FAQ
Q: Is this different than a loan modification? A: Yes!! We are not modifying your loan. We are reducing your mortgage obligation to your bank and at the same time reducing your debt. We then obtain a new loan for you with better terms and payments
A: Probably not. Our process is conducted by experienced individuals with established relationships in the banking industry. Our processors know how to deal with the banks and what to expect and how to get our clients the best deals. We also purchase millions of dollars in notes at a time, this is why the banks deal with us. The average homeowner won't be able to accomplish this
A: The banks are now required to negotiate debt. We take it one step further. The banks need their capital back. We negotiate a great deal and then pay off the settlement to the bank by buying your loan. Everyone wins. You get a new loan with better terms and payments and you now owe less on your home. The bank gets their capital back in their hands fast and can write off the loss much faster than if they were to have to wait for a foreclosure, sale and resale of your home.
A: You will have a new loan show up on your credit. You will NOT have a foreclosure or a short sale on your credit and many times all or most of the negative credit, if any that is associated with your old loan will be removed. You will also not have to pay tax on forgiven debt.
A: Absolutely!! This is another way in which we are different from loan modifications. No matter whether you are current in your payments, past due, facing foreclosure and even if you've already had a notice of default or notice of sale filed, we can help. We've even helped people who had already lost their home to the bank.
A: Typically this process takes 30 to 90 days. There are some isolated cases that do take longer but we always succeed. Once our processors file the paperwork, you can start saving the money you would normally pay to your bank. With this strategy, you will begin paying your next payment on your new loan in 30 to 90 days or more.
A: There are a number of factors but generally most of our services cost $4,000 to $5,000 total and we will begin the process with about half down which will show as a consulting fee and the balance can be billed to you when we close your new loan. We will only charge you if we are able to accomplish your Principal Reduction. If at any time we are unable to accomplish this, we will refund all of your money, no exceptions!!