| GPS LOAN MODIFICATIONS Help You SAVE YOUR HOME |
| Genesis Property Solutions, LLC Creating New Beginnings for Homeowners. Let us guide you to a Fresh Start in Life! |
| We're Here to Help. |
| Call Toll-Free: 800-GPS-LLC7 |
| The sooner you call, the sooner we can get started on your case. |
| "Do you want to be made well? If so, you must get up and take action!" (Jn 5:6-8) Even when you don't understand why Life has you down, resolve not to stay defeated. Instead, shake off your self-pity, get up, and move on with Life. Have Faith and LIVE your best life NOW! |
| Frequently Asked Questions |
What is the Cost for the Application?
There is no charge to submit your Application to GPS. Click here to Apply for Free.
What are the general guidelines for a lender to consider a loan modification?
Loans are "owned" by different investors - some are government backed, some are held by private investors/groups, some are owned in bulk, some are
individual - every loan is different, thus whether YOUR lender will consider allowing a loan modification is not a question that anyone can answer for you
without talking to your lender. That being said, many loans are government backed loans and thus follow HUD guidelines. With this in mind, it might be
helpful for you to know the following HUD Loan Modification Guidelines (in general):
-a minimum of 12 months have elapsed since you first got the loan.
-you are at least 62 days past due or more
-your default is due to a VERIFIABLE loss or income, increase in living expenses, or other qualified hardship.
-loan mods are generally only available for your PRIMARY mortgage
-loan mods are generally only for owner-occupied homes
-your hardship has now been resolved or else even with your hardship you can afford to make loan payments if a loan modification makes the loan
payments affordable for you.
-you have not had another loan modification in the past 3 years. Or, if you had one, it was NOT related to this same hardship.
What can I expect from a loan modification?
If your current mortgage is NOT something you can afford, then the bank is unhappy because your loan is considered a "non-performing" asset which
essentially costs them money. The goal of a loan modification is to help you secure a mortgage payment that you can afford to pay. When this occurs, the
bank will benefit because they'll have an "asset" that is considered to be a "performing" payer. The bank is happy, and you are happy - everybody wins.
As you probably know, foreclosures are at an all time high. Banks cannot afford to own many foreclosed home assets. Banks are in the business of
LENDING MONEY, not owning property. When they own property, their money is tied up and they can't lend it out, thus banks lose money with foreclosure
homes in most cases. With this in mind, now is a great time to request a loan mod IF you have a verifiable hardship that could otherwise lead you into a
foreclosure situation. The option to offer you a loan mod helps the bank to help you to SAVE YOUR HOME.
Most, if not all, loan mods will result in moving you into a "FIXED" rate loan (vs an Adjustable Rate Loan). In addition, the loan may be modified by
changing interest rates, and/or requesting a longer loan term, and/or capitalizing (adding into the loan) delinquent principal, interest, and escrow items.
Again, the goal is that, by changing one or more of these loan 'terms", you'll be able to make your payments consistently. Please note that there are
guidelines that specify how much you can request to change regarding your loan and the more items you request to change, the lower your odds of
securing an Approval for all of those terms. Furthermore, HUD guidelines do not allow you to capitalize your Foreclosure/Legal Fees, Late Fees, or other
Admin Expenses, so if you owe these items, you'll probably need to pay them in a lump sum payment in order to get your loan mod approved (or) your
lender MAY agree to give you a short-term payment plan in which to pay off these extra items (but remember, this payment would be in addition to your
new loan mod mortgage payment).
Also note, if for some reason you're bank won't allow you to get the loan mod you desire, and/or you don't like the terms they are agreeing for a new Fixed
rate loan, another option might be to request a loan mod with a 3-7 year FIXED rate and a payment you could afford? (The benefit is you could avoid
Foreclosure and get a workable payment now. The key is that you would still need to refi later when the Fixed Terms ends, but hopefully your hardship &
the market will allow for you to take advantage of this option at that time).
While you can contact your lender and attempt to negotiate a loan mod on your own, the benefit of working with GPS is that you'll have a professional loss
mitigation negotiator working to get you the best terms possible. Remember, the bank has a loss mitigation negotiator working on their side to attempt to
squeeze the most money possible out of the deal. Wouldn't it benefit YOU to have an experienced loss mitigation negotiator working on YOUR side to
represent YOUR interests? If you answered "yes", then GPS might be the solution you are seeking!
What is the Cost for A GPS Loan Modification?
