Home Reacquisition

No Qualifying, No Income Verifications!

No Credit Check Home Reacquisition Program

HOME REACQUISITION (*Comparable to Refinancing)

This is a revolutionary initiative that provides a means for consumers to acquire the residential property of their choice. When conventional or sub prime lenders decline, this program will usually make the American Dream come true for anyone.

This program was founded in 1988 and is active in a variety of industries. This is not a lender or broker; rather it is an investor group consisting of more than 5000 private investors worldwide.

This program is thus provided through the resources of private investors as opposed to banks. In furthering its mission, the foremost focus is placed on the property being acquired, not on who is acquiring it. Therefore, every applicant will usually be approved regardless of credit score or their ability to prove income and employment.

This program is not for everyone. Anyone able to secure a mortgage loan would be advised to do, since this type of program translates into a higher cost to the consumer.

ACCEPTABLE PROPERTY TYPES

Almost any residential property type located in the United States is compatible with this program. There are some exceptions. Because this program is facilitated through private investor resources, a watchful eye is kept on their interests. If a program's client defaults, a proceeding similar to foreclosure would be initiated. Consequently, mobile homes, homes on stilts or other unordinary or remotely located structures are not compatible with this program. They are simply too difficult to remarket without a substantial reduction in equity.

THE INVESTORS

Transactions are underwritten by private investors. For each application received, a separate investor is assigned within 24 hours. Transactions are full-disclosure.

RESIDENTIAL PROPERTY REACQUISITION

The Residential Property Reacquisition program generally requires thirty-six (36%) equity in the property to be reacquired. As this transaction does not constitute a loan, the term 'refinancing' is not used.

This program is similar to a mortgage loan, but is critically different and may not easily be compared.

Once an application is received and a formal approval is issued, two separate transactions are executed. First, the investor assigned to the transaction takes out a 'non-owner occupied investor loan' and purchases the property from the applicant. Immediately following the closing, the investor provides the property back to the applicant in the form of an option note. This is accomplished by the investor deeding the property into a specially created intervivos trust and providing the applicant with first option on the trust.

While the property is initially titled to the assigned investor, the entire transaction between the investor and the applicant is placed in an intervivos trust. Each transaction is facilitated in this same manner and is placed in a separate trust.

By placing the finalized transaction between the investor and the applicant into the trust, the related property is protected from any type of lien against the applicant. This is important, as the assigned investor needs to be protected from any potential creditors associated with the applicant.

The applicant receives first option on the trust agreement and resulting option payment plan. In simple terms, neither the investor nor the applicant actually owns the property. As the property is deeded into the trust, the trust owns the property, and the applicant has first option on the trust. The only way an applicant may lose the property is by defaulting on the monthly trust payments, much in the same way a mortgage loan default would work.

The trust is managed by a duly assigned fiduciary. This is typically the attorney retained by the program's underwriter to conduct this portion of the transaction.

The monthly payments are amortized much in the same way a mortgage loan is amortized. When the trust is cashed out by the client, all payments made are credited to the trust balance in the same way payments are credited to the principal balance of a mortgage loan.

This type of transaction is not a mortgage loan but is structured and works in a similar way. It has advantages and disadvantages when compared to a mortgage loan.

Mortgage loans offer tax deductions and are generally less expensive. Trust transactions do not require qualifying credit or proof of income and employment.

The Residential Property Reacquisition transaction is a non-RESPA transaction.

TRANSACTION COSTS

Click here for a description of the transaction costs and more program details.

Application

Before requesting an application, please review Program Transaction Costs.

Print Out An Application & Instructions for the Home Reacquisition Program.