The realm of mortgage financing is a various panorama, the place every borrower’s path is crammed with its personal set of challenges and triumphs. Just lately, we had the privilege of helping a borrower via a posh closing course of. Regardless of dealing with rejections from quite a few lenders, MortgageDepot was decided to discover a resolution tailor-made to the borrower’s particular circumstances.
Our borrower, a divorced resident of New Jersey sought a second lien/house fairness mortgage to deal with urgent monetary wants. The problem lay to find a lender keen to contemplate her common earnings, youngster help, and alimony collectively to satisfy qualification standards. Preliminary makes an attempt with different lenders resulted in rejection, with considerations raised in regards to the impending expiration of her alimony in two years, regardless of ongoing youngster help— a scenario that conflicted with the usual tips requiring steady alimony for eligibility. Most lenders providing second lien/house fairness loans have been unwilling to entertain the borrower’s distinctive situation. Undeterred, MortgageDepot launched into a mission to discover a lender keen to make exceptions to standard qualification situations. After an exhaustive search, we efficiently discovered a lender keen to make the exception and finalized the deal. With this complete strategy, we secured approval for the second lien/house fairness mortgage, offering the borrower with the means to consolidate and repay her high-interest bank card money owed.
This closing serves as a testomony to the facility of dedication and the worth of searching for customized options within the mortgage trade. At MortgageDepot, our dedication lies in navigating the complexities of our shoppers’ monetary journeys and discovering progressive methods to beat obstacles. For those who’re a divorced particular person dealing with distinctive challenges in securing a second lien/house fairness mortgage or have youngster help and/or alimony expiring within the close to time period, don’t hesitate to attain out to us. Your success story could also be simply across the nook, ready to unfold.