Mortgage Principal Reduction vs Loan Modification

Feb. 23, 2010 - PRLog -- Finally there is a solution

Program Benefits

There is a solution for the homeowner with negative equity in their home due to the current economic downturn. Our program allows the homeowner’s principal balance to be reduced to near  90% of the current market value. We can help despite your payment history, foreclosure, bankruptcy, repossession, or having been denied of loan modification, short sale, etc. Credit score is not a problem.

Benefits of the Principal Reduction Program:

1. Reduction in principal balance to 90% of current market value

2. 30 year fixed loan program

3. Interest rates as low as 5%*

4. Monthly Mortgage Payment reduced by 25%-50%

5. No Credit score needed to qualify

6. 10% instant Equity

7. 60-90 day turnaround time

8. Never lose Title/Ownership of your home

9. Not a lease option program

10. No Tax repercussion**

*Interest rates may vary depending on qualified homeowner
** Please consult with your Tax Advisor for further information

Who Qualifies
The good news is that most homeowners will qualify for this program. The Guardian Group Fund’s team of professionals understand your situation well . We know that most homeowners are experiencing hardships beyond their control, and could really use a second chance. In addition, there are those that are not experiencing a hardship, but cannot refinance because they are upside down in their mortgage. If you qualify we can help put you back into an equity position in your home.
Who Qualifies?

* Must not exceed a 50% Debt-to-Income ratio on your new proposed loan
* Must be upside down by at least 25%
* Must be able to prove income*
* *12 months bank statements will be considered proof of income.

Frquently Ask Questions
Why would my bank sell my note at a reduce amount rather than foreclose on my property? When a package is submitted to the lender, it is submitted with many other property owners in your situation or worse.

We are offering the lender a way to get those “toxic assets” off their books without having to go through the foreclosure process and risk being even further in the hole. Keep in mind the average foreclosure costs appear to be about $70,000 for a $200,000 home. Additionally, you are impacted by losses in the tax base, impact to home prices, and increases in government services and funding to people who lose their homes. What are the terms of my new note? If your FICO credit score is over 700 your new interest rate is 3% over prime for 30 years fixed.  If your credit score is less than 700 your new interest rate is 4% over prime for 30 years.  The current prime rate as of Sept 30, 2009 is 3.25%

1. Q: Do I have to be late?
A: No. We can still help you if you are behind.

2. Q: Do I have to have Good Credit?
A: No. We will work with anyone regardless of their payment history, or credit score.

3. Q: Can you help if I am in foreclosure?
A: Yes, Definitely. We recommend that you contact us immediately so we can expedite the process.

4. Q: Will this have a negative effect on my credit?
A: No. Since the loss is a voluntary write off by the current mortgage company the homeowner will not have any tax recourse.*

5. Q: How long does the process take?
A: 90-120 Days

6. Q: Can I enter the program if I have more than one Mortgage loan?
A: Yes.

7. Q: What type of loan will I receive?
A: a 30 year fixed rate mortgage.

8. Q: How much does it cost to get started?
A: One time Fee $1595.

9. Q: I have a jumbo loan, can you help homeowners in jumbo loans?
A: Yes, We consider Jumbo Loans, please call for more details.

10. Q: Can you do an FHA Loan?
A: Yes.

11. Q: Can you help me out if I am in Bankruptcy?
A: Yes.

12. Q: What will my new loan be after everything is finished?
A: The new loan balance will be based at 90% of the homes Current Market Value.

13. Q: What will my new interest rate be?
A: You interest rate will be determine on whether or not a homeowner is a performing or non-performing Borrower.
All performing homeowners who qualify for traditional financing will be refinanced with current market interest rates.%.
All Non-Performing borrowers will receive interest rates as followed:

700 Credit Score or better = prime + 3 or (Currently 6.25%)

699 or below Credit Score = prime + 4 or (Currently 7.25%)

14. Q: Is there a prepayment penalty?
A: Yes, there is a hard prepayment penalty for 36 months.

15: Q: How Much Money was allocated for this program?
A: $5 billion.

16. Q: How much will my monthly mortgage payment be?
A: We usually see our homeowners monthly mortgage payments reduced by 25%-50%. (we would like to insert a mortgage calculator Here)

17. Q:Will I have to sign my house over to you?
A: No, You will never lose title/ownership of your home.

18. Q: Do I still have to make my mortgage payments?
A: Yes, We never advise to the homeowner to miss their mortgage payments.

19. Q: I am a business owner and I cannot prove enough income on my taxes but I make good money, can you help me?
A: Yes, We need to see your last 12 months business and/or personal bank statements.

20: Q: I have an Investment property, do I still qualify?
A: Yes, we will consider an investment property. Please call for details.

21: Q: Can I refinance my loan whenever I want?
3 year pre-payment on in house financing only.
22: Q: Do I still own the home or is someone else on title?
A: You will remain on title and the note. This is a private money loan and the hedge fund has no interest in owning your home.

23: Q: I understood from the conversation that we would be able to work with any type of property. Are there any property type restrictions?
A: For right now it is limited to SFR…condos are acceptable as well

24: Q: I also understood that once the note is renegotiated the client will end up with at least a 10% equity position in the property. Right now 10% down financing is difficult for most to refinance conventionally, especially with the current guidelines for investment property. Is there any latitude on this?
A: No its 90% of current market value, but this is all done by our program and there is already a relationship with a lender that will conventionally finance the deals with 90% cltv

25: Q: Are there any state restrictions?
A: No state restrictions

26: Q: Is payment always done with a cashier’s check?
A: Yes…. The cost to the homeowner is $1595 payable directly to the hedge fund to cover the costs of appraisal, title work, credit checks, background check etc.

27: Q: Can other people be on the note to help the DTI?
A: YES…..but they must prequalified prior to being put on title

28: Q: Is there a website that helps us manage clients?
A: Yes…We have a back office database for reps

29: Q: What is the 3 year prepay (3%,2%,etc.)
A: 6 months interest whatever their rate is 3 or 4% depending their FICO

30: Q: Is the private note fixed?
A: 30 yr fixed

We understand the fear and disappointment business owners experience in a financial crisis. We are here to help you alleviate your stress and find solutions to eliminate your stress.

Our Mortgage Principal Reduction Program  is backed by a multi-billion dollar hedge fund allocated to help homeowners eliminate negative equity.

All applications are meticulously evaluated and underwritten to ensure that business owners are qualified for the principal reduction program.

There is a commitment to help the millions of struggling business owners who are underwater in their mortgage. Good or bad credit  can be helped.

THIS IS NATION WIDE PROGRAM, IF YOU SEE YOURSELF IN THIS SITUATION, CONTACT THEIR AGENTS OFFICE RIGHT AWAY TO GET STARTED.
CALL (904) 410-5432 (LEAVE MESSAGE)
email: LoanSolutionsNetwork@gmail.com
http://LoanSolutionsNetwork.com