We have another success story to share with you! We were able to help one of our clients avoid foreclosure by drafting a formal payments proposal which was then submitted to the bank’s lawyer for approval. The bank initially declined the offer but the court subsequently overturned that decision and forced the bank to accept the proposal.
The back history is our client fell behind in mortgage payments but her mortgage term was not yet set to expire. We helped her develop a reasonable monthly payment plan that she could sustain with her current income. The payment plan was presented to the bank’s lawyer. The bank came back and rejected the offer. We consulted with her and how she might want to present herself before the court in an attempt to try and reverse the bank’s decision.
At court, the Master ruled in her favor and agreed that the proposal was reasonable, thereby forcing the bank to accept it. The proposal gave our client a one-year period to make up the arrears that she wouldn’t have been granted otherwise. Instead of our client being foreclosed out of her home, she gets to remain as a homeowner and has an affordable payment plan to get back in full control.
Knowing how and when to submit a payments proposal is something that should be done with great care. Borrowers usually have one good chance to make an impression and gain acceptance from the bank. If you find yourself in a similar situation, contact us to see if a formal payment proposal submission is a possibility.