Are mortgage payments weighing you down?
Do you owe back payments to your lender or other creditors?
Tired of dealing with landlord issues with your rental property?
Have a home with low equity and would like cash at closing?
Need cash fast for personal expenses?
If So, We’d Be More Than Glad To Help!
My name is Mr. Aaron Sams from The Mortgage Takeover Team, and I would like to present you with no-obligation cash offer to purchase your home while taking over your mortgage payments, where we will also provide you with a direct cash payment at closing based on the value and condition of the property. We offer mortgage payment relief by taking over the mortgage payments of homeowners residing in San Antonio, Bexar County, Comal County and Guadalupe County.
*For instances where homeowners may need cash fast for personal expenses; are looking to actively relocate, have minimal equity after repair costs, or are behind on their mortgage payments, The Mortgage Takeover Team can offer to purchase the property “subject to the existing mortgage” remaining in place. In this regard, we will essentially be taking over the responsibility of making your monthly mortgage payments to the bank on your behalf.
*As allowed in the Texas Property Code Section 5.016, selling your house “subject to the existing mortgage” simply refers to the process of selling a property where the existing mortgage remains in place, and the entire balance of the mortgage will not be paid off at closing. As the buyer, we will immediately catch up any back payments to bring the mortgage current if needed. We will also make the negotiated direct payment to you as the homeowner, and we can also help with relocation assistance as realtors.
*Recent lending laws prohibit us from “assuming” the mortgage, meaning we cannot put the mortgage into our name, however, after closing we now become responsible for making the mortgage payments on your behalf. We accomplish making these monthly mortgage payments using a limited power of attorney that allows us to interact with the bank in regards to the loan, while ensuring that payments are submitted when due by the lender. These timely monthly payments help to restore and rebuild your credit history, and you will retain the ability to call the lender or to search online to verify that mortgage payments have been submitted on your behalf by no later than the 15th of each month.
*In an effort to further protect the homeowner’s interests, we will provide the seller with a deed of trust at closing which will allow them to recover the property through a “non-judicial” foreclosure if a monthly mortgage payment is missed. With this expedited ability to recover the property in a short time frame (30-45 days), the seller would be able to regain the deed and ownership to the home in a timely manner without extensive damage to their credit score.
*The seller will be able to qualify for a new mortgage (VA, FHA or Conventional) with a new lender/underwriter after we can show that we have been making the mortgage payments for a minimum period of 12 months on their behalf (depending on that specific underwriter’s requirements). Lenders will then be able to classify this current mortgage payment as being "offset" and the present mortgage will not be counted against the seller's debt to income ratio. Sellers will then simply have to meet the remaining underwriting requirements pertaining to employment verification, credit score, debt to income ratio, down payment requirements, etc. Sellers are encouraged to become familiar the criteria to obtain a 2nd FHA loan if the existing loan is an FHA mortgage, along with discovering the other available mortgage loans with low down payment options to include Fannie Mae HomeReady Loans, Freddie Mac Home Possible Loans, and USDA loans.
*If the homeowner has a VA loan, the sellers will still be able to qualify for a 2nd VA loan depending on their remaining entitlement, and the purchase price of the 2nd home. In San Antonio, the total VA loan entitlement amount is presently $548,250. After subcontracting the unpaid principal balance of the existing mortgage from this total entitlement, the homeowner will have the remaining VA entitlement balance available to pursue a 2nd VA loan. The benefit of obtaining a 2nd VA loan is that there will be no down payment or a minimal down payment amount (less than FHA and Conventional), without being charged for mortgage insurance. The requirement is that the 2nd VA loan must be above $144,001.
*As the buyer purchasing the property subject to the existing mortgage, our responsibility and obligation is to continue to pay the monthly payments on the loan until it fully amortizes and reaches its full term. There are a few scenarios that exist where the loan could be paid off earlier than this timeline. One scenario where the mortgage would be paid off prior to reaching full term would be if the property had enough equity and was sold traditionally in the future. In this instance, the income received would be used to pay off the underlying mortgage in full. Another scenario where the mortgage would be paid off prior to reaching full term would be if we elected to refinance the mortgage once the home had sufficient equity, and we could potentially secure a lower interest rate of at least 1% or more. In this instance, our lender would pay off the underlying mortgage in full. A third scenario where the mortgage would be paid off prior to reaching full term would be if we sold the home via seller financing by establishing a mortgage with a new buyer, and that buyer elected to refinance our mortgage or sell the home traditionally. In this instance, we would receive the payment that pays off our established mortgage with the buyer and use those funds to pay off the underlying mortgage in full.
*As the buyer, we pay all closing costs so that there are no out of pocket expenses, and we purchase the property in “as-is” condition with no repairs required. We can typically finalize the transaction to include catching up any back payments and/or providing the homeowner with direct cash within 10-15 days.
For more information about buying and selling real estate subject to the existing mortgage remaining in place, where the buyer takes over the responsibility of making the mortgage payments on behalf of the seller after closing, I'd like to invite you to view our webpage dedicated to answering some of the frequently asked questions regarding this subject: http://samsrealtygrouptx.com/sellsubjectto/
As a Licensed Real Estate Agent and Veteran of the United States Air Force, I’d personally like the opportunity to speak with you about how we may be able to assist in regards to your financial and/or real estate needs. Please contact me via phone at 210-788-1034 at your earliest convenience for a brief phone call or face to face meeting to discuss how we can assist your family. Please also fill out the below form containing your mortgage details, and we'd be more than glad to speak with you to discuss how we can help!