If you want to SAVE YOUR HOME with a Loan Modification, the cost is a flat fee based upon the amount of your CURRENT monthly loan payment as
follows:
Current Monthly Loan Payment GPS Loan Mod Fee
$0 to 2000 $1000
$2001 to 5000 $2000
$5001 and above $4000
Key point: when you make your payment to GPS via our secure on-line payment partner (Paypal), not only will you receive a receipt, but more importantly
you should know that your funds will be placed with a third-party bank escrow; GPS does not earn your fee until such time as we...
a) receive back your Hardship Paperwork from you and open a GPS case on your behalf - upon which we will earn a $299 Processing Fee
b) secure an Approval from you lender for your Loan Modification Request - upon which time we will earn the remainder of your payment in escrow.
CLICK HERE to begin the Payment Process.
Does GPS offer any guarantee of success?
There is no way to guarantee that every case we take on will result in an approval from your lender. Nevertheless, while the industry average success ratio
for Workout Assistance (ie Saving your Home) is over 90%, if for some reason, GPS is unsuccessful in securing one of these options for you, then you will
receive a refund of your payment less a $299 Processing Fee. For more information, please see our MONEY BACK Guarantee HERE.
Does GPS Offer a Payment Plan?
Yes, GPS can help - click here for details.
What happens after I submit my Application to GPS?
Once we receive your application, GPS will review your case, usually within 24-48 hours. If we believe there is a realistic chance for helping you, we will
accept your case and instruct you on how to submit your Loan Modification Fee to our escrow company. (For questions about payments and escrow,
please see our FAQ's - click here).
Once your application is accepted and you have escrowed your monies, you'll gain access to our Loan Modification Package - this document will have all
the forms which you will need to complete in order to help us prove your hardship case with your lender and thus negotiate for your Loan Modification.
Once you provide ALL your forms back to GPS, we'll review your file, build your Loan Modification Package and send it to your lender. Once they confirm
receipt, we'll begin negotiations for your Loan Modification.
Assuming your Lender agrees, they'll provide an Approval Letter with your new Loan Mod Terms, which we will provide to you. If you agree to the terms,
then all you need to do is to make payments in compliance with the new loan terms. *Once you agree to the Loan Modification Terms, GPS will have
earned the full Loan Modification Fee and thus the remaining escrow will be released to GPS.
Everybody wins!
Are there OTHER OPTIONS available to help me besides a Loan Modification?
Yes, click here to visit our Other Options page and learn about them.
What happens when you miss your mortgage payments?
Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must
move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your lender or HUD could
seek what’s called a “deficiency judgment.” If that happens, you not only lose your home, you also would owe your lender or HUD an
additional debt. Worse yet, Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future.
What is Loss Mitigation?
Loss Mitigation is an effective way to stop Foreclosure. By partnering with a professional loss mitigation firm to handle YOUR negotiations, the
goal is to increase your odds of influencing your lender(s) to accept an alternative to Foreclosure. Your banks have one or more departments
who handle loss mitigation negotiations on THEIR side, shouldn't you have someone representing YOUR side as well?
To learn even more about GPS Loss Mitigation, please click here or here.
Do I have do be past due or delinquent to get GPS's help?
Most lenders will require a homeowner to be 30-60 days past due before they will consider discussing workout options with GPS. However not
always. With more and more foreclosures pending, some lenders are willing to talk sooner. You can always APPLY NOW for Free and see if GPS can
assist. Nonetheless, if you are not even 30 days past due, you may not need GPS; you might be able to just call your lender yourself and see if you can
work something out on your own. It's always best to keep your lender informed.
Why does GPS charge a Processing Fee?
In order to remain in business, GPS must have a means to cover our basic Administrative and Staffing expenses.
To this end, out of your total Loan Mod Fee, $299 is considered to be a Processing Fee and is therefore used to cover the costs associated with SOME OR
ALL of the following:
1) Guidance in completing your Hardship Package
2) Coordination with Realtors, investors/buyers, title companies, and lender personnel where applicable
3) Preparation of a complete Workout Option Package
4) Submission of your file to your lenders and GPS investors
5) Negotiation by GPS with your lenders and GPS investors
6) Administrative personnel and Office Overhead required to process your file
NOTE: The GPS Processing Fee is non-refundable regardless of the outcome of the file since these funds are immediately used to
cover Admin and Staffing expenses in setting up your file. The Processing Fee is considered "earned" by GPS, and therefore released from escrow, once
you send GPS your initial Hardship Paperwork and GPS opens a file for you.
I understand GPS needs to pay it's employees, but if a Homeowner is past due on their mortgage, how can GPS expect them to pay $1000 or more to
GPS?
