02/18/2009
Headline News
 On Feb 18 2009, President Barack Obama unveiled a $75 billion homeowner affordability and stability plan, which promised to help up 7 to 9 million families restructure or refinance their mortgages to avoid foreclosure.
01/22/2009
Headline News
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 Mortgage Restructure Introduces NPR (Note Purchase Rewrite)
NPR™ is different than a Loan Modification. Under the NPR™ program, the current mortgage note is purchased from the existing note holder Investor or bank. A new note is created with terms of the new note based on the current market value of the property and the current ability of the homeowner and "co-signors" to repay. NPR™ is not a “loan modification program”.
Most loan modifications result in repayment of the current loan balance owed, interest, and any deferment and not a reduction in the principal balance. The NPR program goes direct to the Investor or bank note holder and bypasses the telesales and or loss mitigation department of your current mortgage company (trying to get the deed to the home). The NPR program works with the Investors and Banks Asset Departments to purchase the non-performing note(s) and to adjust the over-leveraged portion of the mortgage to value. By purchasing the note the NPR program restructures the homeowners balance to today's present value offering a fresh start for the homeowner.
Why would the current investor or bank do this? When a loan becomes delinquent due to untimely monthly payments the interest due is delinquent and the note is considered non-performing. Investors that hold mortgage note(s), from time to time, package groups of notes (“pools”) together and sell them for cash to create liquidity. The banks that hold notes directly are highly motivated to get non-performing notes (assets) off of their books because the FDIC penalizes banks for holding onto non-performing assets. When non-performing notes are negotiated for sale they are sold in the secondary market to new investors at a substantial DISCOUNT. |
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