Fred
was a thirty-something living in Urbana. He
worked in the Information
Technology profession and usually held
contracted jobs. Fred had recently purchased
a 2-bedroom/2-bathroom house. Things were
going pretty well for Fred until he started
to fall behind on his mortgage payments. He
had an Adjustable Rate Mortgage (ARM) that
had an interest rate reset and he also was
living off of savings while looking to
obtain another contract.
Fred knew that if he didn't contact someone
soon, he would become just another
foreclosure-boom statistic.
Fred came to Schwaps and presented his
situation. Although, he could no longer
afford his new mortgage payment with the
higher rate, he didn't exactly want to sell
his house. The house was his first and he
had grown to love it.
Schwaps structured an arrangement where the
house would be purchased from Fred. However,
the house would then be leased back to him
with an option to buy at a future date. With
such an arrangement, Fred could again afford
to stay in his
current house. And if he later chose to
exercise his purchase option he would have
a new start with a better loan.
* The
story above is just one example of the many
ways Schwaps may serve your Real Estate
Needs |