Stop Home Foreclosure With Help From Use My Credit

Bad Credit Home Buying & Stop Foreclosure Programs From Use My Credit





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Bad credit doesn't matter when you “Use MY Credit” to stop home foreclosure!

By definition when you find yourself in the middle of a foreclosure you can be sure you have ruined any remaining expectations of a good credit history for a while and can count yourself amongst those people who have bad credit. While one of the easiest ways to save a home from foreclosure can be to simply refinance your home mortgage with a new lender. This home saving option may not be realistic for many in foreclosure, but surprisingly bad credit does not pose the largest hurdle to foreclosure avoidance refinancing. If your home equity equals or exceeds 35% you may be able to get a foreclosure loan no matter how bad your credit has become (for example if your home value exceeds $100,000 and your home mortgage total debt including principal, interest, back payments and legal fees stays below $65,000). Without the required equity and with bad credit a refinancing would normally drop off as a home foreclosure prevention option. Use My Credit reopens the choice of refinancing as a way to stop your home foreclosure. An Independent Private Financer (IPF) from Use My Credit will come forward like a white knight to save the house. The basic process follows these steps: You get approved with an IPF through Use My Credit, you can start with our easy online prequalification form. The IPF buys the house from you. Using their excellent credit they obtain a new mortgage on the home, and then they sell the house back to you the same way they would if they were helping you buy a new house on the open market. Some times when you owe more than the house is worth the IPF can negotiate a short sale, where as a part of the property sales negotiation the mortgage holder agrees to accept less than you owe on the home mortgage to settle the debt on the house. Imagine that, saving your home and owing tens of thousands of dollars less as a bonus. The personal circumstances of everyone in foreclosure will not match the criteria needed for the Use My Credit program or a short sale program or both, but surely is worth a minute to find out if they can help save your house.

THE UMC / IPF PROCESS:

STEP 1:
Fill out our Quick Qualifying Questionnaire. There is no initial obligation. All your information is kept secure and strictly confidential and will not be sold or distributed without your written authorization.

STEP 2:
Once your initial inquiry form is reviewed and approved, an agent will contact you by phone to complete the application process.

STEP 3:
UMC Mgmt, Inc. presents all your information to the IPF(s). The interest rate and the amount the IPF(s) add to the mortgage are a direct result of your credit and your house selection. The IPF(s) bids for your business. This assures that UMC Mgmt, Inc. and you get the lowest rate and fees possible from the pool of IPFs.

STEP 4:
UMC Mgmt, Inc. will submit in writing, for your approval, the IPF's Acceptance and Commitment agreement. If you accept the IPF's offer, THEN and ONLY THEN do you sign the Acceptance agreement. You will then follow the instructions for returning the agreement to UMC Mgmt, Inc. The agreement is activated when the IPF receives the notarized original.

STEP 5:
The IPF, not you, will prepare and submit a purchase agreement to the holder of your mortgage bringing foreclosure proceedures against you. If possible the IPF can try to negotiate a "short sale" where the mortgage holder will take even less than what they are owed to avoid going through the entire foreclosure process. Be prepared to deposit earnest money when the party bringing the foreclosure action accepts the offer that the IPF submitted . Once the IPF’s lender issues a good faith estimate(GFE) to the IPF, UMC Mgmt, Inc. will issue you a good faith estimate. If you accept and sign the GFE the IPF will present their portfolio to the lender.

STEP 6:
The IPF will endeavor to secure financing for your home. If and when financing is secured, there will be a simultaneous closing. The IPF with the lender, and you with the IPF. In other words, the IPF buys the home from you, then they immediately turn around and sell the home back to you. (Should you not want to go through this process you may wish to save your home by hiring a foreclosure mitigation professional, investigate bankruptcy or attempt a foreclosure prevention refinance using standard subprime sources which require at least 30% equity.)

STEP 7:
You keep your new home and stop the forclosure. You will be contractually required to videotape or take photographs (24 minimum) before move in, of the entire home and grounds. A copy must be supplied, free of charge, to UMC Mgmt, Inc.