Don't Lose Your House Due to Balloon Payment | How To Keep Your House

In this video, I shares how a woman with past financial troubles was able to keep her house when the balloon payment came due and she wasn't able to meet it.

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I'm here to talk to you about how I helped a client keep her house. I'm a mortgage broker. I own Home Loans Inc., small, low mortgage brokerage in Charleston, South Carolina. I had a Find My Way Home client called me - she was about to lose her house. Her problem was she had a balloon payment due on her private mortgage. Now this isn't very common, but it is out there.

So she had purchased the house, got financed through the seller, and now her entire mortgage was due here in a few months. She had been told no by two other places, online places you guys have heard of, and the reason why is there was an error on your credit report; and the loan officers that she spoke to either didn't know or didn't care. So here's the problem on her credit report. She had a bankruptcy in 2010 - not a big deal. Bankruptcy needs to be seasoned for four years for conventional loan - well beyond four years. Inside that bankruptcy was a house. So effectively, that was a foreclosure as well.

Well, foreclosure seasoning is seven years. Well in this situation, and I've seen it many times, the bank took a long time for them to resell that property after they took it back from the client. So in her case, the house foreclosed and reverted back to the bank in 2010, but it didn't actually resell to 2015. Well the loan officers she had been speaking to we're going off that 2015 date on her credit report: which is completely wrong - you don't do that. That's just a rookie 101 mistake. I was able to go get her foreclosure documents from her, show when if it reverted back to her, which was 2010, and her seasoning was good in 2017.

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I am licensed to operate in Alabama, Florida, Georgia, North Carolina, South Carolina, Virginia and West Virginia and can guide you on everything that you need to know about the housing market and the home loan process to make your home buying experience easy and exciting for you!

#JasonSharon #RealEstate #Mortgage