FAQ’s


Q. Is this a short sale or a loan modification?

A. No. This is not a short sale or a loan modification.

Q. Why would any bank agree to accept a cash discount on the mortgage?

A. Federal regulations for banks require that they have a certain amount of cash reserves on hand for each dollar in loans outstanding. There are so many non-performing loans; banks are struggling to maintain adequate cash reserves.

Q. What banks are agreeing to this?

A. Small community banks to big national banks.

Q. Will my lender accept a pay-off?

A. We don’t know whether your lender will accept a discounted pay-off on your loan until we present them an offer.

Q. Can this be done in my state or county?

A. Yes. It works in all 50 states.

Q. Why is this program only for people with Jumbo Loans?

A. Generally speaking, all loans that are less then $417000 are bundled together with other loans of that size and sold in bulk to investors on Wall Street (Fannie and Freddie). Jumbo loans on the other hand cannot be sold off in bulk. These Jumbo Loans are required to be retained by the lender. Because of this, the lender of a Jumbo Loan can decide to sell the loan if necessary.

Q. Do I sell my home to you and then buying it back from you?

A. No. We only buy the note on your home, not the home itself. Title to the home never changes hands.

Q. Will this damage my credit score?

A. No this will not damage your credit score. Because we are buying your loan from your bank directly, all the negotiations are between the bank and us therefore what ever is decided does not effect you.

Q. How does your investor group benefit from this deal?

A. We only profit if you can get a refinance on your home with a new lender. The difference between the buy price we negotiate with your lender and the amount of your refinance is our profit.

 

Q. How much will it cost me to see if you can reduce my loan and what are the steps?

A. After you click on the link to your right and fill in your details, we will contact you. If it looks like your situation fits, you will need to get an appraisal of your home that costs about $100 that you can pay directly to the appraiser. If everything looks ok to continue, we move into the negotiation phase with the bank. You or I do not negotiate; we have an attorney, which is qualified with dealing with banks directly. For us to move you forward into the negotiation phase, we will arrange a time that suits you for your free 20min or so chat with the attorney. They will discuss with you the best options for you to move forward. If you decide that this is not for you, then we stop here. If you decide that this is a great opportunity for you, the attorney will discuss with you their retainer that is $1000. They will send you a written breakdown of their costs. After Negotiating with your bank, if it looks as though the bank wont budge, unfortunately everything will stop at this point. If however the bank accepts our offer, this is fantastic. We can move you forward to the next step and then a further $3000 to $4000 will be payable to finalize the negotiated pay-off with the bank. That’s it! Not bad considering your balance will be substantially lower, and your monthly payments will be lower too!

Q. Are there any costs when I refinance my home with the new loan?

A. You will need to speak with your new lender to find out exactly what they will require. There are always closing costs involved with a new loan.

Q. Can I use my own attorney instead of yours?

A. Yes of cause you can. My only concern would be that if your attorney does not specialize in this area, then that could kill the negotiations with your lender. Our attorneys do this every day, and are great at securing the pay-off from the banks.

Q. I’m interested. How do I get started?

A. Please click on the link to your right, fill in your details and we’ll be in contact.

Q. I don’t qualify for this program, but I know some people who might. Do you pay a referral fee?

A. Yes! Please email them this website (Click Here To Email) and ask them to click on the link to your right, fill in their details and we’ll be in contact. If they qualify and end up refinancing their home with a new lender, you will be paid a referral fee.