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Please invest a moment of your time to read the below -you may be able to save up to several hundred thousand dollars!
This is not a solicitation to sell your home, nor are we offering to help you obtain a loan modification.
If, when you bought your home, you obtained a mortgage for at least $417,000, this will interest you!
The sad news that we are all too familiar with, is that home values have suffered dramatic price declines. The good news is you may have an opportunity to replace your mortgage with a new one at today's low interest rates for just the approximate current value of your home. This means that the mortgage you obtained when you bought your home may be refinanced to the home's approximate current value, with the principal reduction being your immediate savings. There are no costs to check out this program; your only costs will be the relatively minimal expenses you will pay with respect to obtaining the new mortgage refinancing. You may select a trusted licensed mortgage professional of your choice to assist you to obtain the refinancing.
We represent and are associated with several private investors with extensive experience in the real estate and mortgage business. One of our investors will negotiate to purchase your mortgage from the bank, and if successful will then permit you to payoff your old mortgage with a new mortgage balance equal to the approximate current value of your home.
You will not be asked to deed your property to some third party, and this will all be done through a local title/escrow company of your choice.
There are three criteria that need to be met in order to qualify for this program:
CRITERIA #1: The loan on your home has to be a “Jumbo Loan”, often called a non-conforming loan.
What is the difference between a conforming loan and a non-conforming, (jumbo) loan?
Conforming Loans: The government sets the standard for what a conforming loan is. They put limits on these types of loans. Conforming loans can be sold off on the secondary market, packaged and then end up being sold on Wall Street. These are the only types of loans that Freddie Mac and Fannie Mae buy.
Non-conforming Loans (Jumbo Loan): These loans are outside of the loan limit. The limit today on a conforming loan is around $417K, or higher in some markets like California. A non-conforming loan like a jumbo loan is a higher end, riskier loan. Most importantly to us… these types of loans may not have been packaged and sold on Wall Street like conforming loans.
CRITERIA #2: The property needs to be upside down… This means the bank must be owed more than the property is worth.
CRITERIA #3: You must have good credit. Specifically, you need a 700 credit score or better. This means, of course, you cannot have missed any payments or be in default of your loan. In order for you to benefit from this program, you will need to refinance your current loan to a new loan with a reduced balance approximately equal to the current value of your home. You will have a new mortgage at current competitive low rates, and the difference between your current mortgage balance, and the new reduced mortgage is your immediate savings. If you have bad credit, you can’t do this.
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