The Garcia family lived in a modest three-bedroom home in a suburban neighborhood. Mrs. Garcia worked as a teacher and Mr. Garcia was a small business owner.
When the market shifted, Mr. Garcia’s business began to suffer. The family’s income decreased significantly and they were finding it hard to make ends meet. Eventually, they began to fall behind on their mortgage payments.
The bank that held their mortgage sent the Garcia family a notice of default, indicating that they would begin the foreclosure process if the payments were not caught up. The Garcias didn’t want their home foreclosed on because they knew they would lose it and have a much harder time getting another one in the future. They tried as hard as they could to catch up their loan, negotiate with their lender, and even considered bankruptcy and a short sale, but were unable to make any of these things work in time.
Then they met an investor who offered a unique solution. She was able to purchase the Garcias’ home by paying off the entire loan. Then, she figured out an appropriate rent amount that would let the Garcias stay in the home as tenants. This allowed the Garcias time to get back on their feet without having to leave their home, which was a huge source of stability for them and their children.
If you are in a similar situation to the Garcias, contact us to see what we can do for you!