A Phone Call. A Threat. A 47% Interest Rate.

Peggy M never saw it coming. A simple phone call about an outstanding Brick credit card balance became a predatory lending scheme that nearly cost her everything.

The Threatening Call

The voice on the phone was urgent: Peggy had an outstanding balance on her Brick credit card. If she didn't pay immediately, they would take her house.

Peggy didn't have the funds to pay the credit card balance. She was panicked. She was vulnerable.

The caller had a solution: "Don't worry – I can help."

The "Solution" That Was Really a Trap

The individual connected Peggy with a private lender who offered her a second mortgage on her home. The funds would be used to pay off her Brick card balance. Problem solved.

Except it wasn't a solution. It was a trap.

After hidden fees and charges were added in, Peggy was paying approximately 47% interest on her second mortgage.

Think about that. A first mortgage and a second mortgage with a 47% interest rate. It wasn't sustainable. It was never meant to be sustainable.

Peggy was set up to fail.

The Panic and the Move

As Peggy struggled with unsustainable mortgage payments, foreclosure became inevitable. She tried selling her home with her own realtor before the second lender could take control of the sale.

Then panic set in. Peggy feared the lender would change the locks and take all her personal belongings. Even though she didn't have to leave, even though she had rights as a homeowner, she moved out.

She was terrified, alone, and convinced she had no options.

When the Right Advocate Makes All the Difference

Peggy's REALTOR® was Leigh Anne Chisholm, Broker/Owner with Signature Edge Realty International – a partner of the Alberta Foreclosure Relief Program.

Leigh Anne didn't walk away when foreclosure proceedings began. She fought for Peggy.

Here's what Leigh Anne did:

Advocated with the private lender – Leigh Anne negotiated with the lender to remain as the listing agent for the judicial sale, ensuring Peggy had someone on her side throughout the process.

Secured advance funding – Leigh Anne negotiated an advance of funds against the equity in Peggy's home, making it possible to properly prepare the home for sale.

Professional presentation – With the advance funds, Leigh Anne had the home professionally cleaned and staged, maximizing its market appeal.

Above-appraisal sale – Leigh Anne sold Peggy's home for above the value of the appraisal completed by the private lender.

The Outcome

Because Leigh Anne fought for Peggy and maximized the sale price, Peggy was able to:

  •  Have all debts on title paid off in full

  •  Receive remaining equity from her home

  •  Walk away with something instead of nothing

Peggy didn't lose everything. She had an advocate who understood the system, knew how to negotiate with lenders, and fought to protect her client's interests even during foreclosure.

What Went Wrong – And What Went Right

The Predatory Setup:

  •  Threatening phone call creating panic and urgency

  •  Connection to a private lender presented as "help"

  •  Hidden fees and charges creating an unsustainable 47% effective interest rate
  •  A mortgage designed to fail

  •  Fear tactics that drove Peggy from her own home

The Professional Response:

  •  A REALTOR® who didn't abandon her client during foreclosure

  •  Advocacy with the lender to maintain representation

  •  Strategic negotiation for advance funds

  •  Professional preparation maximizing sale value

  •  A result that protected remaining equity

Why This Story Matters

Peggy's story shows two critical truths:

First: Predatory lenders are real, and they target vulnerable homeowners. A phone call about a credit card debt became a scheme that trapped Peggy in a 47% interest mortgage. These predators know exactly what they're doing – and they count on homeowners not knowing their rights or options.

Second: The right advocate at the right time changes everything. Without Leigh Anne's advocacy, Peggy would have lost all her equity to an artificially low sale price. Instead, she walked away with her debts paid and money in her pocket.

The Red Flags

If you're approached by someone offering to "help" with debt problems, watch for these warning signs:

Urgency and threats – "Pay now or lose your house"

Immediate solutions – Private lenders ready to help right away

Complex fee structures – Charges and fees that aren't clearly explained upfront

Unsustainable payments – Interest rates that make the loan impossible to maintain

Pressure to act fast – Not giving you time to get independent advice

These are not helpers. They are predators.

How We Help

The Alberta Foreclosure Relief Program, in partnership with Signature Edge Realty International, provides the kind of advocacy Peggy received:

  •  Identifying predatory lending before you're trapped in unsustainable debt

  •  Professional representation that continues even when foreclosure begins

  •  Negotiation with lenders to protect your interests and maximize outcomes

  •  Strategic sale preparation to ensure you receive fair market value

  •  Equity protection so you don't lose everything you've built

Leigh Anne's work with Peggy is exactly what we do for every family in our program.

No one should face predatory lenders alone. No one should lose their equity because they didn't have an advocate.

The Difference Between Predators and Partners

Predators:

  •  Create panic and urgency

  •  Offer "solutions" that trap you in worse debt

  •  Hide fees and true costs

  •  Design loans you can't sustain

  •  Profit from your failure

Partners:

  •  Take time to understand your situation

  •  Offer realistic solutions and honest timelines

  •  Explain all costs and options clearly

  •  Work to create sustainable outcomes

  •  Fight to protect your equity and interests

Peggy met both. The predator nearly destroyed her. The partner saved her equity and her dignity.

Every homeowner deserves a Leigh Anne Chisholm in their corner.