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Updated over 5 years ago on . Most recent reply

User Stats

114
Posts
61
Votes
Benjamin Piecenski
  • Lender
  • Columbus, OH
61
Votes |
114
Posts

Client Delinquent w/ Heavy Equity

Benjamin Piecenski
  • Lender
  • Columbus, OH
Posted

Hi Bigger Pockets!

Need some feedback from other mortgage/hard money lenders. I recently came into contact with someone who was referred to us by our biggest competitor in the area of our headquarters. He has two homes, one in Boca Raton (worth $220k, owes $100k maxed on a HELOC), and one in Central Ohio (worth $200k, owes $109k on first mortgage), both that are 90-120 days deliquent. The story is he has fell ill this year and was in the hospital for an extended time, which has wiped out his funds and left him unable to work. He has the Boca Raton property on the market, and it will be going into contract soon with how aggressively it's been priced. He contacted me because he needs $2k-$4k as a "bridge" for his expenses until the home sells (he currently has $100 to his name). I definitely cannot help him, as we only do conforming loans with a few select vanilla portfolio programs, but I want to do the best that I can to help him. How can I help this guy out and point him in the right direction? He explicitly stated he does not really care about interest or terms, and will work with anyone who can get him the funds.

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