Mortgage Reconstruction
This is NOT a Loan Modification
This is NOT a Short Sale
This is NOT a Deed in Lieu
This is NOT a Forbearance
Our objective is to provide the best solution for you based on our analysis of your situation, the current lending environment and our experience in the real estate industry. We negotiate the Note Purchase, Short Refinance and Settlement Payoff.
Foreclosure Prevention Institute LLC is affiliated with Legacy Resource Group which is a privately held Illinois Corporation specializing in home loan mitigation services. The “Balance Reduction Program” is supported by a team of investors, negotiators and attorneys. A Five Billion dollar private fund has been allocated for the Balance Reduction Program.
Why Banks Want to Liquidate Notes
Many homeowners today are non-performing borrowers, meaning they have been late or are in foreclosure. “Strategic Defaults” are on the rise due to homes being “upside down” even with homeowners who are current. Banks are in the business of lending, not managing real estate.
The reserve requirement set by the Federal Reserve Board is a bank regulation that sets the minimum cash reserves each bank must hold.
Non-performing assets put a strain on the bank reserve requirements so they must remove these assets. By removing the assets, they are in a better lending position. We offer an all cash deal at close of escrow so the bank can lend immediately using the money they earn from the liquidation.
It costs less to liquidate then it does to foreclose, short sale or sell properties in bulk. We work directly with the banks’ asset and wealth management departments… not their loss mitigation, loan servicing, customer service or collection departments.
How Does the Note Purchase Work?
We group mortgage notes together by lender and negotiate a price to purchase them at a discount from the current market value. These groupings contain both “good” loans with performing notes as well as “bad” loans with non-performing notes. Once we have successfully negotiated to purchase these notes from the bank, the homeowner gets new terms based on 90-95% of the current market value of their home.
Example Note Purchase
The homeowner owes $150,000 on their home but it is only worth $100,000 (current market value).
We package the homeowner’s note along with notes of other homeowners from the same bank.
The investor pays off the homeowner’s note at a discount off the current market value, let’s say $75,000, and revises the terms of the note at 95% of today’s current market value or $95,000. The homeowner realizes a principal reduction of $55,000.
Qualification Requirements
Must owe at least 20% more than the home is worth.
Must be able to verify some sort of monthly income – bank statements are accepted.
No more than 50% debt to income ratio (the Obama loan mod is 31%).
ALL TYPES OF CREDIT WILL QUALIFY, including current and past bankruptcy.
Investment property is accepted.
If you want more information or have an interest in this program call Dave Brigle 800-826-1929.
What is the Downside?
Do you have copy writer for so good articles? If so please give me contacts, because this really rocks!
Do you have copy writer for so good articles? If so please give me contacts, because this really rocks!
No, we are the writers. Thanks for the compliment.
Mortgage Reconstruction
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