Remember, you may not need GPS at all. If you want to try to work something out on your own and you are only 30-60 days past due,
perhaps you might be able to make arrangements on your own. However, if you fee like you need the benefit of working with a professional
Loss Mitigation Firm like GPS, then you might be interested to know the following...
In most cases, when a homeowners is past due, they are not making any mortgage payments due to their current hardship. Having
to pay the cost of one month's mortgage payment to GPS in exchange for GPS helping you to SAVE YOUR HOME may be a small price to pay. Remember,
in order to qualify to save your home, GPS will need to prove to your lender(s) that your hardship situation is temporary and that, with help, you can get
back to paying your mortgage. If you are less than 60 days past due, you may be able to do this on your own without GPS. But if you are more than 60 days
past due, then you likely have racked up significant fees & charges from your lender. If you haven't paid your mortgage for multiple months, you've likely
built up some cash reserves. The problem for you may be that even if you have saved 1-2 months of mortgage payments, you may already be 4-6 months
behind -- thus many lenders will likely reject any amount you try to send to them if it is not the full amount due (or if they do accept that partial payment,
you'll likely still be consider "past due" and on the road to Foreclosure). Thus, what
GPS's clients have found is that by taking some of the money they've saved and paying GPS a flat fee equal to just one month's mortgage
payment, it's a wise investment that could pay off nicely if GPS is able to get the lender to approve a payment plan that would help you to
STOP FORECLOSURE, SAVE YOUR HOME, and give you a NEW BEGINNING!
Why should I trust GPS? How is GPS different from others?
First off, we can't tell you to "trust us" -- we believe we have to EARN your trust. We'll try to do just that if you give us a chance. As
you know, there are many companies in the marketplace now who offer “loss mitigation” services. Like other firms, GPS is a “for-profit”
company. However, unlike many other organizations, GPS’s primary goal is to help distressed homeowners find a solution to
their property problems. Our #1 goal is that the homeowner gets a “fresh start." In addition, unlike 99% of loss mitigation firms, GPS does NOT
require your homeowner’s deed in order to begin service. At the same time, we help mortgage lenders curtail monetary losses and avoid
having to take foreclosed property into inventory as REO's – thus freeing their Loan Loss Reserves and allowing them to get back to doing
what they do best: Lend Money. We know that when Genesis is able to achieve these goals, ALL parties will leave the closing table ready to
pursue a “New Beginning…”
Whether you choose to contact Genesis Property Solutions or you decide to work with someone else, if you learned nothing else, PLEASE...TAKE
ACTION NOW!
There is no charge to submit your Application to GPS. Click here to Apply for Free.
What are the general guidelines for a lender to consider a loan modification?
Loans are "owned" by different investors - some are government backed, some are held by private investors/groups, some are owned in bulk, some are
individual - every loan is different, thus whether YOUR lender will consider allowing a loan modification is not a question that anyone can answer for you
without talking to your lender. That being said, many loans are government backed loans and thus follow HUD guidelines. With this in mind, it might be
helpful for you to know the following HUD Loan Modification Guidelines (in general):
-a minimum of 12 months have elapsed since you first got the loan.
-you are at least 62 days past due or more
-your default is due to a VERIFIABLE loss or income, increase in living expenses, or other qualified hardship.
-loan mods are generally only available for your PRIMARY mortgage
-loan mods are generally only for owner-occupied homes
-your hardship has now been resolved or else even with your hardship you can afford to make loan payments if a loan modification makes the loan
payments affordable for you.
-you have not had another loan modification in the past 3 years. Or, if you had one, it was NOT related to this same hardship.
What can I expect from a loan modification?
If your current mortgage is NOT something you can afford, then the bank is unhappy because your loan is considered a "non-performing" asset which
essentially costs them money. The goal of a loan modification is to help you secure a mortgage payment that you can afford to pay. When this occurs, the
bank will benefit because they'll have an "asset" that is considered to be a "performing" payer. The bank is happy, and you are happy - everybody wins.
As you probably know, foreclosures are at an all time high. Banks cannot afford to own many foreclosed home assets. Banks are in the business of
LENDING MONEY, not owning property. When they own property, their money is tied up and they can't lend it out, thus banks lose money with foreclosure
homes in most cases. With this in mind, now is a great time to request a loan mod IF you have a verifiable hardship that could otherwise lead you into a
foreclosure situation. The option to offer you a loan mod helps the bank to help you to SAVE YOUR HOME.
