DEROGATORY CREDIT CAN’T STOP YOU! COLLECTIONS, CHARGE OFFS, JUDGEMENTS, TAX LIENS AND LATE PAYMENTS CANNOT STOP YOU FROM BUYING NOW
10 PART SERIES
JUDGEMENTS / TAX LIENS
PART II
ERI C L AWRENCE F RAZ I ER, MBA PR ES I DENT | CEO| B ROK ER C A L D RE 0 1 1 4 3484 | N M L S 4 6 1 8 07 8 0 0 - 401- 8994 E X T. 7 0 3 T HE P OWER I S N OW I N C. CA LD RE 1 9 8 0 407 | N M LS 1 4 3 5 243
INTRODUCTION ERIC LAWRENCE FRAZIER, MBA President | CEO | Broker CALDRE 01143484 | NMLS 461807 THE POWER IS NOW INC. CALDRE 1980407 | NMLS 1435243 MEDIA COMPANY ESTABLISHED 2009 Radio | TV | Magazine | Events | Mortgage Services | Real Estate Services ADDRESS: 3739 6th Street Riverside, CA 800-401-8994 ext. 703 eric.frazier@thepowerisnow.com 4
PRESENTATION DISCLAIMER The Power Is Now Mortgage Services is a Mortgage Brokerage licensed by the State of California Bureau of Real Estate (license #1980407) and the National Mortgage License System and Registry (license #1435243), and is a division of The Power Is Now Inc. (license # 01980407). The Power Is Now Inc. is not affiliated with any state or federal agency. The Power Is Now Real Estate Services is also licensed by the State of California Bureau of Real Estate (licensed #01980407), and is a division of The Power Is Now Inc. The Power Is Now Inc., is an Equal Housing Lender. Our corporate office is located at 3739 6th Street Riverside, CA 92501. Our Telephone and Fax number is 800-4018994. Eric Lawrence Frazier MBA, is a California licensed Loan Originator (NMLS license # 461807), and a licensed Real Estate Broker (CA Bureau of Real Estate license #01143484). Restrictions may apply to all loan programs. The Information and/or data is subject to change without notice. All loans are subject to credit approval. The information is not a commitment to lend or extend credit. Not all loans or products are available in all states. The Power Is Now Mortgage Services and Real Estate Services are A Division of The Power Is Now Inc., and are only licensed to conduct business in the State of California.
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YOUR RESOURCE FOR REAL ESTATE WE ARE PROUD SPONSORS OF THE OC REALTIST CHAPTER OF NAREB
THE POWER LUNCH
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MISSION The mission of the Power of Now Inc., is to inspire, educate, and empower real estate professionals, and consumers to build wealth through real estate with information, services and support that will give them the power to act now for their future.
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VISSION The mission of the Power of Now Inc., is to inspire, educate, and empower real estate professionals, and consumers to build wealth through real estate with information, services and support that will give them the power to act now for their future.
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OUR COMPANY MANTRA
WE ARE AT OUR BEST AND WE MAXIMIZE OUR SUCCESS WHEN WE ACT NOW. OUR POWER IS NOW! 19
OUR COMPANY SLOGAN
WE MAKE HOMEOWNERSHIP DREAMS A REALITY
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INTRODUCTION As a Mortgage Brokerage, The Power Is Now Mortgage Services has access to many lenders that offer programs for first time homebuyers, move up buyers, investors, churches, non-profits and foreign nationals. We are a full service mortgage brokerage.
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DEROGATORY CREDIT CAN’T STOP YOU! CO L L EC TIONS , C H A RGE O F FS , JU D GE M ENTS, TA X LIE NS A N D L ATE PAYM E NTS C A N N OT STO P YO U F RO M B U YI N G N OW
10 PART SERIES
10 PART CREDIT SERIES
Collection Accounts
Judgements Tax Liens
Bankruptcy 7 and 13
Foreclosure and Short Sales
Deed In Lieu of Foreclosure
Credit Counseling.
Debt and obligations
Divorce and Separation
Student Loan Debt.
Strategies to improved your credit scores.
JUDGEMENTS / TAX LIENS
PART II
JUDGEMENTS Judgment refers to any debt or monetary liability of the Borrower, and the Borrower’s spouse or registered domestic partner in a community property state unless excluded by state law, created by a court, or other adjudicating body. • Lender must verify that court-ordered Judgments are resolved or paid off prior to or at closing. • Judgments of a non-borrowing spouse in a community property state must be resolved or paid in full, with the exception of obligations excluded by state law.
JUDGEMENTS • A Judgment is considered resolved if the Borrower has entered into a valid agreement with the creditor to make regular payments on the debt, the Borrower has made timely payments for at least three months of scheduled payments prior to closing, and the Judgment will not supersede the FHA-insured mortgage lien.
JUDGEMENTS The Borrower cannot prepay scheduled payments in order to meet the required minimum of three months of payments.
The lender must include the payment amount in the agreement in the Borrower’s monthly liabilities and debt. Lender must obtain a copy of the agreement and evidence that payments were made on time in accordance with the agreement.
TAX LIENS STATE AND FEDERAL 1 Must have arrangement with the IRS and/or Franchise Tax Board
2 The Borrower cannot prepay scheduled payments in order to meet the required minimum of three months of payments.
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The lender must include the payment amount in the agreement in the Borrower’s monthly liabilities and debt.
Lender must obtain a copy of the agreement and evidence that payments were made on time in accordance with the agreement.
JUDGMENTS/ TAX LIENS Required Documentation to resolved: evidence of payment in full, if paid prior to settlement the payoff statement, if paid at settlement; or the payment arrangement with creditor, if not paid prior to or at settlement, and a subordination agreement for any liens existing on title.
JUDGEMENTS / TAX LIENS
PART II
DEROGATORY CREDIT CAN’T STOP YOU! CO L L EC TIONS , C H A RGE O F FS , JU D GE M ENTS, TA X LIE NS A N D L ATE PAYM E NTS C A N N OT STO P YO U F RO M B U YI N G N OW
10 PART SERIES