Frequently Asked Questions

When it comes to getting the mortgage help or assistance that you need we believe that there are no dumb questions especially when you need foreclosure help!  If you have a question that you dont see an answer for please let us know by clicking here.

1. I am not confident that I understand my loan.  I have heard a lot of frightening stories on the news.  What do you suggest?

Reviewing your loan documents is a must.  Predatory lending, toxic debt, exploding arms, negative amortization – headlines in newspapers across the county almost daily. Fortunately our staff has years of experience dealing with all types of loan agreements.  We will review your loan including any and all riders and addendums.  You may have a great loan, then again you may not. Either way, our expertise and knowledge will inform you of where you stand.  On behalf of our clients we have successfully renegotiated loans, reached mutually agreeable modifications and achieved a level of calm and understanding that helps our clients sleep at night.  We are confident in our abilities, just check our testimonial page!

2. I just got a notice that my payment is going up and I can’t afford it.  What should I do?

Your situation demands immediate attention!  What you do now could have implications that will affect you and your family for years.  For you to juggle work, family and a mortgage help crisis is likely too much.  Our staff works on your behalf.  Our information is customized to you.  The lender’s staff is working on the lender’s behalf.  What do you think your chances are against them without help? We offer a wide variety of services and knowledge so you can make one call and know your best interests are being cared for. Get the mortgage assistance you deserve while there is still time! 

3. I am so worried.  I owe more on my house than it’s worth.  What can Captain Save A Loan do for me?

The laws are changing quickly.  Factors to be considered include government bailouts, lender programs, tax laws, moral obligations, etc. What was true even 6 months ago may not be true now.  We are professionals and stay up to date with the latest breaking changes. Captain Save A Loan has the solution if you are having hardship paying your mortgage.  Our team can assist you in obtaining a short refinance payoff so that you may lower the amount owed on your home therefore eliminating the problem of owing more than its worth.  A short refinance will wipe out your negative equity and remember once you are a client, you will have ongoing support and services to help you throughout these turbulent times. 

4. I received a legal notice from an attorney. What should I do?

Everyone’s situation is unique and there are no one-size-fits all answers.  We provide an analysis of your situation specific to you,  your property, your financing, and your state.  Provide us with your information to allow us to educate ourselves on where you are at right now, and we will provide you a response within 24 hours.  We also can assist you in obtaining a pre-paid legal plan that gives you free access to legal counsel that includes document review all for less than a dollar a day.

5. My lender and I have reached an agreement, but I really don’t understand it fully.  How do I know I’m not just further compounding my problems?

Lenders and their staff are working to mitigate (reduce) their losses.  We work for you!  We have seen some of the seemingly innocuous agreements lenders have given to homeowners that in reality protects the lenders.  We can educate you on tax implications, credit reporting and rebuilding, possible recourse by the lender, deficiency judgments, and more.  Don’t sign anything until you have had a mortgage loan modification professional review it.

6.  My Lender started the foreclosure process. Can Captain Save A Loan help me?

Provided it’s not too late, we can help.  You must call now.  If you could get extra time, extra money or maybe some sanity back into your world you would call, wouldn’t you? You could get all of those things.  Years of experience will be on your side and you need it now.  Our fee is absolutely minuscule compared to the benefits we provide.

7. Who are you and why should I work with you?

Our staff includes real estate, mortgage, legal and investment professionals that have decades of experience in this field.  We give you immediate insight and information increasing the possibility that you navigate through what many have called possibly the greatest housing bust since the Great Depression.  Knowledge and action are key, and we provide both.  In times like these it may be that those whom are successful lose the least versus those that lose everything.  We promise to get back to you within 24 hours with a fully customized solution to your situation.  Not some promise to call you back and then you never hear from us, or some generic kit that doesn’t apply to you.

8. Should I hire an attorney?

There are, without a doubt, times and circumstances that require an attorney.  Most attorneys will require upfront retainer agreements and bill hourly at $250 or (much) more.  This can be expensive and your desired outcome is neither guaranteed nor are monies repaid in the case of defeat. Our services will save you thousands and we can assist you in obtaining a pre-paid legal plan that gives you unlimited legal advice and free document review for a low monthly fee!

10. I have heard that filing a bankruptcy will save my house.  Is that true?

Bankruptcy laws are complicated, and like so many laws related to this current crisis, were changed recently.  How credit cards and vehicle loans are handled versus mortgages is different than under the previous set of laws.  Whether filing a bankruptcy will help you or not is, again, unique to you.  Tell us what is going on and we will gladly share our experience and insight. 

