82% LTV refinance on beacons of 529, 497, 553 and 665 to pay 3 years of property tax arrears and credit counselling balance / program

Request: reduce monthly payments, pay 3 years of property tax arrears, consolidate existing private mortgage lender who will not renew due to property tax arrears and reduce credit counselling balance as much as possible. Owner Occupied SFD refinance on verified income


  • property tax have not been paid in 3 years which was nearing tax sale of property,
  • extremely low beacons,
  • actively still in a credit counselling program with $85,000 still owing,
  • existing mortgage lender not willing to renew,
  • income verified but TDS close to 50% even after adding children to the application.
  • required LTV


  • DLC agent referred application to Plan B mid July 2013
  • Approval was a challenge to locate given the multiple BIG challenges
  • Approval was located in 4 business days but file was continuously worked in efforts to find better solution for the client
  • Plan B determined they originally had the best approval available for this file so proceeded as approved
  • File was carefully worked on with the referring agent who elected to remain in contact with the client throughout the approval process….numbers were very tight so much consideration and planning was involved
  • File funded in early September 2013 with a solution that met all the goals in the request AND reduced overall monthly payments by $600 per month
  • Credit counselling balance was paid down to $12,000 balance which remained in program
  • Funded approval via a 2nd mortgage for $195,000 @ 12% rate with 2.50% lender fee at 82% LTV
  • Clients very pleased with the results and impressed with the skill and services of the referring broker
  • Agent received happy client for life and commission of 103bps