Deal of the Week

Every non-performing loan carries its unique narrative, and our latest case study is no exception, rich with a storied past. We’ve aptly named this journey “The Rise From The Ashes.” 📈

Originally, this loan was mired in difficulties, with the borrower struggling against issues with the previous note holder and servicing company. Upon acquiring the loan, our initial interactions were challenging. The borrower’s stark message to our servicer was clear: “The lender is going to have to pick up the ashes before he gets another dime out of me.” 🔐

Contrary to these foreboding words, our servicer engaged in a constructive dialogue, clarifying the loan’s status and addressing the borrower’s misunderstandings regarding loan amortization and the impact of interest predominance in early payments. This clarity was crucial, especially considering the compounded debt due to tax advancements by the previous lender. 💰

The narrative took an unexpected turn. Despite reverting to a non-performing status due to one borrower’s health issues, our asset management team diligently explored new payment options. Surprisingly, the borrower inquired about the total payoff amount and subsequently cleared the loan in full – a development we hadn’t anticipated. 💥

This outcome is not just a win for us at 7e but a testament to the power of effective communication and understanding in financial resolutions. Something we at 7e excel at. 🤝🏼