90 Day Take Back Program – FAQ

Posted by revolt | The "90 Day Take Back Program - FAQ | Sunday 13 June 2010 2:49 am




1. Q: What is the goal of this process?

A: The goal of this process is to deliver to the consumer full ownership of their property by re-conveying the Deed of Trust/Mortgage Deed into the borrower’s name, and in the process, render null and void any Promissory Note the borrower had previously issued to a bank.

2. Q: Will this process work for me?

A: It is effective in 99% of the cases. The primary instance in which this process is not effective is one where a hard money loan was issued to fund the residential real estate transaction. In a hard money loan scenario actual cash is provided by the Lender to the borrower to purchase the property (as opposed to credit being provided to the borrower). Hard money loans are typically made by local banks and private investors, particularly in rural areas. Hard money loans are almost never issued by commercial banks.

3. Q: Are there any unique circumstances that would prevent this process from working for me?

A: Generally speaking, no. The only two circumstances where this process will not be effective are if the loan you received was a hard money loan (see Q2 above), or, if your property was foreclosed on, the foreclosure sale date has already passed and your home has been repossessed by the bank.

4. Q: What is the success rate of this process?

A: As of January 1, 2012, this process has been 100% effective with more than 200 unique cases in re-conveying the Deed of Trust/Mortgage Deed into the name of the borrower and rendering null and void any related Promissory Note.

5. Q: How long does this process take from the point that I sign up to the point where the Deed of Trust/Mortgage Deed is re-conveyed?

A: The client has a large role to play in this process therefore the timeliness of the completion of the process is dependent on the timely actions of the client. Assuming the client follows the process instructions in a timely manner, the process can be completed in an average of three months. Meaning, in an average of three months a client can have full legal title to their property free and clear of any Promissory Note.

6. Q: What are the fees associated with this service?

A: At this time, as a Special Introductory Discount, there is one general category of fees charged for this service, an up-front fee which pays for the companies expenses for the process. However, after the Special Introductory Discount expires, there may be a second general category fee charged for this service, a back-end fee, which is collected only if the process is successful. Details of the second fee structure will be made available during a conference call prior to signing up for this service. However, at this time we have waived all secondary fees. Therefore, your only cost will be the one time Special Introductory Discount fee.

7. Q: Is there a refund policy in the event the service is ineffective?

A: Yes. In the event this process is unsuccessful in re-conveying the Deed of Trust/Mortgage Deed for the benefit of the client, the back-end fee will not be assessed. The up-front fee is non-refundable.

8. Q: Does this process affect my credit score?

A: This process in and of itself does not affect your credit score. However, the conditions that generally surround this process can affect your credit score. Any time a consumer misses a mortgage payment, the bank is likely to report negatively against the consumer’s credit score. Many consumers who use this process are either already delinquent on their mortgage payments or in foreclosure, which means their credit scores have already been negatively impacted.

However, you can be current on your mortgage payment and still implement this process. If that is the case, as long as you are current on your mortgage payments, your credit score should not be negatively impacted. However, once the Deed of Trust/Mortgage Deed has been reconveyed, you will no longer be legally obligated to make additional mortgage payments.

At this time, the bank may view your discontinuance of payments as missed payments and may report negatively on your credit report. If this happens, sufficient documentation can be provided to the credit reporting agency to demonstrate the date of your absolute ownership of your property and thereby demonstrating that any negative reporting by the bank after that date is inaccurate, which constitues the repairing of your credit, and our process provides you with the documents which assist in that credit repair.

9. Q: Am I at risk of the bank taking any legal action against me?

A: Yes. It is possible that the bank could attempt legal action against you. The most likely legal action the bank would take is to sue you for fraudulent revocation of the Promissory Note. However, while the bank can claim fraudulent revocation of the Promissory Note, proving it is another matter, and since the process that results in the revocation of the Promissory Note is in full compliance with Federal Regulations, and documented as a matter of public record, the bank’s claim is weak.

