HEAVEN: Best Alternative To Loan Modification. (Home Equity Acceleration Velocity Erichment).The HEAVEN program is for home owners that are facing financial difficulties, behind on their mortgage payment. Home owners that would like to stay in their home with a new note at fair market value and lowered monthly payment.
Have you ever heard the phrase “gift from heaven” or “manna from heaven?”
Financially speaking, we truly have gift or manna from HEAVEN for homeowners who are having financial difficulties in paying their home mortgages; for homeowners whose properties are “upside down” (total home mortgages are more than the present market value); for homeowners whose ARM loans are going to recast and make the monthly mortgage payments increase or double; and for homeowners who can’t qualify or were turned down in their loan modification applications.
Through one of our alliance partners, JCC Alliance Network (JCCAN) is offering an innovative financial program known as HEAVEN which stands for Home Equity Acceleration Velocity Enrichment Program. This is the best alternative to loan modification. It is Debt Restructuring for homeowner’s mortgage note, similar to Debt Settlement for credit cards. Once a settlement has been granted upon, a new mortgage note will be created with the private investors.
Who’s qualified for the HEAVEN Program? Owner who has owned the property for a minimum of 3 months. The homeowner is in financial hardship and has defaulted on the loan, meaning the homeowner must be at least 30 days late in the mortgage payment.
What type of property will qualify in the HEAVEN Program? Properties that will qualify include residential (1-4 units), primary home and investment home.
What type of loans are covered by the HEAVEN Program? The program is good for secured loans only – any and all residential mortgage debts 1st loan, 2nd loan, HELOC, ELOC.
Here is a real situation on a client for the HEAVEN Program. Old Mortgages include First Note of $895,000.00; Second Note of $120,000.00; HELOC of $30,000.00 or a total of $1,045,000.00.
The old monthly payment include $2,500.00 for the First Note; $1,400.00 for the Second Note; $400.00 for the HELOC or a total monthly payment of $4,300.00
The property was appraised for $1.2 million when the owner took HELOC for $30,000. Now, the current market value is from low $600,000.00 to high $800,000.00
After Debt Restructuring, the new mortgage is $600,000.00 (40% reduction) and the new monthly payment is $1,500.00 (65% reduction). Given this situation, this homeowner will now have the ability to pay off debts on time and since it’s enrolled in the JCCAN Equity Acceleration Program, then the homeowner has potential to pay off all debts sooner. We just turned a bad situation around from possible foreclosure and now having potential to pay off debts in record time.
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