Mortgage Payment Relief Program for MA Homeowners
Are You Unable to Make Your Mortgage Payments?
Are You Facing a Potential Foreclosure of Your Massachusetts Home?
Do Your Owe More Than Your MA Home is Worth or Do You Have Very Little Equity in Your MA Home?
Are You Considering Listing Your MASS Home and Doing a Short Sale?
Are You Moving and Can’t Afford Two Mortgage Payments or a Mortgage Payment On Your MA Home and Rent?
Do You Need to Sell Your Massachusetts Home Immediately?
My name is Tom Wemett – I solve real estate problems and here are my phone numbers.
CALL: (978) 248-9898 or TEXT: (518) 524-8875
We are living in tough times.
Perhaps you are one of the millions of people who are unemployed. Covid-19 is still raging wild with no real end in sight. Yes, vaccines are here but in the meantime much of the economy is shut down with no covid-19 relief package in sight.
You tried, but you just couldn’t keep the mortgage payments on your Massachusetts home current. Or, perhaps you entered into a forbearance agreement with your lender, but still have to pay back the skipped payments when the forbearance period ends. Perhaps it has already ended or needs to be extended and you don’t know what to do.
If you recently bought your Massachusetts home in the last 2 to 3 years you may not have enough equity to be able to list and sell it and pay a real estate commission and closing costs.
Maybe a real estate agent is advising you to do a short sale of your MA home. In order to sell a Massachusetts home under a short sale your lender, or perhaps your lender and a private mortgage insurance company, has to agree to take less than they are owed and forgive the rest. Short sales simply don’t work. They take 3 to 6 months to complete and often never do sell.
In the meantime you are stuck with the home, facing foreclosure and ruining your credit.
I Have a Better Solution!
The Mortgage Payment Relief Program!
I Will Buy Your Massachusetts Home and
Take Over Your Mortgage and Mortgage Payments
At closing I will pay all your back, past due mortgage payments (if any) and work out a solution to any current forbearance agreement to bring your mortgage current.
I will make all your future mortgage payments on time. This will have a positive effect on your credit and credit score rather than a 7 to 10 year negative impact that a short sale or foreclosure would cause.
I will buy your home “as is”. Don’t make any repairs. Take what items you want and leave what you don’t want. I’ll take care of cleaning out your home. Just give me your keys at closing and I’ll do the rest.
Here are the FAQ’s (Frequently Asked Questions) on The Mortgage Payment Relief Program
What is The Mortgage Payment Relief Program?
The Mortgage Payment Relief Program is similar to when a relocation company makes mortgage payments for an employee on a house they’ve moved out of. The loan remains in the name of the employee, while the deed is transferred to the name of the relocation company. The relocation company pays the mortgage on the employee’s behalf until it is paid in full. The same process would occur with your property. The closing would be done through a local licensed real estate attorney. The attorney would transfer the deed into our company name and the current mortgage loan would remain in place until it has been paid off in full.
Is this legal?
Yes, on lines 203 and 503 of the HUD statement (document provided when a home is bought/sold) there is a line option that indicates a property is being sold ‘subject to existing financing’.
This is exactly what we are doing by purchasing your property under this option. We are keeping your current mortgage in place and making the payments on your behalf and relieving you of making the mortgage payments and paying the taxes, insurance, building maintenance and repairs.
Is this the best option for me?
The motivation to sell a property varies from seller to seller, so that would be for you to decide. This option typically works best for a seller who:
*Needs to sell and does not require a large sum of cash upfront;
*May have little to no equity in the property and is unable to sell through a real estate agent;
*Has a property they no longer want;
*May be experiencing a financial hardship or have health concerns which impact them from keeping the loan current;
*Has some equity, but needs to sell quickly due to relocation, military orders, or other reasons.
What will you do with the property?
We generally lease/option the property after we close. There are many buyers who want to own their own home but who can’t qualify for a mortgage currently often due to credit issues. They usually just need time, a year or two, to get their credit in order and qualify for a mortgage and be able to close on the home. That tenant will ideally lease the property for one to two years and then qualify for a new mortgage and buy the home from us, paying off your mortgage.
How long will the loan be in my name?
It is difficult to say, but you can believe it is also in our best interest to have our tenants cash the property out. After all, we get most of our profits when the property cashes out, not letting it sit month after month making a couple of hundred dollars a month. We will do everything we can to have the loan cashed out, but we cannot guarantee when that will occur because our tenants must have sufficient time to live in the house, clean up their credit, and qualify for a new loan. Sometimes, tenants don’t work out, and we may have to put in another tenant, starting the cycle again.
How do I know you will make my loan payments?
I understand your concern. I would also be concerned if I were in your place. You can be assured we will make steady payments because we are not in the business of losing houses. If we do not pay, we won’t have the house for very long because the lender will foreclose on the property. Does it make sense we would put our time, effort, and money into this property only to let the lender take the house back? Additionally, we have personal reputations in our community to protect. We are long-term investors who live locally and rely on our reputation to continue doing business.
What if the lender calls the loan due?
