• Is Your House In Foreclosure?

    Many people facing foreclosure do nothing but wait for a miracle. We all know the odds of miracles happening. But what else can you do?

    Do you really mean no commission, no closing cost, no repairs, and no waiting?

      Yes, we do. We want the experience to be as streamlined as possible for all concerned. So, we’ve worked out a system to take care of the sale quickly with an escrow company and have cash available, if you need an extra quick closing. You can go directly to the Contact Form to describe your property for us if you’d like.

      Do you only buy homes?

        No. We also buy condos, duplexes, multiplexes (Click Here for more info), properties near campus (Click Here for more info) and some commercial buildings.

        My house needs some serious repairs. Are you still interested?

          Yes we are. We want to talk with you regardless of how much repair is necessary. We have our own remodeling crews and can even buy your house if it has had a fire, a health violation or is condemned.

          My home is in great shape but I just recently purchased it, so I don't have much equity. Can you still buy my home?

            Yes, we can. We have a program worked out for purchasing homes with small equities. We like beautiful houses that only need creative financing options as much as the not-so-pretty ones that need lots of work. The good, the bad and the ugly–it’s all good to us.

            My home is going to be foreclosed on. Can you stop the process by buying it?

              Definitely. We have experience with foreclosures and can buy your home very quickly. Go to Stop Foreclosure for more infomation.

              Will you get a loan or pay cash to buy my home?

                Either. Of course we prefer to get seller’s terms or a bank loan. If we do secure a loan we will pay for the appraisal and lender fees. Whatever the method of purchase, we will work to meet your particular needs. There are many possible options, including all cash.

                My house is currently listed with a real estate broker. Can you still buy it?

                  Most likely. We work with brokers all the time and will work with yours.

                  In what areas do you purchase property?

                    All over. Our offices are Washington Township, Pennsylvania but we buy property anywhere in the United States.

                    What can I expect to see in terms of an offer?

                      That depends. We are in this business to create win-win transactions. To do this we plan to make an offer that gives us the potential to make a reasonable profit while providing you with a helpful solution. Of course, neither party is under any obligation while we explore the possibility of a sale. If we cannot help you, we very well may know someone who can.

                      How do you determine the price you will offer for my home?

                        Various factors. Our price takes into consideration the condition of the house, the cost of renovations, the cost of financing and selling the property, as well as comparisons to other similar houses in the area.

                        So, where do I go from here?

                          Take the next step. You can contact us by calling our office.

                          What are my options?

                          Loan Modification

                          OPTION #1   “THE LOAN MODIFICATION”

                          WHAT IS A LOAN MODIFICATION?

                          The loan modification basically is modifying your loan.

                          Example:

                                                  $200,000       Value of the home

                                                  $185,000       What is owed

                                                  $    1,500        Monthly Payment

                                                  $         10        Payments behind

                                                  $  15,000       What is owed to bank in back payments

                                                  $    2,500       Attorney fees

                          So now to bring this loan current you can try a loan modification. You call the bank and tell them you have 6 or 7 payments and you want to do a loan modification.  This means the bank will put the other 3 or 4 payments on the end of the loan. 

                          Example: 

                          Let’s say the payments you owe are payments # 22, 23, 24, 25, 26, 27, 28, 29, 30, 31.  Remember, a 30 year loan has 360 payments.  Making 7 payments to the bank you would be paying payment # 22, 23, 24, 25, 26, 27, 28.  Payments 29, 30, 31 would go to end of the loan with payment 360 and become payment 361, 362, 363.

                          Doing a loan modification most of the time the bank will require 60%-70% of the back payments to be made plus, all attorney fees.

                          Example:           

                          10 payments behind at $1500 per payment. You pay 7 payments plus attorney fees.  Due to the bank is

                                                             1500 x 7 = $10,500

                                                             Attorney    $ 2,500  

                              Total Due  $13,000

                          Note: if you have late payment fees, back real estate taxes, property inspection charge or forced insurance due the bank will make you pay this at this time too.  Sometimes they will waive the late fees only. 

                          You will end up paying $13,000 to get current and to get out of foreclosure instead of $17,500.

                          Remember this point

                          You can only do 1 loan modification per year or only 4 per the length of the loan however; no more than one per calendar year. If you refinance with another mortgage company then the loan modifications you did before don’t count, new mortgage company, clean slate.

                          The bank might ask for “Proof of Funds.” This means you have to prove you have the $13,000.  The bank may ask for a copy of your last 12 months of bank statements.

                          Once this is done you are one step closer to keeping your home. If you choose this option call me for some FREE advice so I can help you with this process.    Good Luck and God Bless!

                          OPTION #2   “THE FORBEARANCE AGREEMENT”

                          WHAT IS A FORBEARANCE AGREEMENT?

