A Line of Credit Leads to an Extra Credit Career
Client: Mike S.
Recommended by Real Estate Agent: Charles D.
As a senior executive with 30-years experience and an annual income of over $300,000, Mike S. thought himself immune to the problems associated with his company’s plan to downsize.
He was wrong. In very short order he found himself out of work but still writing big checks out of his retirement reserves to keep two upside down properties afloat. He believed his only alternatives were short sales at best and foreclosure at worst, solutions that would negatively affect his credit at a time of life he could least afford it.
To add to his woes, because neither property had a Freddie Mac or Fannie Mae loan, both solutions brought with them the very real threat of litigation with the bank. He felt he was on a path to financial ruin as his dream of a comfortable retirement slipped further and further away with each passing month. Then Charles D., the real estate agent he contacted about a short sale, told him about Lendacy.
He met with Lendacy, whose financial team designed a plan that immediately stopped the financial bloodletting. A line of credit allowed Mike to restructure the debt on his properties and sell them.
Charles also found Mike his dream home, a place in a golfing community where he can pursue his passion for the game and live the country club lifestyle he enjoys. With his monthly overhead cut dramatically, Mike was able to take advantage of an opportunity to return to the work force. He’s now doing what he loves, teaching business and economics in a high school. And happily, not having to answer to stockholders at annual shareholder meetings.
Mike is recommending his club’s pro to friends who play golf and Charles to all who are interested in a new home.