It was late Friday afternoon and I was getting set up to go home and enjoy the weekend with my kids soccer team and as I was just about to walk out the door the phone rang.
I picked up and said hello and on the other end there was a borrower in tears.
She was being foreclosed on and needed to refinance the current Hard Money Loan and did not know what to do.
The current short term Hard Money Loan was in default and the investor wanted to get paid and was starting to foreclose and calling and being very abusive and nasty on the phone.
I was wondering why the current lender was being so mean about the situation?
After calming the borrower down and talking to her for a few minutes it became clear why the lender was foreclosing.
It turns out the homeowner was in-between jobs.
Which is a code word for being unemployed.
But it turns out that she was starting a new job on Monday that was better and even paid more than the job she lost.
To make matters worse the borrower was also a foreign national undocumented alien.
Oh no. Now what?
None of this was a problem for us.
We just needed to see the ability to repay the loan going forward and that the new employment was starting soon.
We were able to do a new fully amortized 30 year loan at a much better rate and get that mean other lender out of the picture.
Now the customer got to keep their home and has a new job!
And all is well, and my kids soccer team even won the game on Saturday.
Life is great!
Level 4 Funding LLC Private Hard Money Lender
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis@level4funding.com NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 42 years. They have 2 beautiful daughters 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.