In the spring of 2021, the owner of a luxury condominium complex in the heart of Miami, Florida, was having financial trouble.
She had invested her money in an investment portfolio, but was having trouble paying off her mortgage.
A mortgage broker recommended that she go to the bank to get her money back.
She did not have the funds to make a mortgage payment.
The broker was not happy with her decision.
“I am a mortgage broker, not a real estate agent,” she said.
So she took matters into her own hands and began a search for a lender who would help her pay off her $100 million condo purchase.
She turned to Heritage Services Corporation, a public service corporation that provides affordable rental and condominium services in Florida.
After an initial meeting with a loan officer, Heritage Services hired a team of mortgage professionals to look into the situation.
They found that the condo owner had a $1.2 million loan outstanding, but she had not yet made a payment.
“So we said, ‘What can we do for you?'”
Heritage Services CEO Mike Dyer explained.
“We said, if you can pay us back by paying a $100 mortgage payment, we will give you a credit to the $1 million loan.”
Dyer told The Atlantic, “You don’t need to have any additional money.”
A week later, the lender accepted the loan.
“If we don’t get back $1,000, we’ll get you another $100,” Heritage Services executive vice president of business development Brian McKeown explained.
Heritage Services paid the mortgage and gave the buyer $100.
But the owner was not satisfied.
“It was a pretty good deal,” she told The Miami Herald.
She paid her mortgage on time, and the condo was sold and the proceeds distributed to the homeowner.
Heritage Service received a $15,000 grant from the U.S. Department of Housing and Urban Development (HUD).
“We’ve been doing this for almost 40 years,” McKeon said.
“This was the first time they were able to work with us and we’ve been able to give them money for free.”
Since then, Heritage has provided hundreds of thousands of dollars in free loans to thousands of buyers in need.
And McKeons team of loan officers has been able, as well, to make free, short-term loans to many buyers who are facing foreclosure.
The company also works with other nonprofit organizations to provide free loans and services to people in need in Florida, including a recent grant to a single woman in Miami who needed help paying for a new car.
But it’s not just the free loans that Heritage Services offers that have made it a leading provider of free, low-cost, low risk housing.
“There are a number of programs that Heritage provides,” McKay explained.
One such program is its Community Services program, which offers loans for people in foreclosure who need to refinance their mortgages.
In 2017, Heritage paid out over $8.6 million in free housing loans.
That’s a small percentage of what Heritage offers.
But McKeones team of loans officers also works to help others in need as well.
For example, in the past year, the company has helped more than 100 people in the Broward County, Florida community pay for mortgage payments, and more than 10,000 other homeowners in the community have received free or low-interest credit.
“What Heritage has done is provided a lifeline for thousands of people who need it,” McKeeson said, adding that the company also offers loans to families and small businesses in need to help them pay for mortgages.
Heritage is also involved in providing grants to help homeowners in need refinance mortgages, McKeo said.
And Heritage has also worked with the U