Veteran finalizes refi on a NO COST loan after finishing a BK. I am so happy for this client! He has been a client since 1999. He owned a business that he sold, but because he was the original signer on the lease, he was responsible for the entire commercial lease payment, even though he had sold the business! This could have cost him $150k. So 5 years ago, when this happened he filed corporate BK to avoid them taking his assets. At 75 years (now 80) he couldn’t afford to lose all that money. He called me to refi June 2015. His building wasn’t VA approved, so I got the entire condo building approved by the VA. Now ALL veterans could buy a home in this popular complex. Then we got his loan approved.
We then had to go to court to ask permission for the refinance. The court said to refi he would have to pay the full amount of the defaulted lease payments, not the court reduced amount. So he had to wait another year to refinance. Finally June 2016 the bankruptcy payments were done and the BK released. We were able to lock in a NO COST loan at 3.25% and saved him $450 per month! I am so happy when we can take an impossible situation and turn it into better cash flow and less stress for our clients. YEAH!!
If you know a veteran please introduce us! I can surely help.
$300 from the profit from this loan will go to www.projecthealingwaters.org