September 12th, 2009 11:56 PM by Edgar Carroll Jr
Immediately contact me before listing your home as a Short Sale and do not let your home just go into Foreclosure!!!
If you are in financial difficulty as a result of an Adjustable Rate Mortgage (ARM) and/or may be due to lose your home, we must talk.
As the homeowner if you wish to avoid the burdens of losing your home and wish to continue living in your home, I may be able to help.
We all understand if your home is facing a Short Sale the home is worth less then you owe on it. If you Short Sale the home your Credit Score takes a big hit for several years. If you let the home go into Foreclosure your Credit Score is damaged far beyond several years.
Here is an explanation how people are saving their homes if they are having difficulties supporting their mortgage payments:
For a contribution in the sum of One Thousand ($1,000.00) dollars to (Foundation Name supplied upon entering program), the Foundation will accept conditionally a Grant Deed which grants title to the property to one of the associate entities.
As a result, the property will be leased back to the former homeowner via a Lease with an Option to Buy the property. The new monthly installments would be reduced 20% and the former homeowner would have the opportunity to buy back 99% of their former home for less than 80% of the debt that was owed at the time the transaction was entered into.
The former homeowner initial contribution of One Thousand ($1,000.00) Dollars will be refunded to them when confirmation is made that the title is vested in the home's seller. All of the homeowner's unpaid installments that were still due to the lenders would be cancelled.
There is a 1% reversion. The purpose of the 1% reversion is to fund the philanthropic activities of the Foundation with respect to the education of children. The contribution of 1% would take place whenever the property is sold or refinanced in the future, and it would be 1% of the selling price, or the amount of the refinancing.
In addition, the homeowner would be able to avoid paying any of the real estate taxes, interest installments or fire insurance premiums during the initial 18 month period. Contributions totaling Ten Thousand ($10,000.00) Dollars will be made by the organization to the Foundation during the ensuing 18 months.
This program may not make complete sense, please contact me to set up an appointment to discuss your questions and concerns.
Sincerely,
Ed Carroll Jr
Broker Associate
Real Estate West
310-251-9999
DRE# 00956458