There are several methods by which an offer to save your equity can be made depending upon the percentage of seller(s) equity according to the County Assessors appraised value, and sometimes other considerations (Your property taxes are based upon the county appraiser’s assessed value).
Many home owners may qualify for up to 100% return of their equity if their percentage of equity qualifies them. The terms of such offers are listed below. To be approved for any of these programs owner(s) must sign up for our home equity loss-prevention program. Following this an initial verbal offer must be requested by at least one home owner. This initial offer can relate to one of more program/ plan for which they qualify. Upon their qualification and approval of the initial verbal offer and programs offered, a final written offer will be submitted to them. All related escrow documents must be signed before or deadline date #7, but none will be recorded until after deadline date #7 as passed. There is no direct cost to home owner(s) for any of these programs.
All offers are subject to change at any time which may not immediately be shown on this website. The final offer and agreement is always made in writing and becomes a firm contract agreement. All offers are predicated upon home owners qualifying for, and approving a particular program, then adhering to deadline date #7and the specified moving date. Any possible offers after this deadline will be either equity sharing or possible cash out offers, program numbers 3 through six. These offers involve substantially less equity return to home owners. This is because of the much larger investment required by us to pay-off the foreclosing lender. Disclaimer: Regardless of the percentage of owner’s home equity, no program below is guaranteed until a final offer is accepted and all required documents have been signed by all home owner(s) and the charity in escrow, before deadline date #7.
The designated charity will make its best verbal offer first, which will include the possibility of home owner(s) selecting any other higher numbered program as an alternative:
1) 100 percent equity program: Money is first available for moving and for a rental property. 25% of proposed equity will be paid upon resale of property; an additional 25% will be reserved after resale, more if resale takes longer than 6 months. An additional 25% will be reserved one year after resale of property. Another 25% will be reserved after two years, and the last 25% and the total remainder of equity will be payable three years after resale of property. Additional interest and a possible bonus will be also added. This program was designed for people who plan to buy another home in a few years, expectedly without losing any equity or appreciation in Real Estate values.
2) 100 percent equity program: Money is first available for moving and for a rental property. 25% of proposed equity will be paid upon resale of property; more than 25% will be paid if resale takes longer than 6 months. An additional 25% will be paid one year after resale of property. Another 25% will be paid after two years, and the last 25% will be paid three years after resale of property. This program was designed for people who plan to buy another home in a few years, hopefully saving most of the monies paid them.
3) 80 percent of equity returned. An initial percentage of equity is paid upon transfer of title and moving; money is available for moving and a rental thereafter. Additional monies will be paid annually at future date(s) in accord with agreement. A bonus might also apply to this program. 25% minimum equity is required for this program.
4) A 50% splitting of equity after all related repairs and expenses are deducted, upon the resale of property. Money is available for moving and rental thereafter, 20% minimum equity is required for this program.
5) A custom made offer, with up to 45% return of equity, may be available based upon our available funds, and upon unusual conditions or circumstances of various sorts, 20% minimum equity is required for this program. This plan is offered when the charity considers that more risk is involved.
6) A Cash-out offer may be made by the non-profit or a for-profit affiliate, sometimes called a short sale. Moving expenses and rental monies will be included in the offer. At least 16% minimum equity is required for this program. Additional benefits and possible bonuses may be included.
Equities are usually determined by an appraisal in escrow. All plans offer an extra $500.00 dollars upon your written recommendations, or a written page or so of comments after the successful completion of your program. Your suggestions or complaints may also be used for the purpose of improving our services, and your recommendations will be used to help others decide to accept one of our programs to save more, or all of their home equity.