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1.Developed to HELP Owners stay in their properties if they are in a Negative Equity situation by more than 10%.
2.They have a Non-Conventional (Jumbo) loan: $625,000 in the NYC area or $417,000 (variable) in other Counties.
3.No Properties with 2nd Mortgages unless with the same company as the 1st Mortgage. Owners can settle them for pennies on the dollar these days.
4. Owner must have Income to support the temporary Bridge loan and then a new ‘Exit’ Mortgage - good or bad credit is ok.
5.Owner is dedicated and willing to see the deal through to the end.
Benefits to the Homeowner:
1. A Reduce Loan Amount on Property - saving at least $100,000 in loan amount.
2. Capture the current low Mortgage rates.
3. A Lower monthly Mortgage payment.
4. No Entry Fees - Appraisal cost only of $400 for a FHA appraisal, Attorney costs: $4,500, two Closing costs. (Amounts are Estimates)
5. The formula allows for an instant 25% Equity in the Property for the Owner.
6. The ability to obtain a HOA loan or Sell their property.
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