11.  What does Captain Save A Loan Charge?
 
Our Intitial consultation is free of charge!  We do not charge you to get to know your situation and see if we can help you. 
Once we determine if we can help you we then require an upfront fee of $499 to begin working on your mortgage assistance plan!  If a loan modification is your solution then $499 is all you pay and we handle it all for you!  If a short refinance is your solution, addittional fees will become due once your file is approved. Everyone’s situation is unique and there are no one-size-fits all fee's when it comes to a short-refi negotiation.  One of our consultants will provide a customized quote with a plan of action for you to achieve your goal if this is your solution!  One thing is certain... our services will save you thousands. 


12. How can I protect myself from fraud?

Mortgage fraud is at an all time high. The following tips from the National Consumer Law Center will help you avoid becoming the next victim in one of these scams.

7 ways to avoid foreclosure scams

Common Foreclosure Scams

1. EQUITY SKIMMING:

You are in a situation where you can't make payments anymore on your home. You are desperate and put your home up for sale. You are approached by a "buyer" who offers to buy your home at full asking price. The potential buyer claims he will solve all your financial problems by "promising" to pay off your mortgage. He claims to take over the existing mortgage and give you a sum of money after the property is sold. But in order to do so, he suggests that you move out right away and deed the property over to him. So you move out and assume the "buyer" will continue to make the mortgage payments. However, the "buyer" collects rent for the next 6 - 8 months and does not make any mortgage payments. The lender has no choice but to foreclose and all the while you have no idea what's happening because you've moved out. Now your credit is shot for the next decade and explains why you couldn't qualify for a credit card.

As a homeowner, you need to know there is a right way and a wrong way of doing this. Taking over a property "subject to" the existing loan is a great technique and is used by many investors. Signing over your deed to someone else does not relieve you of your obligation on your loan. Your name stays on the loan until it's paid off. So if someone ever tries to take over your property promising to make the payments, you need to be involved. Don't just walk away thinking everything will be fine. One of the most common things to do is set up some sort of a loan servicing company or trust company to collect and disburse the payments. This way you know the payments are being paid.

2. THE BAIT-AND-SWITCH:

Very similar to taking over "subject to", but the acclaimed buyer is only after the equity. The buyer tells the homeowners he will bring the mortgage current and tells them they can stay in the home. But in order to do so, he must have a few documents signed that protect his interest and gives him ownership of the property. Then a few weeks down the road, the homeowner receives an eviction notice. Again, you've got to protect yourself.

3. THE BAILOUT:

Again very similar to the previous two, where the homeowners sign over the deed with the assumption that they will be able to remain in the house as a renter or lease it back from the buyer and eventually buy it back over time. The terms of these types of scams are so harsh that they make it nearly impossible to buy-back which was the plan to begin with. The homeowner is left with nothing and the buyer walks off with most or all of the equity.

This is a common strategy used by investors but the terms must be appropriate. This strategy can be very effective if used the right way and is a great way to help homeowners. It's unfortunate a few have to ruin it for the rest of us trying to do good. Make sure you sign a contract with the potential rescuer and if there are any terms you're not sure about and don't know what they mean, go see an attorney.

According to the Federal Bureau of Investigation, reported cases of mortgage fraud have skyrocketed since 2004 - not surprisingly, in line with the sharp rise in home prices in many U.S. markets. A disturbing trend is the collaboration of various real estate industry professionals such as mortgage lenders and brokers, appraisers, and real estate agents who are perpetrating the fraud. One of the most prevalent scams is home appraisers over-inflating home values to secure larger loans.

Examples of Mortgage Fraud
How it works

In one example, the buyer - sometimes a "straw borrower" - uses a fake identity or another person's name and credit history to obtain a fraudulent loan. In this scheme a combination of identity theft and mortgage fraud is used to swindle the seller and the lender. The "buyer" offers the seller much more than the home is worth, secures a loan for the over-valued price, then pockets the difference. And in a worse case, the swindler convinces the seller to finance some of the cost of the mortgage. The seller ends up handing cash to the "buyer," who has no intention of actually purchasing their home.

Who loses? Everybody. Often the seller is forced into foreclosure, which hurts both their credit and the neighborhood, as the home is left standing empty with its value deflated. And the lender who has been defrauded is stuck selling a foreclosed home - often at below-market rates. These negative effects can reverberate through a neighborhood as over-inflated housing prices lead to higher property taxes. Neighbors find themselves stuck with a higher tax bill as a result of inaccurate values - or find that they have an upside-down mortgage as they owe more than the house is worth.

What to do

Identity theft is pervasive in mortgage and foreclosure fraud. Protect yourself by checking your credit report once every six months. Consumers can now check their report for free once a year from each of the three reporting bureaus.

There are many different types of mortgage fraud, but there are also a number of ways you can protect yourself. There is no replacement for finding a lending professional that you can rely on.



For More Info & Current Fraud News Visit

http://www.mortgagefraudblog.com/