Refinancing of upside down mortgages
November 16, 2009
Over my many years of writing about different real estate events to our subscriber base, I have never been as excited 
about something as what I am about to tell you today.
In normal “NoBullRE.com” fashion, we don’t want to overhype anything but I am about to share something that will rapidly create its own hype…
So, without further ado, here it is:
IF YOUR MORTGAGE IS SEVERELY UPSIDE DOWN, SOMEBODY IS READY TO BURN YOUR CURRENT MORTGAGE AND REWRITE IT AT 95% OF TODAY’S VALUE
…… And This Is True For Investment Properties As Well!!
So, for example, let’s say you face the following scenario:
- Total Of All Mortgages: $300,000
- Current Value: $175,000
- Current Princ. + Interest: $1,800/month
Now, suppose our investor BUYS (not renegotiates but BUYS) your mortgage from your lender and then provides you a BRAND NEW mortgage with the following terms:
- Mortgage Amount: $166,250
- Current Value: $175,000
- New Princ. + Interest: $1,050
And they will do this (at least currently) for zero upfront cost to you (zip, nada, zilch) and then only $3,500 when they offer you the new loan. I know, I know….. you didn’t fall off the turnip truck yesterday but we are dead serious…. there is absolutely no risk (or cash outlay) to you.
Because of our experience with working with real estate investors, NoBullRE.com has been in behind the scenes of this emerging program. The players are huge with about $1 Billion already committed verbally to fund this…. and that is simply for a little pilot program.
Further, we will tell you that this has NOTHING TO DO WITH:
- TARP FUNDS;
- LOAN MODIFICATIONS; or
- DEBT CONSOLIDATION.
This is good old fashioned capitalism at it’s best and is essentially the free markets coming up with a winning solution for all.
Also, please be aware that this is very, very, very ground floor. We have been exposed to the intentions of the major players and we know the difficulties that they face. For a little while, in our opinion, this program will evolve rapidly as all pieces are put into place and challenges overcome.
IF IT’S TOO GOOD TO BE TRUE THEN…….
“it just might work”.
Well that is not how the saying actually goes but in this case, it is true. As we begin to roll out this program, we will FULLY EDUCATE you about it but for now, just realize that there is three parties that have to be happy in this transaction:
- The Home (Or Investment) Owner: DUH. About As No-Brainer As It Gets
- The Investor That Buys Your Mortgage: Trust me…. they buy CHEAP and they are very excited.
- The Bank With Your Current Mortgage: Yes, they loose money but this is their BEST Option.
In our opinion, the biggest problem with this program is going to be over demand and just handling the logistics of large volume….. other than that, this program will be HUGE.
What’s Next
I wanted to write this piece today to give some of you hope even though we are not quite yet ready to open the doors. Many of you are hurting out there and we are doing everything in our power to get this to you.
We are still ironing out a few details and burning the midnight oil. When we introduce this program, we will likely have 250 units carved out specifically for our clients.
We will host a webinar to introduce this program to our clients and their direct friends and family. We expect an almost immediate blowout so please pay attention as we begin sending out emails for this event. This webinar may be as soon as next Tuesday but only if we have all the details slicked out.
We will update you soon. UPDATE: CLICK HERE TO REGISTER FOR WEBINAR
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