How the Mortgage Money Inc Property Auction Loan Works
Online Request Submission - The process begins with the Borrower submitting information regarding the property and their expectations.
Strategy Discussion - The Lender and Borrower discuss the viability of the project and strategize the execution of the improvement plan and subsequent resale of the property.
Initiation and Underwriting Fee $250 - After agreement on the viability and overall strategy, the Borrower will pay the fees necessary to begin the initiation and underwriting process.
O&E $15.00 - Borrower will be charged for the Ownership & Encumbrance Report produced by Land Title.
Market Analysis - Lender will determine the current and improved property values to be used for loan purposes.
Improvement Plan and Budget - Borrower will prepare and submit improvement plan and budget.
Lender Home Tour - Lender will attempt to inspect the interior and exterior of the property.
Offer and Agreement - If approved, lender will prepare a loan proposal for the Borrower's consideration, which will include loan terms and costs.
Paperwork - If agreed, the appropriate paperwork will be drawn up for execution by the parties. Part of the process will require designation of the Borrower as the Lender's bidder at the auction.
Title Commitment - $500; Borrower must pay for Title Commitment from approved provider.
Hazard Insurance - $500; Borrower must pay for Hazard Insurance from approved provider.
Auction Property Loan Set Up and Title Transfer - Borrower will execute loan documents in exchange for transfer of title.
Cashiers Check to County Trustee
Pre-Paid Points: 1-25,000; 2% $25,001 - $50,000; 1% 50,001 - $75,000; .5% $75,001 - $100,000+; .25%
Interest Calculation and Pre-Payment - .0025% per diem interest charge for every day of outstanding principal until repaid, or winning bid receipt is submitted to lender.
Winning Bid - Upon delivery of winning bidder receipt, the interest rate charged on the outstanding principal will be reduced to .00125% per diem until Certificate of Purchase is issued.
Overnight Loan Conversion Upon COP issuance