NMP

From The Brink Of Foreclosure

A tale of foreclosure averted

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Kim Tondreau
NMP Staff

My Best Deal

Name: Kimberly Tondreau
Job Title: Senior Home Loan Specialist
Business: CorePlus Credit Union

How much was your best deal worth?

It was $50,000 to $60,000.

What made it your best deal?

Somebody was going to lose their house to foreclosure. The city was going to foreclose for three years of unpaid taxes. We did a refinance and basically got them to stay in their home. It didn’t make much money for us but it got a family to save their house. They fell behind in their taxes because they weren’t escrowed. They were thinking when notices came they could push them off. They got into a low-price mortgage with no escrow. We were able to refinance them with their escrows, taxes, and insurance for lower than the payment they were in even with the higher market rates. They are actually saving money.

 

What else was interesting about the deal?

Now we have everything escrowed. The taxes are escrowed. The insurance is taken care of. We had to stretch their loan out but they were able to stay in their home. If they do decide to sell or refinance, they can. We try to go above and beyond and help people and we develop relationships.

Mind The Gap
This article originally appeared in National Mortgage Professional, on the week of May 1, 2024.
Mind The Gap
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May 02, 2024
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