Bear in mind that while it is possible the bank may take legal action against you, in the 200+ successful cases so far, the bank has not taken any legal action against any of our clients. In addition, in the event a bank does take legal action against a client, the company has established an affiliation with a Nationwide Legal Association which may be used to defend the client against a bank law suit. The company is confident in the underlying legal authority supporting this process and is therefore confident in a variety of legal strategies that could be used to successfully defend a law suit initiated by a bank against a client.

Simply put, the bank is not likely to take any legal action against a consumer as a result of this process because the bank does not want to expose themselves and their actions to the numerous State and Federal regulatory bodies that are copied as part of this process. The bank is aware that many instances of fraud exist in the origination of most mortgages. The bank is also aware that under close scrutiny their loan origination practices could demonstrate instances of fraud, so the bank is not likely to initiate any legal action that would result in them having to expose their loan origination practices to regulatory bodies.

10. Q: Do I have the option to either stay in the property or sell the property at the conclusion of the process?

A: Yes. At the conclusion of this process you will be in absolute possession of the Deed Of Trust/Mortgage Deed (title) to your property and you may do with the property as you wish.

11. Q: Am I on my own during this process?

A: No. You will be assigned an email Educator (personal coach) who will assist you with all phases of this process. You do have a large role to play in the success of this process, but you will never be without the expertise and assistance of your Educator. You will also be provided with one FREE telephone consultation prior to purchase, and all subsequent phone consultations will be charged a $150.00 per hr. Phone consultations can be requested via email.

12. Q: Can I be current on my mortgage payments and still benefit from this process?

A: Yes. You can be current on your mortgage payments and execute this process. Once the process is complete, and you own your property, you will no longer be legally obligated to make additional mortgage payments.

13. Q: Can someone who is already in the foreclosure process benefit from this process?

A: There are several methodologies that can be implemented to stop foreclosure proceedings until our process is completed (average of three months). Once our process is complete, you will have full ownership of your property, and no other entity will have the legal authority to foreclose on you. We will assist you in implementing any necessary foreclosure prevention strategies.

14. Q: Will this process work for both first and second mortgages?

A: Yes

15. Q: Will this process work if I have applied for a loan modification with my lender?

A: Yes

16. Q: Will this process work if I have accepted a loan modification with my lender?

Q: Yes

17. Q: Will this process work if I have refinanced my home?

A: Yes

18. Q: Will this process work if my mortgage is no longer with the original lender? (In other words, the original lender has transferred my mortgage to another lender).

A: Yes, and our process is effective regardless of the number of transfers to other lenders.

19. Q: Is your process effective in every state?

A: Yes

20. Q: Is this process effective with all mortgage loans?

A: Yes, except for hard money loans from private lenders.

21. Q: How will I know if I have a hard money loan?

A: Your lender would have informed you if their loan were a hard money loan.

22. Q: What level of interaction or communication should I anticipate with my Lender and Servicer throughout this process?

A: You should anticipate some communication from your Lender and/or Servicer as a result of this process. Such communications may include phone calls and written correspondence in response to the documents you provide to your Lender and Servicer.

Most of our clients do not accept phone calls from the Lender or servicer. All written communication from the Lender or Servicer should be immediately provided to your dedicated email Educator, who will work to determine whether or not such communications have any effect on the successful progression of the service. The vast majority of written communications from Lenders and Servicers, while sometimes alarming, are inadequate responses under the law and have no effect on the successful completion of this service.

23. Q: Are there any other fees or expenses associated with the THR service, other than the fees paid to THR?

A: In addition to the service fees paid to our organization, students should anticipate incurring administrative fees, such as: document printing and copying fees; mailing fees including certified return receipt service fees; and fees for recording documents in the public or national registry.

24. Q: What are the tax consequences of this service?

A: When clear titled has been obtained through this process, the homeowner has the option to either remain in their home or sell it. In either instance, there are no tax consequences or taxes owed. However, we recommend you consult your tax accountant for your specific financial situation.

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