                          If the Loan Modification doesn’t work because you don’t have the $13,000 in funds they are asking for, then The Forbearance Agreement may be better for you. The Forbearance is a workout agreement with the bank.

                          Example:

                                    10 Payments behind

                                    $1,500 per Payment

                                    $2,500 Attorney Fees

                          $17,500 Total Due to Bank without late Payment Fees or Insurance

                                        fees, if any.

                          Here is How a Forbearance works.  

                          The bank will always ask for attorney fees and then approximately 40%-50% of the back payments. 

                          So let’s look at this Example.

                                    $2,500 Attorney Fees

                                    $6,000 4 of the 10 Payments

                          $8,500 Total Due

                          You need $8,500 to enter into the Forbearance agreement.

                          The Balance of the 6 payments will be processed accordingly.

                          You have to qualify for this. Everyone qualifies, it’s just some will pay over 12 months, some over 6 months.

                                    Example:

                                             $8,500 Down

                                             6 Payments. Balance owd 6 x 1500 = $9,000

                          This $9,000 depending upon your Monthly Income will be added to your monthly payment as follows.

                                    Example:

                                             $1,500 is your Monthly Payments you Qualify for a 9 month program which means your new Payment will look like this:

                                             $1,500 Old Payment

                                             $1,000 x 9 for past monthly payments

                                             $2,500 per month for the next 9 months

                          Then at the end of the 9 month period, your payments will go back to $1,500 per month.

                          Remember these 2 Important Points

                          1.) 85% of Homeowners fall out of the Forbearance agreement in the 1st 2-3 months, because of the failure to pay.

                          2.) Just because you have worked out a deal with the bank, you are not out of foreclosure. You are still in Foreclosure till your 9th payment of $2,500 is made. Then and only then, will you get a foreclosure withdraw letter from the bank, stating your loan is current.

                          The bank will keep passing the foreclosure date every month.

                          Let’s look at how this is done:

                          Let’s say today is March 26th and you make a deal with the Bank on this day. They will have you wire a transfer or Western Union your money to a special account. Do not just mail your check in, the bank will tell you where to Fed-ex a cashier check if they want you to. They will not take personal or business checks at this time. The bank will require certified funds.

                          Let’s say today is March 26th. You need to send your $8,500 payment to the bank. Then starting on May 1st, your 1st of 9 payments of $2,500 will be due.

                          You will need to send this payment Certified Funds or however the Bank requires 3-4 days before it is due, to make sure they receive it in time. You will be sending it on the 26th or 27th of every month. On the day before it is due, you need to call the bank, to verify they received the money in time. This is a must.

                          This is how your foreclosure will look like on dates.

                          Let’s say today is March 26th, you send $8,500. Sale date was April 6th. After receiving the $8,500, the bank calls the public trustee office (or whoever sells the foreclosures in your area) and sets a new sales date of May 6th. You make the payment on May 1st of $2,500. When the bank receives that payment they will call and move the new sale date to June 6th. You make the June payment then the bank will move the sale date to July 6th. If you miss the July payment, that was due July 1st, on the 2nd of July, you do not have an agreement with the bank. Your forbearance agreement has been voided. Your house will go to sale on July 6th, and you will get evicted.

                          Now you are in trouble; however, there is still hope.

                          Let’s re-think what has happened here. You now only owe the bank $7,000 from the foreclosure, plus your $1,500 for the July payment, which is your basic monthly payment.

                          You use to owe $17,500 you paid $8,500 down and 2 payments of $1,000. You really paid $2,500 per month; however, $1,500 per month is for your normal May and June payments.

                          So you have         $17,500

                          -              $  8,500 Down Payment

                          -              $  2,000 Payments (May and June)

                          $  7,000 Due on past payments

                                                         +      $ 1,500 July Payment

                                                                $ 8,500 New Total due to the Bank 

                          Let’s say today is July 3rd, you owe $7,000 from the foreclosure and $1,500 from the July 1st payment, which totals $8,500. This is your new total with the Bank. Now you call the same rep from the Bank and do another forbearance agreement on the $8,500. The bank will want $4,250 down, and the balance of $4,250 will be split evenly over the next 7 months. This now makes your new payment in August $1,500 plus $607.14 foreclosure payment. Your new payment will be $2,107.14 from August 1st through February 1st. After Feb. 1st, if all payments are made on time, this is when you are out of foreclosure and March 1st is when your old payment of $1,500 will return.

                          This is truly a great option for homeowners. This is a strict plan and you may need my help to do this.

                          I charge a small fee for helping homeowners do this.  Please call me so I can help you save your house from sheriff sale. Remember, when dealing with bank, get whatever they tell you in writing, before any money is sent to them.

                          Call me at 215-778-8140 to help. Let me explain to you how the system works.

                                                                Good Luck and God Bless

                          Contact Us

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