Q: Do I need to provide copies of all my loan documents? A: Yes if you have them. On a number of occasions we have found information within a client’s loan documents that have proven to be very valuable when it comes to negotiations. Keep in mind that we are more interested in what the lender has or doesn’t have. Some lenders may not even have the documents.
Q: What is our success rate? A: Unfortunately approximately 15% of our clients do not qualify for our program, and have been provided refunds.
Q: Who should I be contacting with any questions? A: Contact Saving the American Dream’s customer service department at (888) 828-3485.
Q: What if I go into foreclosure while in your program? A: Though Saving the American Dream cannot guarantee the outcome with your lender, as long as you were not in foreclosure when you entered the program, Saving the American Dream will continue to handle your case. You will however be moved over to one of the law firms that we work directly with to fast track your case.
Q: I am in foreclosure, can Saving the American Dream help me? A: Saving the American Dream currently does not take cases where the Client is in foreclosure. We do work with various law firms that we will gladly recommend.
Q: How does the Economic Stimulus Plan help me? A: It really depends on your situation. You would have to contact FHA and see if you qualify as most do not. Keep in mind these couple of things; FHA will be your partner and receive 50% of your equity at some time in the future, your debt to income ratio will need to be 30% or less, and your lender will need to agree to a principal reduction in line with FHA guidelines.
Q: Time frames; Time to complete; Turnaround; How long does this take; A: The process usually takes 3 to 6 months, or maybe longer, depending on your lender. Though most lenders are eager to help our Clients, legally your lender has up to 60 days just to get us the documents.. And this is just the first step.
Q: Why does this process take so long? A: When requesting documents from your Lender, a lot has to do with the cooperation and turnaround time of your lender. Since we are doing an in depth audit of your mortgage looking for state and federal violations, we want to make sure that we have all the paperwork your lender has and we uncover all the violations. This process is very detailed and time-consuming, but the results is a substantiated settlement with your lender.
Q: What options do we have once the audit is complete? A: Saving the American Dream works with a variety of attorneys and law firms who will be handling your settlement.
Q: Why would I use Saving the American Dream vs. going to my own attorney? A: In most instances Saving the American Dream’s services are less expensive; paid over time vs. up front. We have hundreds of clients so we are able to pass on volume discounts to our clients; Based on the number of clients that we have specific contacts at your lender to help us through the process vs. attorney who more than likely would not. We have a department that is dedicated to you vs. an individual; We specialize in helping Clients like yourself through this process where an attorney will normally have a general practice: Similar to a doctor that is a general practitioner vs. a specialist.
Q: What if my lender fails to send Saving the American Dream the loan documents? A: We have great relationships and specific contacts with well over 90% of the lenders are in our portfolio. In the off chance that the lender fails to respond, we have a few remedies in its arsenal to leverage the lender into providing the documents. The remedies include but not limited to a subpeona (lawsuit), sanctions by the court for non-compliance demands made under various laws, actions by regulatory agencies of the government, and others.
Q: What happens if I stop paying my mortgage? A: We always recommend that you pay your mortgage and communicate with your lender. Your lender has a right to collect their money. They can foreclose on your house. Our experience is that the lender does not want your house and wants you to keep it. Though Saving the American Dream cannot guarantee the outcome with your lender if you are behind on your mortgage payment, lenders are quicker to respond and negotiate to prevent a foreclosure and keep you in your house.
Q: When a settlement has been completed will we owe you any more money? A: No.
