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Over Leveraged / Under Water

According to recent government reports more that 25% of all homes in America is Over Leveraged/Underwater.  If this is also you, you are definately not alone. Until recently there were only four different options that home owners had. 
They were as follows:
1.  Keep making payments on the home and try and ride it out until your value returns. <> This is a longterm soplution and one that may work for you.  But be prepared for the long hall.

2.  List it with a real estste agent.  You may have a tuff time finding an agent to list it because there is no money in the home to pay their comissions.  Be prepared to take thousands to closing.
3.  Try and get the banks to approve a short sale ... this is of course a long and painful process and very often disapproved by your mortgage holders.  Additionally, you can expect a big hit on your credit.  

3.  Just walk away and allow your house to go into foreclosure.  This of course will rake havic on your credit for at least 10 years ... least desirable solution.
You have the old saying, "When One Door Closes, Another Door Opens".  You already know that the Door of Easy Money is Closed; however, you may not be aware that another door regarding your Mortgage has Opened!
This newly opened door has made it possible for long term investors, (those who are willing to take a chance on Over Leveraged Houses) with the expressed intent to pass them on to Long Term Investor Homeowners.  
This is a powerful program and is working for many homeowners who own houses that are Over Leverage/Underwater
However, nothing is for everyone and this program may or may not be for you.  
But it is so promising that it is definately worth taking a look at.
Contact us at:
24 Hr. Voice Mail:  1-800-844-9639 x 4555 / Ofc:  866-463-6939
Following is how it works:
The Assignment of Mortgage System

You have probably heard that old saying, "When One Door Closes Another Door Opens"!  This is most definitely the case with Fast, Cheap and Easy Money as it pertains to real estate.  But as the old saying goes, … a new Door Has Opened, it's called
The Assignment Of Mortgage System

According to governmental reports, approximately 25% of all homes in America are Over Leveraged.  Until The Assignment System came along these homeowners were left holding the bag. There was really no way for them to get out from under their homes other than:

1.  Just hang in there and hope that the value of their property returns … (this may well be a solution but many homeowners are unable to afford to go this route … (how long can one continue to send good money after bad)?

2.  Try and get a short-sale approved by their mortgage holders, (this at best is a long and difficult process and one that as often as not fails).

3.  Just simple walk away and allow their home to go int foreclosure.  Of course this is also a very undesirable solution and one that will raise havoc against their credit for many years to come and substantially reduce their chances to ever be able to own a home again.

Here are the most frequently asked questions:

Q: What is The Assignment System?
A:  We will lease option your home for the loan balance at the time it is purchased and pay you rent equal to your payment and accept responsibility for all repairs after the first 30 days. We will then find and screen a tenant buyer who will make a financial commitment to lease the home with the option to buy and assign our agreement to them after you approve them.
Q: What does this cost me?
A:  Nothing! You’ll have no expenses until the buyer is ready to get financing and then you may pay some reasonable closing costs. Sometimes the buyer pays all the costs.
Q:  How long must I lease?
A:  The minimum term if you’re over leveraged is 10 years to give the market time to increase the value and for the debt to decrease to the point the home is no longer over leveraged. This allows the buyer to get a loan to cover the debt without you contributing cash to pay it down. If you owe at or about today’s market value we may shorten the term.

Q:  When do I start collecting rent?
A:  One month after we find a tenant buyer you approve and they accept possession of the house. We expect it to take no longer than 30 days after you are ready for us to show the house but it may take longer or happen sooner depending on several circumstances that vary with each house.

Q:  What if the tenant tears up my house?
A:  Our tenants are of a buyer mindset and will have a financial stake in the agreement. Plus they will be responsible for repairs. In our experience it’s rare for them to tear up a house and lose their option and deposit but it could happen and that is a risk you must take if you elect this program. However if it were to happen you may call us and it’s likely we can lease it again in it’s as is condition.

Q:  What paperwork is involved?
A:  You will execute a lease purchase agreement when you’re ready and when we find and you approve a tenant buyer. Then an attorney will prepare an assignment and ask you to sign a few disclosure documents at that time.

Q:  What if the tenant buyer never closes?
A:  Actually that may be the best thing that could happen for you. Every month a tenant pays you rent to cover your payment, it reduces your debt and eventually pays it off. If they don’t buy you’re building equity.

Q:  Do I get any money if they do buy?
A:  No! Not if you’re over leveraged now. The only reason a buyer would agree to lease option an over leveraged house is because they get the benefit of the debt reduction and in time will build enough equity to get financing. If this opportunity is not available the home would be unmarketable. However, if you have equity now, it’s likely you will get cash at the time of sale.

Q:  Will I be paying for repairs?
A:  Only during the first 30 days and if you can’t fix anything that needs to be fixed before we offer the house we can disclose to the buyer and may get them to accept as is. Your lease will contain a provision for you to fix anything not disclosed but only for 30 days.

Q:  So what’s my responsibility?
A:  Get the house ready to show, approve our tenant buyer, collect rent and make the payment (we can have an escrow company do this), show the house by appointment if you reside in it while we market.

Q:  What if you don’t find a buyer?
A:  If we don’t find a buyer you approve within 90 days you may cancel our agreement or allow us to continue looking.

Q:  What if my house isn’t over leveraged?
A:  We can still lease option it from you at a fair price and will either assign our contract or may choose to remain in the middle until it’s cashed out.  We may also buy the house now and take over the debt or simply pay cash.  Once we know the facts we can instantly tell you what we can do and let you make your best choice.

OK, What Do I Do Next?

Step 1:  Use the following form to tell us as much about your home as possible.  Example:  No of Br/Ba, estimated value, amount you owe, when you want to move, … We will take a look at the information you provide us and will get back to you if we need more information or we will tell you what we can do. 

Step 2:  We’ll discuss the facts by phone and tell you what we can and can’t do and if we both agree to move forward we’ll visit the home, answer questions and leave you with the agreement.

Step 3:  Once the agreement is executed and you tell us when you’re ready we’ll begin showing your property to our current buyers list or find new ones if necessary.

Step 4:  Review our buyer and if you approve we’ll set up the closing for the tenant buyer to attend.  You do not need to be present unless you choose to.

Step 5:  You can move own with your life.


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