Example 1 - CRA Lien with High Interest Credit Cards
Client has $95,000 of tax debt owed to CRA, with a lien registered
Plus $31,000 of high interest credit card debt with a $950 monthly payment
Plus a $120,000 bank mortgage with a monthly payment of $975
We refinanced this client into a new mortgage of $254,000 at 4.19%
Paid off CRA, old mortgage, and debts
New payment of $1360 per month - a savings of $565 per month - CRA lien removed
Example 2 - 2nd Mortgage, Consumer Proposal, and Property Tax Arrears
Client has first mortgage of $130,000 with monthly payment of $916
Second mortgage of $24,000 with a monthly payment of $410
Consumer Proposal of $16,000 with a monthly payment of $330
Property Tax Arrears of $18,000 accruing $392 per month
We refinanced this client into a new first and second mortgage at 6.95% and 14%
Paid off the first mortgage and arrears, second mortgage, consumer proposal and tax arrears
New payments of $975 and $461 per month - a savings of $612 per month - a fresh start
Example 3 - Property Tax Sale, Property Tax Arrears, High Interest Credit Cards
Client has first mortgage of $150,000 with monthly payment of $1050
They have several years left till renewal, and unfortunately have fallen behind on property taxes for several years, as well as some credit cards at 29.9% interest.
We gave this client a second mortgage for $35,000 @ 12.5%
They were able to get their house out of Property Tax Sale with the City of Winnipeg, plus consolidate their credit cards with a payment of only $350 per month
Example 4 - 2nd mortgage, High Interest Credit Cards, and a Personal Loan
Client has a first mortgage of $155,000 with a monthly payment of $1673
Second mortgage of $17,000 with a monthly payment of $350
Plus $12,000 of high interest debt with a $374 monthly payment
Plus a $53,000 personal loan with a monthly payment of $867
We refinanced this client into a new mortgage of $255,000 at 4.79%
Paid off first and second mortgage, car loan, and credit cards
New payment of $1450 per month - a savings of $1815 per month
That's almost $22,000 a year less in payments!
Do any of these situations look like yours?
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Credit Repair Scenarios How 2nd Mortgages Work
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