HomeOwner FAQ

Below you will find some of the most frequently asked questions about Guss Investment Group and our process.  Please review them and if you have any further questions or need further clarification please contact your workout specialist.  Please note that the below is not legal advice and it should not be considered as such. It is always advised that you speak to an attorney regarding legal matters specific to you.


Q1:  I received a letter from Guss Investment Group; what does this mean and what do I do now?
A:  If you were contacted by Guss Investment Group this most likely means that we have purchased one or more of the mortgages or deed’s of trust associated with a property that you own.  It is extremely important that you contact Guss Investment Group immediately to avoid additional fees being incurred and added to your loan, and to prevent you and your property from facing legal action.  Guss Investment Group wants to work with you regarding this mortgage or deed of trust, but we have to speak with you first!

Q2:  What do you mean Guss Investment Group purchased my loan?
Q3:  How did Guss Investment Group purchase my loan?
A:  Mortgages and Deeds of Trust are constantly being bought, sold, and resold.  It is highly likely that your mortgage or deed of trust has been owned by numerous companies and corporations throughout its life.  You probably have received letters from various companies saying that the loan has been assigned to another entity.  Guss Investment Group emphasizes on purchasing distressed loans from various sources with the intention of working with the borrower to get them back on track.  If you received a letter from Guss Investment Group, it is highly likely that your loan was one of many we have purchased.

Q4: Who did you buy my loan from?
Q5: How much did you pay for my loan?
A:  Guss Investment Group purchases loans in what is refferred to as “pools.”  These pools may contain loans from a number of different sources and Guss Investment Group pays a single price for the pool as a whole, not for specific loans.  As such, it may be impossible for us to determine an exact number that was paid for your specific loan.

Q6:  How do I know that you are real?
A:  We can assure you that Guss Investment Group is real and that we are here to work with you.  You should have received a letter both from your previous servicer and a letter from Guss Investment Group stating that Guss Investment Group has acquired your loan.  This letter is commonly referred to as a RESPA letter.  You may have also received a TILA Notice from Guss Investment Group which stands for Truth In Lending Act Notice, showing that Guss Investment Group is the owner of your mortgage or deed of trust.  If you have accidentally misplaced these letters, Guss Investment Group records all assignments of mortgages and deed of trust in the public records of their associated county.  This means that you should be able to find a public recorded and legally document showing that Guss Investment Group is the legal owner and beneficiary of record under your mortgage or deed of trust.  Please note that due to processing delays, especially on the county level, the exact timing that these documents will be publicly available varies and may experience significant delays.  If you cannot find the publicly recorded copy of Guss Investment Group’s assignment for your loan, please contact your workout specialist and request a copy of it.

Q7:  My loan was charged off, how can you ask me to pay it?
A:  This question is extremely common among our borrowers.  When a loan is “charged off” the bank is classifying it as bad debt and a loss.  This allows the bank to write off those expected losses for tax and accounting purposes.  Borrowers are notified that a charge-off is occurring because it may have negative tax or credit consequences for the borrower.  A charge-Off does not release the obligation to the debt in any way, it is merely an accounting action on behalf of the banks.

Q8:  I received a modification on my primary mortgage or deed of trust, I thought this included the 2nd?
A:  Many borrowers believe this to be the case; however, unless you have explicit documentation showing that the 2nd was included in the modification and that the lien has been released from the property, you are still obligated to this debt.  All releases of liens must be publicly recorded with the same county that the lien was placed.  Unless this release of lien can be produced by the borrower, there is still a valid and enforceable lien on the property.  Unfortunately, many borrowers assumed that the 2nd would be covered in any modification when the reality is that they rarely are.

Q9:  I was given my loan balance by Guss Investment Group, but it is higher than the original loan I took out, how is this possible?
A:  There is a distinction in your loan between principal balance and total unpaid balance.  Your principal balance can never be higher than the original amount; however, you are charged interest and fees based on that principal balance.  When a loan is being paid, these fees are small and the interest is constantly paid down, meaning the unpaid balance on your loan never goes up.  When you stop paying on a loan these fees and interest accrue over time and are added to the balance of your loan.  Over time, these accrued fees and interest add up and your loan may have a balance much higher than the original principal balance.

