Foreclosure Assistance

We understand in the current economic climate that foreclosures are becoming more and more a part of everyday life. While at once it was our dream to own a home, it has now become a nightmare due to predatory lending including teaser rates, adjustable rate mortgages, negative amortization loans and balloon payments. In a booming housing market, everyone wanted a piece of the pie and the problem was that not everyone could afford it but lenders enticed consumers to get in while the water was still warm. These lending practices drove up home prices and market values- this was merely an illusion of what the house was worth. Now, in these trying times, ACI is trying to assist as many homeowners as possible in trying to cut their losses or mitigate the damage so they can move on with their lives. Below are the areas we are assisting home owners in and descriptions of what they entail:

Cash for Keys/ Relocation Agreements

This process is the most effective and successful we offer. It is whereby we negotiate with your lender after your property has been foreclosed and either sold at Auction or retained by the bank. We negotiate for you to have some more time in your property (weeks) and also to have the lender/new owner tender you cash for your relocation efforts. You end of the bargain is to move out timely (when it is agreed upon) and to remove all of your belongings. There is NO COST TO YOU. What’s the catch??? First, this is not a guaranteed process so we cannot say with 100% certainty that you will be receiving more time in the home, more cash or either. That being said, if your property has been foreclosed upon and sold the options at that point for you would be slim to none and you would be forced to move out via unlawful detainer and court order. So this is a better option to pursue, worst case you are back to square one. Secondly, our fee is paid to us by the lender/new owner as we split the cash payout you receive. Finally, you will be 1099’d for the amount tendered to you from the Cash for Keys pay out. It will be a nominal amount, seek advice from a tax professional to see the tax penalties you may possibly be liable for as each individual will different.

Responses to Unlawful Detainers/Evictions

We have several paralegals on staff that can prepare a response for you to your eviction notice if one is applicable. There is a court fee and nominal charge by us. Please contact us to for more details on this process along with the costs.

2nd Mortgage Negotiations

In some cases whereby the consumer is able to retain they property and get caught up on their 1st mortgage, we can negotiate with the 2nd mortgage holder to reduce the principal owed and in doing so thus reducing the monthly payments so that it is affordable to the homeowner. These are sometimes rare instances but nevertheless can be attempted and have been successfully completed provided all the right components are in place.

Loan Repayment Plans

We negotiate with your lender to arrange either a forbearance (where the money owed is tacked on to the back of the loan) or we arrange to get the lender to agree in a repayment plan of so much per month based on your ability to provide a good down payment and hefty monthly payment. This is not a common occurrence for the average homeowner today, but if you are in the position to repay and put money down we can make the effort to reach out to your lender and work on an arrangement. This is not considered a loan modification as nothing will be modified- the terms and principal balance remain the same. WE DO NOT HANDLE LOAN MODIFICATIONS OF ANY SORT.