Whether you’re in default or not, whether you’ve been turned down for a loan modification or not, I can help you with getting my patented HELPPR™ Plan loan modification so you don’t have to lose your home and move, and you don’t have to put up with a credit score going lower due to continuing home loan troubles.
To get started, You would need to contact me with your home loan information:
Have you received Notice of Default and/or Foreclosure, and if a date for Foreclosure has been set, what is that date?
Include a copy of your latest home mortgage bill that shows the loan number, amount due, your monthly payment amount, the principal balance owed on your loan, the contact info for where you send your payments, etc. All that information may already be on your bill.
Your contact information, including your name(s) as owner(s) of the home, a phone number and an email address.
The amount of your default, if any.
What you believe is your home’s current market value.
How much you could afford to pay monthly.
Your written and signed permission to contact your lender or loan servicing company (where you are to send your monthly payments) to get them to start the HELPPR™ (“helper”) Loan Modification Plan for you.
If you contact me at EdMarshall@ThePeacePrescription.com, or from this website, we can get the process started. It will save time if you email me as much of the above list of your loan information as you can.
Also, you can check out the Saving Homes and Loans page on this website.
Do not send me money. I charge you, the homeowner/borrower, nothing unless and until your newly modified loan that you will have agreed to sign, is ready to close and begin your new loan. And, at that time the total fee for my service is $200 for a newly modified loan under $100,000, or $300 for a newly modified loan of $100,000 or more. You agree to pay that fee to the lender, loan owner or their loan servicing company that has agreed to and has prepared your newly modified loan for your signature. You pay nothing directly to me.
If you can show current income that reasonably confirms that you can afford a monthly payment of at least half as much as your existing loan’s monthly payments, you very likely will qualify.
How is you monthly payment reduced? HELPPR™ stands for Home Equity for Loan Principal & Payment Reductions. You reduce the size of your current loan by selling a percentage of your home to the current loan owner, or to the original lender if they still own the loan. The price you get will be a credit used to reduce the size of your loan. Let’s say your home is worth $500,000 today, and your original loan was for $400,000. If you sell the loan owner 30% of your home, you get $150,000 credit, which would lower what you will owe on the modified loan from $400,000 to $250,000. But, let’s say you’re in default for $10,000. So, the default is paid off with $10,000 of your credit, and the other $140,000 of credit reduces your new loan principal amount to $260,000. That should reduce your monthly payment by about 35%. So, if your monthly payment is now $2,000 a month, your new payment would be about $1,300 a month. If your monthly payment needs to be lowered more to make it affordable, you can either sell the loan owner a larger % of your home, or the lender/loan owner can lower your interest rate, or both.
By the way, this plan also can work even if your home is worth less today than the amount you owe on your loan, known as an “underwater” home loan situation.
You still are the only one allowed to live in or rent out your home, and you don’t share any collected rent with the loan owner. You are still fully responsible for the upkeep and insuring of your home. You still own the majority interest in your home, in this case, 70%. The loan owner is simply an investor in your home, and is not your landlord.
You agree, in your modified loan papers, to buy back the 30% of your home within 2 to 5 years, or within a time frame agreed upon. You will do that either by selling the entire home, or by re-financing it with a new loan, whichever works better for you. If you want to move, you sell the whole home. If you want to stay, you try to re-finance at a time when rates are favorable. Also, within the allowed time frame, the value of your home could go up, resulting in a profit for you on your 70% and for the 30% owned by the lender/loan owner. If home values do not go up, or you cannot re-finance within the time frame, you and your lender/loan owner may well be able to extend the time limit, especially if you are current on your payments at that time.
The lender/loan owner is likely to want to do this HELPPR™ Loan Modification Plan with you because they show no loss on the loan, they save expenses of short sale and foreclosure, they get to help support the value of real estate and the economy generally, and they have a chance to get back the credit or even make a profit on the percentage of your home that they own when the home is eventually sold or re-financed.
You also win, because you will have protected your credit score, you didn’t have to move by losing your home in a short sale or by foreclosure, and you also have a chance to profit on your 70% down the road.
It’s a lot better to own 70% of your home in the meantime rather than zero %! And, if you’d rather not move in the 2 to 5 year period, you may make money by re-financing your home when it’s worth more, and you’ll once again own 100% of your home since your re-financing loan will pay off your old loan and buys back the % you had sold/conveyed to the lender/loan owner.
Please ask me any questions you may have. The US Patent Office issued me the patent on this plan last year. No one has found any fault with it. I’ve seen it work! No reason to lose if you can win!
I’m Dr. Ed Marshall, The Problem Solver, with many years of experience in residential real estate where I’ve been a builder, remodeler and real estate broker. So, I’m not just a medical doctor.
Please don’t miss the opportunity to see my solutions to all sorts of personal and societal problems on this website! Everything from substance problems (drugs, alcohol, tobacco, excess food), and relationship issues, to preventing violence and wars. I can’t help it… solutions to problems keep coming to me.
Thanks for reading this Blog, and I hope I can help you or someone you care about,