What is The Cost, and How Do I Start?
The company charges a fee of one percent (1%) of the Original Loan Amount or $1,000.00 to $4,000.00 dollars at the maximum.
To start the process their is a $500.00 dollar processing fee and we will provide you with the following documents:
= Purchase Contract,
= Executed Transfer Deed,
= Loan Assumption Agreement,
= Hud-1, and
What
we need from you:
We will need the following documents:
= A copy of your Monthly Loan Coupon or Billing Statement for all loans showing the Monthly Payment,
= Your Mortgage Loan Number,
= A Copy of your Current Listing Agreement (if any)
The process is completed within a Week. We have payment plans available if your running short on Cash, It will all be included in the paperwork that we provide to you.
Is This
Legal?
Both Federal and all State laws allow the owner of real property to sell (or
grant) his property to whoever he desires.
What
are the Conditions?
You cannot be in Default - and if you are in Default the Default process must
have just reciently started - we cannot help you if you are running close to
your Trust Deed Sale Date. This is good for a Borrower who has lost their job
or cannot continue to make their mortgage payments, but you cannot already be
in default.
Is
the Owner's name still on the Loan?
The loan is secured by the property. In selling the property to the Company,
which takes full responsibility for the property and any liens attached to it.
Isn't
This Too Easy?
The person who sells property to the Company and is someone who has made the
decision to "walk away" from a property. Once the decision is made,
you owe it to yourself and your family to put “the best possible spin”
on an unfortunate situation.
I'm
living in the property. How long may I stay?
If you are living in the property, you may continue to live there at no monthly
rent. It typically takes about 6 months after the Company acquisition to ultimately
divest ourselves of your property.
What
About the Borrower's Credit?
Any derogatory items that appear on your credit report can be protested through
a supplement at the factual data company, and may also be protested through
the credit bureaus. The Company provides you with various Guides to enable you
to legally and successfully repair and keep your credit in good order.
What
is the Companies procedure to work with the Lender?
The Company notifies the lender(s) immediately after acquiring title that the
Company will actively market the property (to mitigate the lender's loss) and,
in the interim, WILL NOT be making any payments. This, together with notice
of the Loan Assumption without prior lender approval, forces the lender to initiate
the Trust Deed Foreclosure procedure while Wilshire and the Realtor attempt
to negotiate a short pay. You will receive a copy of the lender notification
as part of your package.
How
Long Does This Take to do?
We can have you deeded out of the ownership of your property in two or three
days.
May
my Broker, Accountant, or Attorney Contact You?
We appreciate your concerns and are pleased to discuss and explain our Second
Chance Program with your professional advisor.
How
does the Company effectuate a Short-Sale?
When the Company is the property owner, you Do Not have to prove a hardship.
The Company will not supply hardship letters, and as a real estate holding corporation
negotiates from a position of strength.
You will Never be asked, nor will the Company allow you to sign any personal obligation for the Lender's loss. Simply stated, you no longer own the property!
In cases where the seller is an individual, Short-Sales happen when a he can't afford to make their payments and is nearing foreclosure or bankruptcy. The lender's ability to scare you is much greater in that case. In this case, a short sale is only slightly better than the alternatives. You will still lose your house, and your credit is still destroyed just because you've made 4-5 late payments on your mortgage.
By selling your property to our Company, you should under no circumstances whatsoever supply any financial information to the lender.
Click here to see a HUD-1 Final Closing Statement of one of our Sales we did though Escrow including puchase contract, etc,.
