FundingForeclosure.com..your thoughts

[jwmortgage]

This is what was emailed to me. I need to get a customer out of forclosure. They said they basically buy the house from the cust, he leases it from them for 12 mo, they help pay off up to 1000-10k for credit cards etc. They sign a VOR at the end of the 12 mo, so cust has a good mortgage/rental history. My customer: house about 170k, loan is 105ish w/ forclosure stuff, they said he could qualify for about 10k to pay off other stuff. They they roll all that into the cost to customer, and he said they'd sell it back in 12 months for about 140ish. They pay me 4000, no costs to customer. Where do they make their $, and has anyone used them?

Mike@jwmortgage.net



Thanks for inquiring about our foreclosure bail-out program.

* Who are we?

We are a foreclosure consulting company, a “Super Broker” that manages the finances of a group of private investors. This group invests in foreclosure properties so that owners wont loose homes and equities to foreclosures. Once the homes are purchased they are leased back to the foreclosure victims for 12 months with a very low monthly payment. Once the year lease is completed, you the originator will finance your clients back into a mortgage in their home.

* What is our specialty?

Your dead files. Foreclosure relief is our specialty. If you have exhausted all of your resources trying to refinance your clients but can’t there is a possibility that we can be of service.

We can stop foreclosure proceedings within 24 to 48 hours, many times lower your client’s monthly payments, and in some cases get some cash back to your borrower.

* How do we do this?

Our program is equity based and not fico driven. Calculate 85% property value - $25,000.00 extra in equity; if that equity exists-they can qualify! This is a 12 month lease program that allows the client to re-establish their credit and get a fresh start with a perfect mortgage history. Once the year is due you can finance them back to a conventional loan.

* How does this benefit my borrower?
o Save your clients home and equity
o Monthly payments starting between 8.5 and 9.5%
o Taxes and insurance paid for the year
o No closing costs, upfront fees, or out of pocket expense
o Existing Liens, or Judgments paid off and cleaned title
o Cash out available
o Provide Property Lease Company Verification of Rent with 1 year perfect mortgage history



* How does this benefit me and my staff?
o $4000.00 paid to you upon recording for every deal you submit that we close.
o We completely process deal; you are not stipped to get conditions met—we do.
o Relinquish your clients to get financing out of our lease program

[Troy]

typically what happens is that the customer can't purchase their home back because of credit/money/qualification problems. Suddenly the lender has a home that they paid WELL under market for.

As long as all the paperwork is done correctly it's legal and the borrower has no recourse if they can't qualify to purchase their home back.

troy

[Rondelu]

I signed with them, I never had anyone to move forward with them. One person told me that he would give it alway first before dealing with them. They would ripe someone of all the equity.

[magma]

So underwriters are looking into the problem of people bailing and getting into an affordable mortgage. What choice do they have? If lenders are still FORCING people to pay the newly adjusted rate - as our is nearly $900.00 more a month - and refusing to work with us, again, what choice do we have? We tried to refinance our home over a year ago and did not find any takers due to the fact that we did not have enough equity in our home. I, personally, as well as my husband, would love to stay in our home, but we cannot afford the adjusted increase. And if no lender is willing to work with us, what do we do? Chase has still not given us any notification that they will redo our loan. Should we hire an attorney?


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Stop Foreclosure Desk Information and Solutions about Stopping Foreclosure

[magma]

Anyone ?

[Troy]

Time to look into loan modification services. I suggest you contact an attorney that specifically handles loan modifications.

Good luck!