Disney Financial solved this unique problem to help a family into a new home.
I just had to share this story with you.
A client was referred to me by their local CPA. She is a retired school teacher that requested a refinance to a lower interest rate.
This refinance would save about $800. per month on the mortgage payment. The problem that she was facing is that her credit had several recent collection accounts reporting and her credit score was too low for me to offer any real improvements.
So.. after careful review of all the facts… she got a little assistance and decided to write a letter to correct some errors on the credit report.
In June the letters were sent and at the end of August, the score had gone from 598 to 689. Holy Cow! nearly a 100 point increase in just 60 days. If I had not seen this with my own eyes I would have trouble believing it.
Well, needless to say, now that the score was improved…the loan was quickly underwritten and sent to the loan document department…
However, not so fast there… the lender could not allow anyone to get off that easy. When the loan documents were prepared for signature, our processor was informed that the swimming pool in the back of the home had a liner in it that was torn. The lender said that the pool also needed to be filled in and/or made usable or place a cover over the pool so that it is not a safety hazard.
We offered to build a fence around the pool…but the lender says.. no that is not good enough. Someone who was visiting the home still had access to a “safety hazard”.
So the deadline for funding is only a few days from now…What is one to do?
I immediately got on the internet and located a special pool cover that you can walk across when it is properly installed.
I called our clients son who was able to order this special cover and they even paid an extra $160.00 for the overnight delivery. Then the son got to work immediately and had the new pool cover installed. It is the type of pool cover that you can walk across. Holds up to 1000 pounds.
Next we had to send the appraiser out to take a photo of the new cover and then email it to the lender for approval. The lender saw the photo and said… we told you…no tarps are acceptable. I said…wait just a moment please…this is no tarp! This specialized pool cover is the accepted standard for the pool industry and there is no reason that this cover should not be acceptable.
Well, the photo did not tell the full story. We ended up taking some additional photos and showing our lender the cover from the web site that displayed several covers and we also submitted the paid receipt for the pool cover. And after all of that… we were finally able to get the final sign off and this loan funded just before the loan lock expired.
Talk about meeting deadlines…we all worked as a team to accomplish this goal for our retired schoolteacher client. Needless to say, our client was absolutely thrilled.
She is now saving a total of $840.00 per month because we were able to pay off all of the high interest rate credit card debt and by doing this she is now in a far better long term position to enjoy her life and have discretionary income each month.
I just love it when a plan comes together, don’t you?
If you need your plan to come together, then a good place to start is by calling The Disney Team.
We really do make dreams come true!