FAQ
How Can We Help You?
QUESTIONS? WE HAVE ANSWERS.
Asking the right questions is the first step in the right direction to clearing your path forward when it concerns your home. Many homeowners are unaware there are solutions to alleviate the burden & stress when facing foreclosure on their property.
Don’t see the answer to your question? Make the right choice and contact a friendly Relieve My Mortgage LLC specialist to help answer any questions you may have regarding your property and mortgage.
WHAT IS A REALISTIC TIME-TABLE FOR COMPLETING THE MORTGAGE RELIEF PROCESS?
The process can be expedited, taking as little as 30 days or even less in certain instances, particularly if the property is currently unoccupied. However, if you reside in the property or have a tenant in place, we will accommodate your schedule. We are flexible and may even consider properties with existing tenants based on the tenant situation. Whether you prefer a slower pace or a faster turnaround, we can tailor our approach to your needs and the specific circumstances.
WHEN YOUR COMPANY MANAGES FUTURE MORTGAGE PAYMENTS, WHO RECEIVES LENDER NOTIFICATIONS ABOUT STATEMENTS, ESCROW UPDATES, PAYMENT CHANGES, TAXES, INSURANCE, AND OTHER DETAILS?
All notifications, such as monthly statements, escrow modifications, payment adjustments, property taxes, insurance updates, etc., will be forwarded and delivered to Relieve My Mortgage LLC, considering we will be managing and making those payments moving forward.
Initially, you might receive notices from the lender, and subsequently, all notifications & communications are re-routed and directed to us. The same applies to any Homeowners Association (HOA) you may have. Once we have a signed agreement with you, we will send you an authorization for the HOA payment, as this is often a requirement outlined in most HOA bylaws.
CAN RELIEVE MY MORTGAGE LLC TAKE OVER THE HOME AND HANDLE PAYMENTS IF I HAVE A NON-ASSUMABLE MORTGAGE?
Absolutely. Our mortgage relief program is designed to work with homeowners who have mortgages considered “non-assumable.”
WHO DO I CALL TO SPEAK TO SOMEONE DIRECTLY? I NEED HELP NOW!
For immediate assistance with mortgage relief, please call our direct helpline at (800) 782-1822 or email info@relievemymortgage.com We are here to help you now.
DO I NEED TO MAKE ANY UPFRONT PAYMENTS TO INITIATE THE MORTGAGE RELIEF PROGRAM?
No, there are no upfront fees or commissions associated with our transactions. We operate as private real estate investors, not realtors. Traditional closings with realtors typically incur fees and closing costs averaging 8% to 10% of the home’s purchase price, which could translate to $32,000 to $40,000 on a $400,000 home.
With us, as real estate investors, you only pay for document preparation, transaction, and recording fees (referred to as closing fees), ranging from $300 to $500 or less in some cases. These costs are settled at the end when finalizing the transaction, ensuring transparency with no hidden or unforeseen expenses later on.
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Frequently Asked Questions
Provided below are more answers to Frequently Asked Questions from homeowners and our prospective clients. The FAQ helps to enlighten & provide a better understanding of our programs & services, terms and phrases, that are commonly used when referring to Mortgage Relief Services.
Is it possible to assume my home mortgage, even if it's upside-down or underwater?
Certainly, we can. Relieve My Mortgage LLC has been successfully managing and taking over homes in such situations, including their payments and mortgages.
Who will be responsible for future maintenance and repairs?
Relieve My Mortgage LLC will take care of the expenses related to future maintenance and repairs unless otherwise specified in the contract and agreement. This commitment remains contingent on the homeowner providing truthful and full disclosure of all current and potential future repairs and maintenance.
How does the "due on sale clause" impact the transfer of property? Can the lender or bank demand full repayment if the property is transferred?
The “due on sale clause” significantly affects the transfer of property. It gives the lender or bank the right to demand full repayment of the loan if the property is transferred to a new owner without their consent. This clause is designed to protect the lender’s interests and allows them to enforce the terms of the original mortgage agreement, potentially requiring the borrower to pay off the loan in its entirety upon transfer of the property.
Typically, potential new owners encounter hurdles such as loan applications, credit checks, substantial down payments, and various requirements. These factors often deter property transfers, leaving you with an undesirable or challenging property.
However, our legal structure (Trust) for obtaining and holding the property, governed by Federal Trust Law, renders the due on sale clause inapplicable. In our experience, lenders have never triggered the due on sale clause, particularly when regular payments are being made.
Will my lender be informed about the entity responsible for making the payments?
Yes, the bank or lender will receive proper notification, clearly stating that Relieve My Mortgage LLC will handle future mortgage payments. Alongside obtaining an authorization from you for legal communications with your lender, servicer, or mortgage company, this authorization explicitly outlines our control and management of the property. It emphasizes that monthly payments will be managed byRelieve My Mortgage LLC, both presently and in the future.
This comprehensive authorization is typically satisfactory for lenders, as their primary concern is identifying the future point of contact and ensuring ongoing and timely payments. It’s important to note that lenders are generally indifferent to the payer’s identity as long as the mortgage payments are consistently met.
While making payments on this property, a notable and significant advantage was claiming mortgage interest on my income tax return. How is this managed for both past and future payments?
