How Dan Balch Helped A Client Recover From Near Bankruptcy
With over twenty-one years of experience in the mortgage industry Dan “The Mortgage Man” Balch has managed to learn from a variety of scenarios and developed numerous connections with other professionals like lenders, financial planners, and real estate experts. My experiences and interactions with experts have helped me take on greater challenges and solve them with ease.
Keep reading to learn how I helped a client with extreme credit card debt of over hundred thousand dollars pay off his home loan.
The Challenge: Rising debt and a plummeting credit score.
Known for successfully helping clients avoid bankruptcy and maneuver through poor credit to achieve their real estate goals, a client recently approached me with severe credit card debt.
The client reached the point where he could barely make the minimum payments towards his home. With the overbearing burden of his debt, he even missed a couple of payments which dropped his credit score so low it became impossible for him to use a traditional lender.
Addressing his low credit score was the primary challenge for the client because the mere mention of his amount of unsecured debt turned off many lenders.
The Solution: Non-traditional lending.
Before tackling this issue, I first found out how much his house was worth and the balance of all his debt. I researched a few alternative lenders and their lending policies to find a suitable one for the client. Once I found the perfect lender willing to accept the client’s low credit score, the only obstacle was a higher interest rate. After negotiating for my client, we reached a rate that was only marginally higher than the current mortgage.
The next step was creating a smart financial plan to help the client manage his finances effectively. By following a well-planned course of action, the client managed to avoid filing for bankruptcy. He was soon able to pay off all the debt he owed and increase his cash flow per month by over three thousand dollars.
Although it only took a few days to secure financing, it took me a few weeks to finally get the deal done before our client could get back on track with payments towards his home.
The Bottom Line
As the top mortgage broker offering the best mortgage solutions across London and Woodstock, ON, Dan Balch makes it a point to find you the financial strategy you need despite poor credit scores. Before my days as a mortgage broker, I dabbled into real estate, financial planning, and insurance. My experiences in these fields have enhanced my skills and my ability to offer clients better mortgage services.