Kathryn L Maxey

US Patent:

20080256003, Oct 16, 2008

Filed:

Mar 31, 2008

Appl. No.:

12/080037

Inventors:

Kathryn L. Maxey - Fishers IN, US

International Classification:

G06Q 90/00

US Classification:

705500

Abstract:

This program allows for lien holders, owners, financial institutions their agents/agency's or any seller of Real Estate in which the property was acquired by the prior mortgagor/borrower defaulting on the mortgage/financial terms of there agreement in which real property was use as security for the terms agreed upon. These properties will now be referred to as Real Estate Owned (REO).Once the REO becomes the property of the lien holder the property is to be sold at current market value. Current market value is determined by an appraisal. Appraised value and purchase price become one in the same.Once the REO owner has determined the amount they will accept for the property 1-99% less than the purchase price/appraised value. The new buyer will obtain a mortgage for the amount pre disclosed by the REO owner. The difference between the two will become a Gift of Equity. The Gift of Equity will be in the form of a soft second. Soft second meaning as long as pre disclosed conditions are met by the new buyer there will be no re payment required of the soft second.