Here are
the most frequently asked questions and You Tube Videos concerning:
How to
Avoid, Prevent, Stop Foreclosure, FSBO, Sellers, Buyers, Tenant Buyers, Private
Lenders, Self-Directed IRA owners considering funding Real Estate Deals for us…
Sponsored
by: Mathiesen Capital Investments, Inc.
an SEC
Registered and Compliant Corporation
(since
1972) a Veteran Owned and Operation Company
(954)
479-1325
You Tube
Videos:
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Private Lending | (954) 479-1325 | Private Lenders | Self Directed IRA | 33326
Here are
the most frequently asked questions and You Tube Videos concerning
How to Avoid,
Prevent, Stop Foreclosure, FSBO, Sellers, Buyers, Tenant Buyers, Private
Lenders, Self-Directed IRA owners considering funding Real Estate Deals for us…
Q: Lease Option Purchase Agreement from Seller
to Buyer
A: We will lease option your home for the loan
balance
at the
time it’s 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
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 its 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 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 60 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
decide your best choice.
My Home
is Over Leveraged!
What Are
My Options?
Today
over 25% of the homes in America have loan balances that exceed the home value.
If
you’re one of them it’s not your fault and you do have choices which are laid
out here.
You
didn't create the deepest recession in our lifetime and cause residential real
estate values to drop 30%-60% across the country. You bought a home, the
American dream. You worked hard to pay the mortgage and maintain the home and
woke up one day underwater. And it all seemed to happen so fast.
Millions
of good people are walking away from their mortgage and letting the bank
foreclose which adds to the millions of bank owned houses and continues to
lower values when they are sold off at distressed prices.
This is
certainly one of your options but not the only one and may be your least
favorite choice. However, until all your choices are on the table it’s hard to
decide which is the best one, so here they are.
again in
its as is condition.
1.
Remain in the Home — Continue paying until the value increases and give you
enough equity to sell without being forced to write a big check to pay the
difference.
Pros —
Your credit will remain intact and as the years go by your debt is decreased.
Cons —
Many people simple can’t remain in the home for various reasons and must have
another solution. Most sources say it will be at least a decade before the
values of 2005 return and maybe much longer.
2. Rent
the Home — Some people are becoming forced landlords and this is an option if
you’re prepared to deal with a tenant and your payment can be covered with
rent.
Pros —
Your credit will remain intact.
Cons —
You must find and screen a tenant and then deal with tenant issues and repairs.
3.Deed
in Lieu — You may ask the bank to take back the house to avoid foreclosure. If
they do you cannot be pursued for a deficiency judgment. Make sure you get an
attorney involved in this choice and let him/her approach the bank.
Pros —
You are relieved of the home and the debt without foreclosure.
Cons —
Your credit score will be reduced and many banks will not accept a deed in lieu
of foreclosure.
4.
Mortgage Modification — Millions of homeowners are approaching the lender and
requesting the terms of the loan be altered. You can ask for principal
reduction and rate and payment decrease. Get your attorney involved in this
process and be sure to request a release of liability in your offer to the
bank.
Pros —
Your terms would be changed so you could more easily afford the payments and perhaps
the lender would agree to a principal
reduction
so you can sell the home without covering a loss.
Cons —
You may not be able to remain in the home even after a modification, the bank
may be totally uncooperative and refuse any modification, your credit score
will be reduced
5. Short
Sale — If you or a Realtor can find a buyer for the home at a reduced price
below your loan balance you may petition the bank for a short sale.
Pros —
The loan is paid off and the house is sold
Cons —
The bank may or may not agree to the discount and it’s a time consuming process
for both the agent and you. There must be a cash buyer under contract before
most banks will even consider a short sale. If the house is not listed the bank
will likely require you to do so before even considering your request. Your
credit score will be reduced. The bank has the option of pursuing deficiency.
6. Let
the Bank Foreclose — if all else fails this is an option and one many are
taking.
Pros —
The loan and the home will go away
Cons —
Your credit will be lost and the foreclosure will remain for 7 years, the bank
may pursue a deficiency, you could suffer a tax burden if your debt is larger
than your purchase price of the home.
7.
Bankruptcy — this will stop the foreclosure but is not considered your best
option if your real estate loan is the biggest reason for filing. One of the
options above will relieve
you of
the home and the debt without the negative consequences of a bankruptcy. This
choice should require a careful analysis with a bankruptcy attorney who has
your best interest at heart, not his/her fees.
Pros —
Your obligation to pay your debts is gone and your buy more time to stay in the
home before the bank completes the foreclosure process.
Cons —
BK remains on your credit for 10 years and is an ugly, unpleasant process. Your
credit will be lost.
It’s
true all of these choices have consequences and only you and your personal
needs can dictate which is the best for you. However...
One of
the above options will apply to your home whether you make a choice or not…if
you don’t choose, the bank will choose for you!
Call
Mathiesen Capital Investments, Inc. Today
(954)
479-1325
We can
Help You!!
