www.lasvegasmtg.com Report: Las Vegas, Nevada's First Principal Reduction Loan Program is now being offered at Direct Access Lending. There is now an alternative to a short sale or foreclosure, a short refinance loan. This revolutionary loan program has been successfully marketed in California and will now be available in Las Vegas, Nevada through Direct Access Lending. This Loan Program has the potential to help thousands of home owners in Las Vegas, Nevada find an alternative other than a foreclosure, or short sale. This Loan Program is not a Loan Modification! I repeat this is not a Loan Modification, but a Principal Reduction Home Loan! This is accomplished by the new lender purchasing the non performing note from the current lender at discount while you are still on title to the home and then offering a new loan at market value to you the owner on title.
It must be noted that everyone will not qualify for this program (See Lenders participation list) and it must meet certain requirements based on the current loan type and other requirements to be able to qualify for this loan program. Even when these qualifications are met, ultimately it is the note holder that maintains control of the decision to approve or deny the sale of the non performing note. Currently 6 out of 10 applicants are being approved for a Principal Reduction Loan after a thorough application screening process has been completed first. That means 6 families are able to keep their house that they would have lost to foreclosure or short sale and at the same time reduce the principal balance with a new loan and with lower payments! It is highly recommended that a Short Sale Listing is also done simultaneously in case the bank does not approve the purchase of the note.
Lenders that are participating in this program:
Bank Of America
Wells Fargo
GMAC
Chase
Screening Process:
Loans types that are excluded:
- Cannot be FHA or VA Loan.
- Cannot be Fannie or Freddie Mac Loan.
- Cannot be a manufactured or Mobile Home.
- Sub prime loan are what we prefer.
Loan types that are eligible:
- Bank owned Conventional Loans.
- Option Arm Loans.
- Negative Amortization loans.
- Loan amounts up to $1.5 Million.
Non Performing Status:
- Must be at least 60 Days late.
- Notice of Default Letter are able to participate.
- Will not stop Auction.
Income Qualifications:
- Must prove can qualify for repayment of new loan.
- One year W-2's and Tax returns or 12 month bank statements deposits for 1099 employees.
- two months banks statements.
- One month pay stubs.
- Copy of all 401K or IRA or stocks and bonds or any other verified assets.
Market Value Assessments Requirements:
- Three Comp Values for subject property totaled and then averaged together. Must meet 20% below total loan balance to be eligible.
Benefits of New Loan:
- Principal reduction to market value.
- No FICO Score Qualifications
- No Pre-Payment Penalty
- Fixed Rate 30 year loan
- No Deficiency judgments.
- Reporting to credit to re-establish credit rating.
- No title Fees
To find out more information and see if you are qualified for this program please contact me at:
702-939-3470 or e-mail me at john.lefrancois@dalusa.com
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