This is a common concern among our clients. You can certainly claim mortgage interest on your income tax return for payments made during your home ownership. Moving forward, we will handle the claim for the mortgage interest during the period when we take over and make payments. The IRS permits whoever has made payments up to the time of filing to claim mortgage interest deductions.
HOW ARE MORTGAGE PAYMENTS MADE WITH YOUR PROGRAM?
Our approach involves various strategies to consistently cover monthly mortgage payments until the loan is entirely paid off. Our primary objective is to sell the property or achieve complete mortgage satisfaction in the future.
One effective method in our arsenal is having prospective tenant buyers eagerly awaiting the opportunity to inhabit the property with the intention of purchasing it down the line. This aligns with our mutual goal of fully paying off the mortgage when market conditions permit and our tenant buyer fulfills their contractual commitment.
It’s important to note that we deal with tenant buyers, not just renters, as our ultimate aim is to pay off your mortgage entirely. Typically, our agreements with tenant buyers span from 1 to 5 years, but certain factors like market conditions, mortgage amount, location, and home type and condition may influence the duration.
In certain instances, we may explore negotiating with your lender to acquire your mortgage note at a mutually agreed-upon marketable price. However, this process demands time and patience, and its applicability varies among homes, lenders, and mortgages.
Whether you are in default, pre-foreclosure, or maintaining current payments, our Mortgage Payments Relief Program is structured to ensure timely monthly mortgage payments until the existing mortgage can be fully settled.
If you’re facing default or pre-foreclosure, our program can halt the process and protect your credit. Essentially, while your home awaits a sale, which might be delayed due to market conditions, being upside down, underwater, or lacking equity, we handle the mortgage payments, as well as maintenance, insurance, taxes, etc., until we can successfully satisfy and pay off the mortgage.
The bottom line is, while a Realtor may not offer such comprehensive solutions, we can.
DO YOU REQUIRE PERMISSION FROM MY MORTGAGE COMPANY OR LENDER TO HANDLE MY MORTGAGE PAYMENTS?
No. Nevertheless, we make it our number one priority to always inform the mortgage company or lender that Relieve My Mortgage LLC will be making future payments. Our account information, from which future monthly payments will be drawn, is typically on file with them for reference. Mortgage companies or lenders generally appreciate the assurance that the mortgage payments will be consistently made.
ARE YOU ABLE TO ASSIST EVERY HOMEOWNER NEEDING MORTGAGE RELIEF?
Assistance varies on a case-by-case basis, depending on each individual circumstance. Despite current challenges, we may not be able to help every client desperately seeking mortgae relief, however we endeavor to assist as many homeowners as we can.
Each home and homeowner’s situation is unique. Our expertise is focused on supporting homeowners encountering challenges in selling their property through conventional methods, particularly those with “upside-down mortgages” or “underwater mortgages” – scenarios where the property’s value is less than the outstanding balance.
The Mortgage Payments Relief Program stands as an alternative where no such option typically existed before.
The alternative we offer is more than likely better than the current situation you may be dealing with:
- Opting for intentional default or foreclosure (strategic default, buy & bail)
- Continuously struggling with the financial burden of a draining mortgage, you can simply allow Relieve My Mortgage LLC to assume control of the home and mortgage payments that have become undesirable, unaffordable, or unmanageable. Instead of facing economic default due to circumstances beyond your control—such as the COVID-19 pandemic (or one if its variants), loss of income, unemployment, divorce, or the necessity to move out of town and inability to sell—consider this alternative.
If you find yourself in a mortgage situation that fits this description and you need immediate attention to relieve your mortgage obligations, we are here to offer assistance.
HOW CAN YOU GUARANTEE THAT PAYMENTS FOR THE MORTGAGE WILL BE MADE TO THE LENDER?
Rest assured, you will retain the option to contact the mortgage company or lender at any time to verify payment statuses. We formalize our commitment through a legal contract and agreement, confirming that payments will be made upon the property being transferred to our Trustee. We wouldn’t proceed with monthly and future mortgage payments unless we have control of the property.
As private real estate investors, our primary goal is profitability, and we achieve this when properties under our possession do not face foreclosure. Foreclosure is not part of our business model. We invest both time and money in the property, aiming to safeguard our investment. The Mortgage Payments Relief Program centers around consistent monthly mortgage payments and the ultimate satisfaction and payoff of the mortgage note.
The only variable beyond our control is the timing of the mortgage payoff. Meanwhile, our Mortgage Payments Relief Program alleviates the strain on YOUR finances by preventing the need to manage two mortgages or rent while figuring out the course of action for the first one. It liberates you from the financial burden of paying a mortgage that has become unmanageable, unaffordable, or unwanted. Immediate Mortgage Payment Relief is our commitment.
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Data: 2023 housing market
Stacker analyzed data from Redfin and the Labor Department to show what buyers can expect ahead of peak homebuying season. To be included, each metro had to have at least 300 listings per month on average so far this year.
Tools & Estimators
Navigate your homeownership journey with precision using these handy mortgage tools! Explore insights on monthly payments and affordability with MortgageCalculator.org. For personalized estimations, check out Fannie Mae’s Mortgage Calculator. Simplify your mortgage planning and make informed decisions effortlessly. Click the link below and take the guesswork out of your mortgage planning.
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Fill out out the fillable Mortgage & Property Fact Form online and expidite the process of getting mortgage relief today!