Q10:  I want to settle this debt, how much will Guss Investment Group accept?
A:  Guss Investment Group does not have a predetermined percentage or amount that we accept to settle a debt.  In order to negotiate a settlement you must first contact Guss Investment Group and provide us with all requested financial documentation so that we can determine your unique financial situation.  If you elect to not contact Guss Investment Group or provide us with all requested documentation, then you have the following options available to you: Options: No Contact or No Documents.

Q11: Why do you need all this financial information?
Q: What happens if I dont supply you with all my financial information?
A:  Guss Investment Group uses borrower’s financial information to evaluate their financial situation to determine what options are available to get them back on track.  Borrowers that refuse to supply financial documentation are only considered for the following options:  Options: No Contact or No Documents

Q12:  How can you foreclose if you are not the 1st Mortgage or Deed of Trust?
Q13:  My first is current, you cant foreclose.
Q14:  My first says I am fine and doesn’t know anything about a foreclosure.
A:  As a lien holder with its interest secured by your property Guss Investment Group has the right to foreclose on the property regardless of the desires of the first mortgage or deed of trust.  Even if your first is current, the loan documents you signed give Guss Investment Group a power of sale of your property in order to secure the lien and the amounts owed as defined by your mortgage, deed of trust, or promissory note.  While it is often legally required to notify the first mortgage or deed of trust of a foreclosure, they often do not process this notification or care that the second is foreclosing.  It is an extremely common misconception that a junior lien cannot foreclose on your home, and subscribing to that belief may result in you losing the home you love.

Q15:  My property is upside down or underwater, why would you foreclose?
A:  This concept is somewhat hard to understand for many borrowers, but there may be significant advantages to foreclosing on a property, even if it is underwater.  For instance: tax advantages from taking a loss, qualification for deficiency judgments against the borrower, ability to rent the property, and estimated value increase through the rise in home prices.  Guss Investment Group has extensive experience dealing with underwater assets, especially in the real estate market, and our company policy and business model allows us to foreclose on properties that are underwater with out question.

Q16:  What happens to my first / senior mortgage or deed of trust if you foreclose?
A:  The contract that you have signed with your senior mortgage or deed of trust is legally binding and you are obligated to those terms.  If you stop payment on that mortgage or deed of trust you run the risk of increased damage to your credit history and legal action against you by the first mortgage.  The foreclosure of a second or junior lien does not make the senior lien(s) go away.  You are still obligated to those debts.  Guss Investment Group does not take ownership of, or assume those debts when it forecloses on your property.

Q17:  What happens to me if you foreclose?
A:  If Guss Investment Group has reached the point where we cannot reach you, you will not provide requested documents, or we cannot come to a deal with you, then we will proceed with a legal action, most commonly foreclosure.  This foreclosure proceeding will terminate your ownership in the property and Guss Investment Group will require that you vacate the premises.  In all but the most unique circumstances, company policy considers it “bad business” to allow the previous owner to continue to reside in the property, even if they want to rent it, after a foreclosure.  Please note, as mentioned in the question above, after a foreclosure you are still contractually obligated to all senior mortgages or deeds of trust (1st Mortgage, 1st Deed of Trust) and failure to continue paying those obligations can result in increased damage to your credit history and legal action against you.

Q18:  What if I filed for Chapter 7 Bankruptcy?
Q19:  What if I filed for Chapter 13 Bankruptcy?
A:  If you have recently filed, or have an open and active bankruptcy case please notify Guss Investment Group immediately.  Guss Investment Group is required by law to provide you with certain notifications such as RESPA Letters and TILA Notices.  If you filed for Chapter 7 Bankruptcy and have received a discharge under the Bankruptcy Code,  Guss Investment Group is not attempting to collect from you personally, but will be proceeding with necessary steps to protect its interest in the property, including foreclosure.  If you wish to prevent this, please contact Guss Investment Group in order to come to a new agreement and to reaffirm the mortgage or deed of trust.  If you filed for Chapter 13 Bankruptcy and your case is still open, please notify Guss Investment Group.  If you filed for Chapter 13 Bankruptcy and completed said plan, please notify Guss Investment Group so we can adjust our records according to the requirements of the plan.  If you filed for either Chapter 7 or Chapter 13 Bankruptcy and the case was dismissed for any reason, you are still obligated to this mortgage or deed of trust and failure to work with us will result in legal action.

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