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What is this program

TRUST PROGRAM FAQ

What is this program?

The programs offer solutions for individuals who have bad credit, good credit, any one who wants to avoid the conventional lender hassles and all the BS.

How do applicants qualify for the Private Investor home acquisition program?

Three solid character references and a minimum of 10% consideration for residential properties and 20% for commercial properties.

How does the reacquisition program work?

The general qualifications are the same as with the acquisition program, but there is no consideration required. Additionally, the property must have 36% equity.

Do I have to qualify for a mortgage loan?

No this program is facilitated through our vast network of private individual investors.

How long does it take to get a transaction closed?

Acquisitions average 45-60 days while reacquisition average 45 days. Reinstatements though, average 45 days. Actual times depend on how quickly they are able to acquire all necessary documentation including a current appraisal. Large commercial projects average based on size between 45-60 days.

May I use this program to facilitate construction of my home?

Yes. Special terms and conditions apply, though the same general qualifications are in place. Depending on parameters, a higher consideration may be required.

Is there a "seasoning" requirement in connection with this type of transaction?

No. None whatsoever. Consideration funds may be sourced from anywhere.

How are they able to offer property acquisition, reacquisition or reinstatement with no credit check and no income verification?

Because they do not check credit or verify income, the program translates into a slightly higher cost. The higher cost is justified by the resulting higher risk. Additionally, they do not operate in the same way as an institutional or bank lender. Properties that they initiate a foreclosure like proceeding on are not auctioned off. Their aggressive property remarketing program offsets the increased exposure they are subjected to.

Is this a “hard money” type program?

No. The term “hard money” refers to an excessively high interest rate much like what you would get from a loan shark or even a high interest credit card. “Hard Money” interest rates start at 20% and go much higher. This program is technically not a loan.

Is the acquisition program compatible with down payment assistance programs?

Typically not. There are some exceptions. The base premise of down payment assistance programs is to milk the seller for the money provided to you as down payment assistance, and then some. This will not work with their program.

How can I get cash out of the equity in my home?

Multiply the appraised value of your home by .64 and subtract any lien hold pay-offs. If what is left is a positive number, that is the available cash to you at closing. A negative number would indicate that the transaction is not doable. If the number is zero, they can do the transaction, but there will be no cash for you at closing.

What if I do not have enough equity (36%) in my home to qualify for the reacquisition program?

If you have a minimum of 20% equity in your home you may qualify for their reinstatement program. See the consumer guide or consult your broker for details.

I want to refinance, but there are liens on my home and I have additional debt to pay off. Can all that be included in the home reacquisition transaction?

Yes, as long as the lien holder pay-offs and debt do not exceed 64% of the appraised value of your home.

What happens if I default on my payments on the acquisition, reacquisition or reinstatement program?

Should this happen, you can expect the same defensive recourse action any institutional or bank lender would resort to. If you don’t make your payments, you will ultimately lose your property.