How do I know if GLOZAL CAPITAL can HELP me?
The current offer has no expiration date and is available anytime as long as you qualify.
What kinds of mortgages are eligible?
Single Family Homes, Condominiums, Rental Properties; Commercial Properties are also eligible under HELP.
I have both a first lien and a second lien mortgage. Do I still qualify?
As long as both lenders agree to our terms and conditions, our investors will give you a new mortgage with the terms and conditions outlined in HELP.
Your eligibility will depend, in part, on two additional requirements:
•The current lender that has your junior lien mortgage must agree to sell its lien to us as part of the transaction.
•You must be able to demonstrate your ability to meet the new payment terms on the newly obtained first lien mortgage.
Is this considered a short sale?
NO. GLOZAL CAPITAL will buy the note from your lender and will become your lender.
Will I be liable for the balance owed on the mortgage (deficiency)?
NO. GLOZAL CAPITAL will enter into a loan modification with the borrower before refinancing your loan with a new lender.
I'm current on my mortgage. Will the GLOZAL CAPITAL HELP me?
Eligible homeowners who are current on their mortgages and whose homes have decreased in value, may now have the opportunity to lower their principal mortgage balance with the HELP of GLOZAL CAPITAL.
I am delinquent on my mortgage. Will I qualify under this offer?
NO. Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify.
Will GLOZAL Capital HELP lower my payments?
The objective of engaging the GOLZAL CAPITAL is to provide creditworthy homeowners who have shown a commitment to paying their mortgage, the opportunity to obtain a new mortgage based on the home’s current market value.
Homeowners whose mortgage exceeds 120% of the current market value should see an immediate reduction in their principal balance and monthly payments.
Refinancing into a new mortgage such as FHA, Fannie or Freddie based on current market value will eliminate the “UNDER WATER” equity and stabilize your financial situation. This fixed-rate loan product avoids future mortgage payment increases which most likely will improve your ability to sustain your mortgage payments over the long-term and your equity in your property will most likely increase over time. When you submit an application, our pool of lenders will give you a "Good Faith Estimate" and a "Truth in Lending Statement" that includes your estimated new principal balance (based on a current appraisal), your new interest rate, mortgage payment, and the amount you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, this offer may not be right for you.
Will this offer reduce the amount that I owe on my loan?
YES. The objective of HELP designed by GLOZAL CAPITAL is to HELP homeowners get out from underneath their negative equity and underwater mortgage into a new and more affordable loan, reflecting current market conditions. GLOZAL CAPITAL is here to assist you with this transaction. GLOZAL CAPITAL is working with investors who are willing to HELP you own your house for less than your current mortgage. It will reduce the principal amount you owe on your first lien mortgage or any other mortgage debt you owe on your property.
What is the interest rate and other terms of this offer?
The rate is depending on the loan term (FHA, Freddie, Fannie, etc) and your final credit score. You will be subject to any associated closing fees, recording fees, title insurance, etc. Interest rates may vary from time to time as market rates adjust.
Do I have to pay taxes on the forgiven debt?
NO. This is considered a loan modification and not a short sale. You should still discuss this with your tax attorney and/or accountant. Rules and regulations may vary from State to State.
Are there any upfront fees involved in this program?
NO. GLOZAL CAPITAL does NOT charge any upfront fees.
What are my closing costs associated with this transaction?
Your closing costs are estimated to be about 2-5% of your refinancing amount which can be factored into your loan..
Is an appraisal required?
YES. We need a CMA upfront which can be provided by your Real Estate Agent to determine the current value of your home. The new lender will required an appraisal after you have been pre-qualified.
Can I cash out to pay other debts?
NO. HELP will not return cash to the borrower for the purpose of paying other debts. This program is intended to get you out from underneath your negative equity and HELP you to reduce your principal mortgage balance.
How do I apply for a transaction?
It is simple. Just go to http://glozalcapital.com/Application.html and fill out the application. A GLOZAL CAPITAL specialist will be contacting you within 48-72 hours.
Our lenders will need the following information from you:
• Information about the monthly gross (before tax) income of all named persons on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources
• A currrent credit report (within the last 30 days)
• Your current principal mortgage balance (mortgage statement)
• Information about any junior lien mortgages on the house ( 2nd mortgage)
Why are you encouraging borrowers to participate in this offer?
Borrowers who owe more on their mortgages than their homes are worth may be locked into their homes for years and have fewer financial options until they pay down the loan balance. This offer enables such borrowers to reduce the amount they owe on their mortgage.
An example illustrates how this works:
• Assume a homeowner currently has a mortgage on which he or she owes $1,000,000 and has an interest rate of 6.5 percent – a monthly payment of $5,416.00. If the house is worth $690,000 the homeowner has a current loan-to-value (LTV) ratio of 145 percent.
• If this borrower reduces his/her principal balance to $690,000 on a 15-year fixed-rate mortgage with an interest rate of 4% , the monthly payment would decline to $2,300.00*; a savings of $3,116.00. These examples are purely illustrative and are not meant to represent interest rates borrowers should expect to pay. They do show that some eligible homeowners, depending on their circumstances and priorities, may benefit from this offer.
* interest only payment