Most, if not all, loan mods will result in moving you into a "FIXED" rate loan (vs an Adjustable Rate Loan). In addition, the loan may be modified by
changing interest rates, and/or requesting a longer loan term, and/or capitalizing (adding into the loan) delinquent principal, interest, and escrow items.
Again, the goal is that, by changing one or more of these loan 'terms", you'll be able to make your payments consistently. Please note that there are
guidelines that specify how much you can request to change regarding your loan and the more items you request to change, the lower your odds of
securing an Approval for all of those terms. Furthermore, HUD guidelines do not allow you to capitalize your Foreclosure/Legal Fees, Late Fees, or other
Admin Expenses, so if you owe these items, you'll probably need to pay them in a lump sum payment in order to get your loan mod approved (or) your
lender MAY agree to give you a short-term payment plan in which to pay off these extra items (but remember, this payment would be in addition to your
new loan mod mortgage payment).
Also note, if for some reason you're bank won't allow you to get the loan mod you desire, and/or you don't like the terms they are agreeing for a new Fixed
rate loan, another option might be to request a loan mod with a 3-7 year FIXED rate and a payment you could afford? (The benefit is you could avoid
Foreclosure and get a workable payment now. The key is that you would still need to refi later when the Fixed Terms ends, but hopefully your hardship &
the market will allow for you to take advantage of this option at that time).
While you can contact your lender and attempt to negotiate a loan mod on your own, the benefit of working with GPS is that you'll have a professional loss
mitigation negotiator working to get you the best terms possible. Remember, the bank has a loss mitigation negotiator working on their side to attempt to
squeeze the most money possible out of the deal. Wouldn't it benefit YOU to have an experienced loss mitigation negotiator working on YOUR side to
represent YOUR interests? If you answered "yes", then GPS might be the solution you are seeking!
What is the Cost for A GPS Loan Modification?
If you want to SAVE YOUR HOME with a Loan Modification, the cost is a flat fee based upon the amount of your CURRENT monthly loan payment as
follows:
Current Monthly Loan Payment GPS Loan Mod Fee
$0 to 2000 $1000
$2001 to 5000 $2000
$5001 and above $4000
Key point: when you make your payment to GPS via our secure on-line payment partner (Paypal), not only will you receive a receipt, but more importantly
you should know that your funds will be placed with a third-party bank escrow; GPS does not earn your fee until such time as we...
a) receive back your Hardship Paperwork from you and open a GPS case on your behalf - upon which we will earn a $299 Processing Fee
b) secure an Approval from you lender for your Loan Modification Request - upon which time we will earn the remainder of your payment in escrow.
CLICK HERE to begin the Payment Process.
Does GPS offer any guarantee of success?
There is no way to guarantee that every case we take on will result in an approval from your lender. Nevertheless, while the industry average success ratio
for Workout Assistance (ie Saving your Home) is over 90%, if for some reason, GPS is unsuccessful in securing one of these options for you, then you will
receive a refund of your payment less a $299 Processing Fee. For more information, please see our MONEY BACK Guarantee HERE.
Does GPS Offer a Payment Plan?
Yes, GPS can help - click here for details.
What happens after I submit my Application to GPS?
Once we receive your application, GPS will review your case, usually within 24-48 hours. If we believe there is a realistic chance for helping you, we will
accept your case and instruct you on how to submit your Loan Modification Fee to our escrow company. (For questions about payments and escrow,
please see our FAQ's - click here).
Once your application is accepted and you have escrowed your monies, you'll gain access to our Loan Modification Package - this document will have all
the forms which you will need to complete in order to help us prove your hardship case with your lender and thus negotiate for your Loan Modification.
Once you provide ALL your forms back to GPS, we'll review your file, build your Loan Modification Package and send it to your lender. Once they confirm
receipt, we'll begin negotiations for your Loan Modification.
Assuming your Lender agrees, they'll provide an Approval Letter with your new Loan Mod Terms, which we will provide to you. If you agree to the terms,
then all you need to do is to make payments in compliance with the new loan terms. *Once you agree to the Loan Modification Terms, GPS will have
earned the full Loan Modification Fee and thus the remaining escrow will be released to GPS.
Everybody wins!
Are there OTHER OPTIONS available to help me besides a Loan Modification?
Yes, click here to visit our Other Options page and learn about them.
What happens when you miss your mortgage payments?
Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must
move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your lender or HUD could
seek what’s called a “deficiency judgment.” If that happens, you not only lose your home, you also would owe your lender or HUD an
additional debt. Worse yet, Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future.
What is Loss Mitigation?
