United States, NJ... indiv... Entrepreneur Opening paragraph of business plan. Customized Mortgage Contract (CMC) The CMC Is designed to create a compromise between lenders and borrowers of a mortgage that in one way or another has or is about to go wrong. The objective of this proposal is the prevention of the houses from becoming toxic assets to the financial institutions and giving the borrowers a first and second chance at owning a home. Four noticeable scenarios are pre-foreclosure, struggling, affordability and abandoned properties. This also can be of great help for first time home buyers and those unfortunately going through a divorce. As you will see, the CMC dramatically reduces monthly payments for the borrowers. The lenders will be profiting from interest paid and reinvesting principal received. Townships will be secure receiving taxes owed on a timely basis. Economic stimulation will be evident. There will be the need to develop new legal documents that will execute the CMC quickly and accurately. To qualify for a CMC individuals must prove that they undoubtedly will be able to repay the new loan and have low to no other debt or able to consolidate it. There will be a fee charged if successful achieving a CMC. The amount charged will depend on the amount of work involved in each case, added to the new mortgage and paid directly to the newly developed profit center by the lender so there will not be an additional upfront burden to the borrower. Below I will be addressing the four different scenarios mentioned above. Please keep in mind ...
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