Transforming Lives: Real Life Case Studies
Residential Loan: Laura’s Story
Laura’s world was shaken when her landlord informed her he planned to sell the home she had lived in for 15 years. The thought of leaving was heartbreaking, especially since she had made modifications for her disabled children. The landlord offered to sell her the house for $700,000, but Laura believed it was out of her reach.
Fearing the loss of her home, Laura reached out to MainStreet Mortgage for help. We identified hidden assets, like income from caring for her children, and leveraged her daughter’s income by having her stay as a primary occupant. We also secured approval for unconventional income, including her daughter’s bonus income, and negotiated with the seller to cover 100% of the closing costs.
With creative solutions and persistence, we helped Laura overcome her financial hurdles. In the end, she was able to purchase the home she loved, turning what seemed like an impossible situation into a success.
Reverse Mortgage: Janet’s Story
Janet, a 75-year-old retired administrator, had been working part-time to supplement her income until the pandemic hit. Laid off with no way to return to work, she opted for mortgage forbearance to pause her payments. Her family member, Chris, had been helping with the household income, but tragically, Chris passed away from COVID-19. With only a small Social Security check, Janet couldn’t make mortgage payments for two and a half years, and soon received a notice that her home was set to be auctioned in 30 days.
Devastated by the thought of losing her home, Janet reached out to us. We quickly stepped in, negotiating an extension to delay the auction and buying her time to explore options. We helped Janet secure a reverse mortgage, allowing her to stay in her home without monthly payments, and negotiated with contractors to defer repair payments.
In the end, Janet was able to stay in her home, make necessary repairs, and regain her peace of mind.