Rob and Melissa were married in the spring of 2005 and had settled into a new home. Both Rob and Melissa had jobs that paid well. They owed a closed, high-ratio Mortgage Loan to a bank and approximately $30,000 in various loans, credit card accounts and credit lines.
In March 2008, Rob lost his job and Melissa gave birth to their first child within the span of 1 month. The double loss of income was devastating. Rob was unable to replace his high-paying job and after a period of time started working in a different field for lesser pay. The combination of Rob’s income and Melissa’s E.I. maternity benefits were not sufficient to keep their debts current. Their savings quickly became depleted.
We provided a second mortgage loan to Rob and Melissa that consolidated all of their lesser debts into 1, affordable, monthly payment for a term of 2 years to coincide with the maturity of their first mortgage. The interest cost was also significantly less than those of the credit cards, loans and credit lines.
The second mortgage loan gave Rob and Melissa some breathing room. Eventually, Rob was able to find employment in his field again and Melissa went back to work. When the 2 mortgages matured, we consolidated both into 1 mortgage.
We asked our bank for help when our financial problems started. They couldn’t do anything for us because of our circumstances. We were fortunate that a friend of the family referred us to the people at Domus Financial. Now we’re back on our feet again.
– Melissa M.