Their credit was in shambles, and the bank was selling their home. BounceBack helped this family of five get a fresh start.
Willow Grove, PA
Their credit was in shambles, and the bank was selling their home. BounceBack helped this family of five get a fresh start.
Willow Grove, PA
Clinton and Stephanie faced a future of uncertainty when his income as a truck driver was suddenly cut from $75,000 to $50,000. Stephanie was a school administrator, but Clinton had been the primary source of income. The payments on their $172,428 mortgage were now impossible. They tried to stall, but then their home was scheduled for a sheriff’s sale.
They wanted to stay in their home and not disrupt their three children’s lives, but even moving was a challenge. Missed payments had dealt a blow to their credit score, making it hard to qualify for a mortgage on a new home.
The family contacted BounceBack Homes® with the goals of maximizing their equity and staying in their home to avoid disrupting their kids lives. The BounceBack Solution included:
The upfront money allowed Clinton and Stephanie to make repairs and live with much less stress and anxiety. Although they were unable to make the increased payment to keep the home, they were able to sell it on their terms and receive their net equity from the sale – a total of $72,500, about $40,000 more than expected due to the property value increasing.
“BounceBack has given us a fresh start on life. Now we have room to breathe and get back on-track.”
(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.