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 previously and successfully negotiated the Note Purchase, Short Refinance and Settlement Payoff. Unfortunately, this program was disbanded when it became illegal to use T.A.R.P. funds for Principal Balance Reductions. The banks win again.
Who Are We?
Foreclosure Prevention Institute LLC is a private biz (LLC) specializing in helping homeowners fight foreclosure. The “Balance Reduction Program” is supported by a team of investors, negotiators, and attorneys.
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 suggest 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 try to 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?
Mortgage notes are grouped together by lender and then negotiated 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 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).
The homeowner’s note is packaged 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?
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Thanks for your post. One other thing is the fact individual states in the United states of america have their very own laws that affect home owners, which makes it quite hard for the Congress to come up with a new set of recommendations concerning property foreclosure on home owners. The problem is that each state offers own legal guidelines which may have interaction in an undesirable manner in relation to foreclosure plans.
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That’s true. Each State has their own rules.
There are judicial and nonjudicial states in
regards to foreclosures. It can take up
to 3 years for a foreclosure to occur.
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