Margaret had owned her Detroit home for 22 years and built significant equity. After a job loss and medical expenses, she fell 8 months behind on her mortgage. The scheduled sheriff's sale was 11 days away when she contacted 7 Lakes Properties.
The timeline was critical — the foreclosure auction would eliminate all equity and devastate her credit. Her mortgage payoff was $71,000. The home was in fair condition but needed HVAC replacement and exterior paint. Traditional listing wasn't viable — no time for marketing, showings, inspections, or conventional financing.
7 Lakes Properties offered $94,000 same-day. We opened title immediately and requested rush processing from the title company. The title search was completed in 3 days, confirming the single mortgage lien. We scheduled closing for day 9 — two days ahead of the sheriff's sale.
Closing happened on day 9. The title company paid off the $71,000 mortgage directly, cleared $4,600 in property taxes, and Margaret received $18,400 in proceeds. The foreclosure action was cancelled. Margaret moved in with family while she rebuilt her finances. Two years later she purchased a new home with a clean credit history.
"I thought I was going to lose everything. 7 Lakes Properties saved my equity and my credit. I can't thank them enough."— Margaret T., Detroit MI
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