Credit for Debt

Revealed! Collect credit for debt in 2021

Collecting credit for your debt has always been a question of doubt. This has lead to misleading information and lack of education up until now. 

Unfortunately, Collecting Credit for Debt was notorious and publicly known as fictitious. The outcry over false and miss leading information has been the reason for the debate. Can I collect credit for my debt? 

Yes, you can. Debt relief actions may have an impact on your credit, but it determines which solution you choose for your situation at hand, such as a but not limited to Mortgage, Credit, IRS, Student Loan debt, etc.

Ultimately, if your mortgage is a barrier, it’s not too late to get relief and prevent any further damage to your credit if AdmtES takes over your mortgage debt.

If you carry another type of debt you would like to relieve, we suggest speaking with a specialist like bankruptcy representatives and credit agencies.

What is credit for debt?

The Credit For Debt plan is similar to when a relocation company makes mortgage payments for an employee on a house once they moved out.  

The loan will remain in the name of the employee. However, the deed will transfer to the name of the relocation company. The relocation company pays the mortgage on the employee’s behalf until paid in full. The same process would occur with your property.

All Closing Documents are handled by an Attorney at Priority Title and Escrow.

The attorney would transfer the deed into our company name. The current mortgage loan would remain in place until paid off in full.

Credit for Debt Explained    Download

What does the credit for debt plan consist of?

The Credit For Debt plan consists of taking over mortgages, recovering arrears, or paying full price. AdmtES can accomplish this at no risk of missing a payment or damaging your credit.

best option for me

Best option for me?

We developed the Credit For Debt plan with you, the homeowner, in mind. Our #1 priority is to protect the interest of our clients.

Working with us will place you in a position to rebuild your credit, buy a new home, or take out a new loan. We strive to supply a reliable program in an economy full of the unexpected. There are No expenses, No-hassle, No uncertainties, and we have immediate assistance upon request.

The motivation to sell a property varies from seller to seller, so that would be up for you to decide. 

works best for seller who

How will it affect my credit?

How will using the Credit For Debt plan affect my credit moving fourth?

Our timely payments on your mortgage will strengthen your credit score. As the number of on-time payments grows and the loan balance decreases, you will begin to see a positive impact (given other items on your credit report are also in good standing).

Is this legal?

Yes, on line 203 of the HUD statement (document provided when a home gets bought or sold), there is a line option that indicates a property sold ‘subject to existing financing’; 

To sum things up, essentially, this is what we are doing by purchasing your property under this option. We are keeping your current mortgage in place and making the payments on your behalf.

Are there any out of pocket expenses for me to sell my home using this option?

No, our company covers all expenses related to closing the transaction with the real estate attorney.

Do I need to clean out the property or make any repairs/updates before I sell my home fast?

No, our company will purchase the property in as-is condition.

If I have little to no equity in my property, can I use this option to sell?

Yes, equity is not a factor, as we purchase properties with varying amounts of equity.

If I am behind on my mortgage and or facing foreclosure, will you bring my loan current?

Yes, at closing, the past due amount will be in escrow with the closing attorney. The attorney will then forward it directly to the lender via wire transfer, thus bringing the loan current.

waiting to get credit for debt

When will the plan go into effect?

How long will it take to close?

We typically close within 30 business days, sometimes sooner/later. It will depend upon the needs of the seller, the status of the mortgage (example: if there were a pending foreclosure date), and or if other issues impact closing.

With the loan remaining in my name, how will that impact me getting a new mortgage in the future?

We cannot make any guarantees over future creditworthiness nor lending guidelines. Although, if the lender requests any additional documents to confirm your prior mortgage is being paid, contact us. We’ll be happy to provide them.

How long will the mortgage stay in my name?

The timeframe to pay off the mortgage will sit for the remaining life of the loan.

However, we make the majority of our profit once the property sells. It is our priority to pay off the mortgage balance sooner rather than later.

When will you start making my mortgage payments?

Payments will typically begin on the 1st day of the month following 60 days after the close and be made directly to the lender.

(Example: Closing happens on August 30th, our first payment would be November 1st)

Note: If the loan is past due and or has a potential foreclosure date, we will bring the mortgage current at closing.

Who is held accountable

Who’s held accountable?

Who pays for the property insurance?

We do, our company will obtain a new non-owner-occupied policy. All parties listed on the original mortgage loan, the lender and our company will list as policyholders. If you need to file an insurance claim at any time, we would so.

Who handles maintenance and repairs on the property?

We do, our company will be responsible for all maintenance and repairs on the property.

Do I need to notify the bank of the pending deed transfer?

No, they do not need to be notified in the case being. Timely mortgage payments are the priority for the lender, not who is making the payments.

What if either my spouse or I die. What responsibility will my heirs have?

There would be no responsibility to the heirs. Since we would own the property, we’d continue to make payments to the lender like normal

Can I claim this property as a rental on my taxes once your company takes ownership?

No, as we would own the property, the tax benefits of ownership would follow.

Our company will make payments

Company will make the payments?

What happens if your company does not make the mortgage payments?

If you fail to make payments, it reflects negatively on your credit report?

However, our business reputation and financial investments (expenses for bringing the loan current, paying for repairs/maintenance, closing costs, and or insurance, etc.), would also be on the line. You can rest assured all payments will be made on time.

How can I confirm the payments are accepted?

You can check payments by contacting the lender’s customer service number or logging into your online account with the lender.

How much money will I receive at closing?

The offer (if any) depends upon the total amount needed to bring the loan current, the amount of equity remaining, the repairs necessary to get the property to a rent-ready status, and or any additional liens we are required to pay off to close the transaction. 

To ensure we keep a set amount in reserves for covering all expenses related to closing fees, maintenance of the property, insurance, etc. we typically do not provide substantially large amounts of money to sellers at closing. Those sellers seeking a substantial payout (at closing) may find the better option is to list with a realtor.

With a loan in place, how much will you pay for my property?

Typically, the purchase price will be set to the current loan payoff balance unless the agreement specifies otherwise.

Note: If there is significant equity remaining, then the total purchase price is adjusted. The attorney would draft two (2) separate agreements (one for paying off the loan itself and the other to pay out the equity to you per the negotiated terms).

Collect credit for your debt.
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