Loss of income and severe loan terms put the family at risk of losing their home. They were able to repurchase and remortgage with BounceBack.
Springfield, PA
Loss of income and severe loan terms put the family at risk of losing their home. They were able to repurchase and remortgage with BounceBack.
Springfield, PA
Anthony and Dara were left with few options when a loss of income was compounded by increasing loan interest rates, fees and penalties from non-payments. Their $405,000 mortgage payoff balance shot up to $600,000 after defaulting, which led to a sheriff’s sale of their home.
The schoolteacher and IT professional held out hope they could repurchase their house with a new mortgage, while maximizing their equity. Was staying in their home only wishful thinking?
Their contingent net equity was initially estimated at $71,898. At the end of their contract with BounceBack Homes, Anthony and Dara were able to successfully repurchase and remortgage their home in December 2024. They retained a net equity of $172,370.
“We weren’t having any luck negotiating with our lender. It was a long fight, but BounceBack helped us win in the end and keep our home.”
(3) If you have an hoa, community board, or pud committee, they are contacted by BounceBack or your attorney for a closing package so bounceback can operate the property DURING YOUR PROGRAM.
(2) The amount of cash advanced, if any, is dependent on the appraised value of your home and the agreed to debts that need to be paid off. In many instances BounceBack is unable to advance any cash at closing. For example, if total paid off debt at closing is greater than 60% of appraised value, we will not be able to advance any cash.
(1) Estimated Net Equity is the estimated net value based on the current appraisal, less your mortgage payoff and other agreed-upon debts, your cash-upfront payout, and BounceBack’s fees, related financing costs, transaction costs, and closing costs, all of which are subject to changes in the home’s value. For example, if the home’s value decreases due to market conditions or failure to properly maintain the property, the estimated net equity will decrease. The estimated net equity also assumes that you make all required contractual rental payments. If you fail to make any rental payments, your estimated net equity will decrease.