Loss Mitigation is an effective way to stop Foreclosure. By partnering with a professional loss mitigation firm to handle YOUR negotiations, the
goal is to increase your odds of influencing your lender(s) to accept an alternative to Foreclosure. Your banks have one or more departments
who handle loss mitigation negotiations on THEIR side, shouldn't you have someone representing YOUR side as well?
To learn even more about GPS Loss Mitigation, please click here or here.
Do I have do be past due or delinquent to get GPS's help?
Most lenders will require a homeowner to be 30-60 days past due before they will consider discussing workout options with GPS. However not
always. With more and more foreclosures pending, some lenders are willing to talk sooner. You can always APPLY NOW for Free and see if GPS can
assist. Nonetheless, if you are not even 30 days past due, you may not need GPS; you might be able to just call your lender yourself and see if you can
work something out on your own. It's always best to keep your lender informed.
Why does GPS charge a Processing Fee?
In order to remain in business, GPS must have a means to cover our basic Administrative and Staffing expenses.
To this end, out of your total Loan Mod Fee, $299 is considered to be a Processing Fee and is therefore used to cover the costs associated with SOME OR
ALL of the following:
1) Guidance in completing your Hardship Package
2) Coordination with Realtors, investors/buyers, title companies, and lender personnel where applicable
3) Preparation of a complete Workout Option Package
4) Submission of your file to your lenders and GPS investors
5) Negotiation by GPS with your lenders and GPS investors
6) Administrative personnel and Office Overhead required to process your file
NOTE: The GPS Processing Fee is non-refundable regardless of the outcome of the file since these funds are immediately used to
cover Admin and Staffing expenses in setting up your file. The Processing Fee is considered "earned" by GPS, and therefore released from escrow, once
you send GPS your initial Hardship Paperwork and GPS opens a file for you.
I understand GPS needs to pay it's employees, but if a Homeowner is past due on their mortgage, how can GPS expect them to pay $1000 or more to
GPS?
Remember, you may not need GPS at all. If you want to try to work something out on your own and you are only 30-60 days past due,
perhaps you might be able to make arrangements on your own. However, if you fee like you need the benefit of working with a professional
Loss Mitigation Firm like GPS, then you might be interested to know the following...
In most cases, when a homeowners is past due, they are not making any mortgage payments due to their current hardship. Having
to pay the cost of one month's mortgage payment to GPS in exchange for GPS helping you to SAVE YOUR HOME may be a small price to pay. Remember,
in order to qualify to save your home, GPS will need to prove to your lender(s) that your hardship situation is temporary and that, with help, you can get
back to paying your mortgage. If you are less than 60 days past due, you may be able to do this on your own without GPS. But if you are more than 60 days
past due, then you likely have racked up significant fees & charges from your lender. If you haven't paid your mortgage for multiple months, you've likely
built up some cash reserves. The problem for you may be that even if you have saved 1-2 months of mortgage payments, you may already be 4-6 months
behind -- thus many lenders will likely reject any amount you try to send to them if it is not the full amount due (or if they do accept that partial payment,
you'll likely still be consider "past due" and on the road to Foreclosure). Thus, what
GPS's clients have found is that by taking some of the money they've saved and paying GPS a flat fee equal to just one month's mortgage
payment, it's a wise investment that could pay off nicely if GPS is able to get the lender to approve a payment plan that would help you to
STOP FORECLOSURE, SAVE YOUR HOME, and give you a NEW BEGINNING!
Why should I trust GPS? How is GPS different from others?
First off, we can't tell you to "trust us" -- we believe we have to EARN your trust. We'll try to do just that if you give us a chance. As
you know, there are many companies in the marketplace now who offer “loss mitigation” services. Like other firms, GPS is a “for-profit”
company. However, unlike many other organizations, GPS’s primary goal is to help distressed homeowners find a solution to
their property problems. Our #1 goal is that the homeowner gets a “fresh start." In addition, unlike 99% of loss mitigation firms, GPS does NOT
require your homeowner’s deed in order to begin service. At the same time, we help mortgage lenders curtail monetary losses and avoid
having to take foreclosed property into inventory as REO's – thus freeing their Loan Loss Reserves and allowing them to get back to doing
what they do best: Lend Money. We know that when Genesis is able to achieve these goals, ALL parties will leave the closing table ready to
pursue a “New Beginning…”
Whether you choose to contact Genesis Property Solutions or you decide to work with someone else, if you learned nothing else, PLEASE...TAKE
ACTION NOW!
| APPLY FOR FREE CLICK HERE |
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