Foreclosure Alternative – Take Advantage Of A Little Known Foreclosure Alternative
Posted on : 26-01-2012 | By : Mike Bridges | In : Default Note Buyer, Featured
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If you’re in foreclosure, your lender has probably already told you about your options.
- Deed in Lieu of Foreclosure
- Short Sale
- Loan Modification
- Bankruptcy
Did they tell you that the debt attached to your house may be for sale?
I’m sure they didn’t tell you that. On the surface it would appear that it would make no difference who owns your mortgage note. After all, if you’re in default, why would you care who you’re not paying?
But your mortgage (or promissory note) is for sale … I’m willing to buy it and this is why you should care:
Simply put, the investor (or entity) that owns the promise to pay on the loan attached to your house, gets to call the shots. Since they are owed the money that you agreed to pay, they have the right to sue you for the money that you failed to pay. If they can’t collect, then they have the right to tell the IRS that you didn’t pay them and that you essentially “gained” the benefit of the money owed and therefore will be taxed on it.
If I buy your mortgage from your lender …
- I will waive the deficiency
- I will not send a 1099 to the IRS
- I will report your account as “Paid In Full” to credit agencies
- I may be able to offer you “cash for keys” to help you start over
It is a very simple process and I can’t wait to explain the details to you. Please call me at (314) 329-7385 and let’s discuss your situation.
Below are the few criteria that must be met in order to participate in this foreclosure alternative:
- 1st mortgage MUST be with one of our preferred lenders (listed below)
- Balance on 1st mortgage MUST be more than $125,000
- MUST be behind at least one payment
- MUST be willing to sell and walk away
- MUST be in sellable condition
- MAY have multiple loans/liens
PREFERRED LENDERS
- Bank of America
- Wells Fargo
- CitiMortgage
- JP Morgan/Chase
- Aurora
- Regions
- GMAC
- SunTrust
- IndyMac
- Litton Loans
- FreddieMac
- Fannie Mae
If you’re in default on your mortgage and want to find out more about this foreclosure alternative, please call me at (314) 329-7385.
Wishing you all the best,
Mike Bridges
