Overcoming Financial Hurdles: A Second Mortgage Success Story

The realm of mortgage financing is a diverse landscape, where each borrower’s path is filled with its own set of challenges and triumphs. Recently, we had the privilege of assisting a borrower through a complex closing process. Despite facing rejections from numerous lenders, MortgageDepot was determined to find a solution tailored to the borrower’s specific circumstances.

Our borrower, a divorced resident of New Jersey sought a second lien/home equity loan to address pressing financial needs. The challenge lay in finding a lender willing to consider her regular income, child support, and alimony collectively to meet qualification criteria. Initial attempts with other lenders resulted in rejection, with concerns raised about the impending expiration of her alimony in two years, despite ongoing child support— a situation that conflicted with the standard guidelines requiring continuous alimony for eligibility. Most lenders offering second lien/home equity loans were unwilling to entertain the borrower’s unique scenario. Undeterred, MortgageDepot embarked on a mission to find a lender willing to make exceptions to conventional qualification scenarios. After an exhaustive search, we successfully found a lender willing to make the exception and finalized the deal. With this comprehensive approach, we secured approval for the second lien/home equity loan, providing the borrower with the means to consolidate and pay off her high-interest credit card debts.

This closing serves as a testament to the power of determination and the value of seeking personalized solutions in the mortgage industry. At MortgageDepot, our commitment lies in navigating the complexities of our clients’ financial journeys and finding innovative ways to overcome obstacles. If you’re a divorced individual facing unique challenges in securing a second lien/home equity loan or have child support and/or alimony expiring in the near term, don’t hesitate to reach out to us. Your success story may be just around the corner, waiting to unfold.