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Positive Equity Partners
Financial Education
Workshops
ph: 888.668.0686
fax: 888.899.8915
info@positiveequitypartners.com
Financial Education
Workshops
ph: 888.668.0686
fax: 888.899.8915
info@positiveequitypartners.com
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 |
 |
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Positive Equity Partners
Financial Education Workshops
Providing Cash Flow and Equity Saving Solutions!
Financial Education Workshops
Providing Cash Flow and Equity Saving Solutions!
Positive Equity Partners
Financial Education Workshops
Financial Education Workshops
LOAN MODIFICATION
(This is typically the best option for our clients and is our primary focus.)
Positive Equity Partners Financial Education Workshops (PEPFEW) will help you in supplying the
appropriate information to your lender to negotiate the appropriate measures to modify the term(s) of
your mortgage and our negotiation staff will apply proven strategies in order to secure a fair and
beneficial loan modification from your lender. This could lower the interest rate, lower the principal
balance, and/or extend the term of the loan resulting in lower payments. There may be costs and fees
associated with a modification that you will be responsible for.
REPAYMENT PLAN/FORBEARANCE
If you have incurred a short term financial hardship and your loan is two or more months past due, your
loss mitigation specialist will also consider submitting a request for a payment plan to your lender for
approval. Only after reviewing your financial situation will this option be considered. All clients must be
able to show that they can afford this plan in order to be eligible.
Short Sale: A short sale is recommended when the home owner can no longer afford their home. A short
sale occurs when you owe more than your home is worth. Positive Equity Partners Financial Education
Workshops will hep in the sale of your home under these circumstances in which the mortgage holder
agrees to accept net sales proceeds as full payoff.
VA LOAN MODIFICATION/REFUNDING
(VA loans only.)
A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to
consider options to help you save your home that your current lender either could not or would not
consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the
principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior
approval from the Secretary. If your interest rate was lowered and an assumption is approved, the
interest rate will be adjusted back to the previous rate.
DEED-IN-LIEU OF FORECLOSURE
(In general we consider this an option of last resort.)
If you have incurred a long term financial hardship and your house has been on the market (at fair
market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be
considered for this option, you must complete a financial package and provide a copy of your recent
active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage)
against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property
and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may
waiver all deficiency judgment rights. You may be asked to participate in a Short Sale program before a
deed-in-lieu of foreclosure is accepted.
Refinance: We can give loans on mortgages that are in foreclosure as long as there is enough equity
available and we meet the new loan income and credit requirements.
PARTIAL CLAIM
(FHA mortgages only) (Some Freddie Mac Investor loans)
The loss mitigation specialist may Assist in requesting a partial claim if you qualify. You may be eligible if
your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a
subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development.
The partial claim note will require you to start making payments when you pay off the first mortgage.
There is no interest. The partial claim can be for no more than 12 months of past due payments.
(This is typically the best option for our clients and is our primary focus.)
Positive Equity Partners Financial Education Workshops (PEPFEW) will help you in supplying the
appropriate information to your lender to negotiate the appropriate measures to modify the term(s) of
your mortgage and our negotiation staff will apply proven strategies in order to secure a fair and
beneficial loan modification from your lender. This could lower the interest rate, lower the principal
balance, and/or extend the term of the loan resulting in lower payments. There may be costs and fees
associated with a modification that you will be responsible for.
REPAYMENT PLAN/FORBEARANCE
If you have incurred a short term financial hardship and your loan is two or more months past due, your
loss mitigation specialist will also consider submitting a request for a payment plan to your lender for
approval. Only after reviewing your financial situation will this option be considered. All clients must be
able to show that they can afford this plan in order to be eligible.
Short Sale: A short sale is recommended when the home owner can no longer afford their home. A short
sale occurs when you owe more than your home is worth. Positive Equity Partners Financial Education
Workshops will hep in the sale of your home under these circumstances in which the mortgage holder
agrees to accept net sales proceeds as full payoff.
VA LOAN MODIFICATION/REFUNDING
(VA loans only.)
A refunding is when the VA buys your loan from the lender. Refunding may give VA the flexibility to
consider options to help you save your home that your current lender either could not or would not
consider. When the VA refunds a loan under 38 U.S.C. 36.4318, the delinquency is added to the
principal balance and the loan is re-amortized. Your new loan will be non-transferable without prior
approval from the Secretary. If your interest rate was lowered and an assumption is approved, the
interest rate will be adjusted back to the previous rate.
DEED-IN-LIEU OF FORECLOSURE
(In general we consider this an option of last resort.)
If you have incurred a long term financial hardship and your house has been on the market (at fair
market value) for at least 90 days, you may be eligible for a deed-in lieu of foreclosure. To be
considered for this option, you must complete a financial package and provide a copy of your recent
active listing agreement. Also, there cannot be any additional claims or liens (other the mortgage)
against the property. If you are approved for a deed-in-lieu, you will be giving up all rights to the property
and the property will be conveyed to your investor. In exchange for the deed-in-lieu, the lender may
waiver all deficiency judgment rights. You may be asked to participate in a Short Sale program before a
deed-in-lieu of foreclosure is accepted.
Refinance: We can give loans on mortgages that are in foreclosure as long as there is enough equity
available and we meet the new loan income and credit requirements.
PARTIAL CLAIM
(FHA mortgages only) (Some Freddie Mac Investor loans)
The loss mitigation specialist may Assist in requesting a partial claim if you qualify. You may be eligible if
your loan is 120 to 365 days past due. A partial claim results in placing your past due payments into a
subordinate mortgage (2nd mortgage) between you and the Secretary of Housing Urban Development.
The partial claim note will require you to start making payments when you pay off the first mortgage.
There is no interest. The partial claim can be for no more than 12 months of past due payments.
We can negotiate with your Mortgage Company to bring your loan back in
good standing. There are many options available to us to get a work out
approved. Here are some examples:
good standing. There are many options available to us to get a work out
approved. Here are some examples:
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