Recently Divorced And A Significant Credit Card Debt
Divorce & Debt
A recently divorced couple was looking to refinance to pay out all of their mounting debts, including an existing first and second mortgage and significant credit card debt.
After meeting various bank representatives to no avail, the couple found their solution from one of the lenders of the Canadian Private Mortgage marketplace.
This couple was able to proceed with their divorce resolution amicably and the wife will assume ownership of the property with the mounting debts paid off and come out with a better cash flow.
Challenges |
|
Location |
Surrey, British Columbia |
Property value |
$900,000 |
Mortgage |
$610,000 |
LTV |
67.78% |
Solution |
The couple managed to refinance and consolidate all of their debt into one mortgage at a lower interest rate. This solution allows the couple to reduce their interest expense, improve cash flow, and proceed with divorce settlement amicably. |
Exit strategy |
The wife will assume ownership of the property through the divorce settlement. |
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