All mortgages these days, including your mortgage, contains what is called a “due on sale” clause that gives the lender the right to call the loan due in the event you sell the property. So to be clear, there is a risk that the lender may call the loan due under this clause after you sell your property to us. In our experience, we find that lenders hate having loans get behind on payments. They want people to continue making payments. In fact, I have actually spoken to foreclosure attorneys about this issue, and the last thing that any lender wants to do is foreclose on a loan. Lenders prefer that the borrower find a way to save the loan. Today, there are thousands of people losing their homes to a foreclosure. We rarely hear of any lenders looking to deliberately ruin a borrower’s credit or force anyone into foreclosure – especially not on a loan that is current and performing.
Why don’t you get a new loan to buy my house?
If we had to get a new loan to buy your house, it would add thousands of dollars to the purchase price of the house, which would no longer make if financially worthwhile for us to buy. Also, getting a new loan for an investor requires higher down payments and interest rates which again would not be financially feasible for us.
How long will it take to close?
We typically close within 14 to 21 business days, and sometimes sooner/later depending upon the needs of the seller, status of the mortgage (example: if there were a pending foreclosure date) and/or if other issues impacting closing arise.
Who handles maintenance and repairs on the property?
We do, our company will be responsible for all maintenance and repairs on the property once we own it.
With the loan remaining in my name, how will that impact me getting a new mortgage in the future?
We cannot make any guarantees over future creditworthiness nor lending guidelines, however, if the lender requests any additional documents to confirm your prior mortgage is being paid, just contact us and we’ll be happy to provide them.
Are there any out of pocket expenses for me to sell my home using this option?
No, our company covers all expenses related to closing the transaction with the real estate attorney.
Do I need to clean out the property or make any repairs/updates before the property is sold?
No, our company will purchase the property in as-is condition.
How can I confirm payments are being made?
Payment confirmations can be made by contacting the lender’s customer service number or logging into your online account with the lender, if you have online access.
How much money will I receive at closing?
The amount we can offer (if any) depends upon the total amount needed to bring the loan current, the amount of equity remaining, repairs needed to get the property to a rent ready status, and/or any additional liens we are required to pay off in order to close the transaction. To ensure we keep a set amount in reserves for covering all expenses related to closing fees, maintenance of the property, insurance etc. we typically do not provide substantially large amounts of money to sellers at closing. Those sellers seeking a substantial payout (at closing) may find the better option is to list with a real estate agent if there is enough equity to pay the real estate agent and other closing costs. However, if there is a large amount of equity in the home we can arrange to pay that to you at a later date if you aren’t in need of cash immediately.
If I have little to no equity in my property, can I use this option to sell?
Yes, equity is not a factor, as we purchase properties with varying amounts of equity.
If I am behind on my mortgage and/or facing foreclosure, will you bring my loan current?
Yes, at closing, the past due amount will be placed in escrow with the closing attorney. The attorney will then forward it directly to the lender via wire transfer, thus bringing the loan current.
How will using The Mortgage Payment Relief Program affect my credit?
Our timely payments on your mortgage should strengthen your credit score. As the number of on time payments grow and the loan balance decreases you should begin to see a positive impact (given other items on your credit report are also in good standing).
Do I need to notify the bank of the pending deed transfer?
No, they do not need to be notified, timely mortgage payments are the priority for the lender, not who is making the payments.
What if either my spouse or I die, what responsibility will my heirs have?
There would be no responsibility to the heirs. Since we would own the property, we’d continue to make payments to the lender as normal.
Who pays for the property insurance?
We do, our company will obtain a new non owner-occupied policy. All parties listed on the original mortgage loan, the lender and our company will be listed as policy holders. If an insurance claim needed to be filed at any time, we would file it.
Can I consult with my attorney?
Of course you can. But you may want to ask yourself, in the event that your attorney, or someone else, advises against The Mortgage Payment Relief Program, what will you do? It is easy for someone to say to you that you shouldn’t sell this way. But will that person offer you a good alternative? Who will continue making payments if you can’t afford it? Are they willing to step in and make the payments for you and take full responsibility for the property as we will do?
By eliminating the middle person, (agents, banks, inspectors, etc.) and by simply taking over your mortgage I can significantly un-complicate things. I can truly make buying your house…
1. It Starts With a Conversation
I need to know about your mortgage: What is the current balance due and how much is your monthly payment? Does your payment include real estate taxes and insurance? Are you behind in your payments and if so, how many months are you behind? Do you have a forbearance agreement in place and if so what are the details of the agreement? Are there any other mortgages or liens on your home, such as a second mortgage or equity line of credit, and if so what do you owe on these?
2. I’ll Do My Homework to See if I can help
I need to do my “due diligence” and find the answers to the following questions: What are other comparable homes selling for? What repairs will I have to do before I can rent or sell your home after I buy it? What are my closing costs, including paying any past due mortgage payments?
3. I Will Make You an Offer That is Win-Win for Both of Us
I want to help you: I have 48 years of full-time experience in the real estate industry and will use that experience to find a solution that makes sense to both of us. I want to close in 14 to 21 days, and usually am able to do so. But, if you need additional time to move out, I can work with you to make it happen.