I was not going to write about this case because it is so complicated, really hard to explain. But, after I received this beautiful thank you letter yesterday I could no longer resist.
This is what email said:
“I am writing this email about Michelle Castillo from Modern Home Solutions. I want to thank you for going the extra mile, as I had a very unusual situation on a foreclosure problem. I phoned and talked to more than a few financial institutions and Michelle was the only one who listened to what I had to say and the dilemma I was in. She worked very hard to pull my property out of foreclosure. The fees were reasonable and She listened to all my problems and then she came thru for me. I cannot thank you enough for everything you have done. You are my HERO!”
The home owner in this case had a rent-to-own tenant in the property. The tenant had an option to buy the place for an agreed price within 3 years. He had already done some renovation to the place when he found out the owner had stopped paying the mortgage and that the property was on the verge of foreclosure. He would have lost all his investment and would have to move out.
The owner called in the beginning of March and told me what happened. She had admitted she have done some mistakes and was looking to fix the problem.
Must admit it took me many hours to come up with a solution. It included:
- Talking the bank’s lawyer and make sure they will approve the new arrangement and allow reinstatement of the mortgage
- Provide 2nd mortgage to owner to pay arrears owing on the mortgage
- New rent-to-own agreements that allows my company to control the property and make sure mortgage is being paid.
- A promissory note between the owner and tenant that ensure she will compensate him in the future for some of the losses he will still need to carry as a result of these new agreements .
Now everything is back on track and everybody is happy.