FAQ
Frequently Asked Questions
Q: Do I have to be late on my mortgage payments?
A: No. We can still help you if you are current on your payments.
Q: Do I have to have Good Credit?
A: No. We will work with anyone regardless of their payment history, or credit score. The loan is based on income, not credit score. You must be able to document your income though.
Q: Can you help if I am in foreclosure?
A: Since the entire process takes approximately 90 – 120 days, we can’t say that we’ll be able to obtain your new loan in time to prevent a foreclosure. Therefore, if you are nearing or have just entered foreclosure, we are very hesitant to take your case. We will not take your case if you are less than 90 days from a scheduled foreclosure auction.
Q: Will this have a negative effect on my credit?
A: No. Since the loss is a voluntary write off by the current mortgage company the homeowner will not have any taxable event.*
Q: How long does the process take?
A: The entire process from file submission to new loan closing will take about 90-120 Days. The initial evaluation of whether we can work with you usually only takes about 24 hours (you can also fill out the worksheet on this website to get a good idea yourself). After that, we usually know within 2-4 weeks whether we’ll be able to get you a new loan. You won’t have to wait the entire period to find out if the Underwater Refi will work for you.
Q: Can I enter the program if I have more than one Mortgage loan?
A: Yes you can. We will negotiate with all lenders to purchase and refinance obtain your loans.
Q: What type of loan will I receive?
A: At this time we offer a 30 year fixed rate mortgage.
Q: How much does it cost?
A: There is a one-time, up-front fee of $1,595. This covers all of the processing, appraisal, escrow, title and other fees. There are no closing costs paid by the client when the new loan is closed. See the discussion of fees on this website.
Q: I have a jumbo loan, can you help homeowners in jumbo loans?
A: Yes, We consider Jumbo Loans, please call for more details.
Q: Can you do an FHA Loan?
A: Yes.
Q: Can you help me out if I am in Bankruptcy?
A: Yes.
Q: What will my new loan amount be after everything is finished?
A: The new loan balance will be set at 90% of the home’s Current Market Value.
Q: What will my new interest rate be?
A: Your interest rate will be determine on whether or not you are current on the payments for your existing loan. All current homeowners who qualify for traditional financing will be refinanced with current market interest rates. All those with missed payments will receive interest rates as followed:
700 Credit Score or better = prime + 3 or (Currently 6.25%)
699 or below Credit Score = prime + 4 or (Currently 7.25%)
Q: Is there a prepayment penalty?
A: Yes, there is a hard prepayment penalty for 36 months. The penalty is six months of interest due on the loan.
Q: How much will my monthly mortgage payment be?
A: We usually see our homeowners monthly mortgage payments reduced by 25%-50%. However, the exact payment can only be determined once we know your home’s current market value.
Q: How Much Money was allocated for this program?
A: $5 billion.
Q: Will I have to sign my house over to you?
A: Absolutely not. You will never lose title/ownership of your home.
Q: Do I still have to make my mortgage payments?
A: Yes, We never offer advise to the homeowner to miss their mortgage payments.
Q: I am a business owner and I cannot prove enough income on my taxes but I make good money, can you help me?
A: Yes, We need to see your last 12 months business and/or personal bank statements.
Q: If my income is slightly less than the amount needed to qualify can you lower the loan amount so I fit in?
A: We can’t lower the loan amount or change the appraisal value. What we would do though is look for other sources of income that would bring your total up to the required amount.
Q: I have an Investment property, do I still qualify?
A: Yes, we will consider an investment property. Please call for details.
Q: What property types will you work with?
A: We work with single-family residences only. We do not work with multi-unit residential, condos, land or manufactured housing.
Q: Do you work with commercial properties?
A: Yes, on a case by case basis. Please call with your scenario for more information.
Q: Are there any states you don’t work in?
A: No, we work in all 50 states
Q: Are there any lenders you don’t work with?
A: We work with all institutional public lenders. We do not work with small private lenders such as hard-money lenders.
If you have any questions not covered here, please don’t hesitate to contact us and let us know. We will post new questions/answers here so everyone can benefit.
Our operators are standing by anytime day or night to take your call. Call our Toll Free hotline or fill out the form to the right to receive a fast response to your inquiry.