at another company and their new payment had not been set up to include property taxes and insurance as their previous mortgages had. The borrowers did not realize this, causing them to fall behind on their property taxes and put them in jeopardy of losing their home. In Oregon, the county can foreclose on a home after three years of delinquent property taxes. We moved quickly to close and helped them use their proceeds to pay back a personal loan taken out to pay off their back taxes. We also made sure their monthly payment for their new mortgage included property taxes and homeowner’s insurance so they would never have to face the prospect of losing their home again.
If you know anyone who is facing some challenges with owning or purchasing a home, please have them call us as we’ll do everything we can to help.
Results are typical for a refinance on a single family residence with a 50% Loan to Value and a credit score exceeding 720. All facts are true.