The majority of Guss Investment Group’s borrowers want to keep their home for financial, personal, or nostalgic reasons. We want you to stay in your home. The following options are available to help you stay in your home. We will do everything we can to make one of these options work for you. Times have been hard for most of us, we hope to reward your dedication to getting back on track by keeping you comfortable and secure in the home you love.
Please note, these options are only available to borrowers who have contacted Guss Investment Group and have provided all the requested documentation. Failure to contact Guss Investment Group or provide Guss Investment Group with requested documentation may disqualify you from these options. In most cases, the law allows Guss Investment Group to add any fees incurred through the protection of its interest in the property (attorneys fees, appraisals, and more) to the balance owed on the loan. If Guss Investment Group must incur these fees before an agreement is reached, these fees are passed on in the form of higher down payments, higher monthly payments, or higher payoff amounts in these options.
Option 1: Discounted Payoff
Guss Investment Group frequently allows cooperative borrowers to reach a discounted payoff agreement thereby paying off the entirety of the loan balance with an amount lower than what is owed. So long as the borrower complies with all terms of a discounted payoff agreement, Guss Investment Group will release its lien on the property and consider the debt settled with no further amounts due. Payoff amounts vary based on the unique situations of our borrowers. The most common sources of funds for a discounted payoff are Hardship Withdrawals (401K, IRA, 403B or other retirements accounts), Credit Card / Hard Money Lenders, Personal Loans from Friends and Family, or Sale of Other Assets. Your workout specialist can discuss these options and provide you with discounted payoff numbers upon your request.
- Please note that Guss Investment Group cannot report to credit agencies that a loan has been “Paid In Full” if a discounted payoff agreement is reached. Borrowers with the ability to make a full payoff on their loan should consider it if they desire their loan to be considered “Paid In Full” for credit agency purposes and maximum credit repairing potential. For more information on this distinction please contact your workout specialist.
Option 2: Forbearance Agreement / Change of Terms Agreement
Many borrowers are unable to come up with the lump sums required for a discounted payoff. These borrowers often pursue a Forbearance Agreement / Change of Terms Agreement which allows them to get back onto a new payment plan to get them back on track. Exact terms of these agreement varies from borrower to borrower, but most agreements require a down payment to cover some initial costs and to allow Guss Investment Group to waive thousands of dollars in past due interest and fees. These agreements can help you get past a particularly hard time or help you more effectively get back on track and current on your loan. Speak with your workout specialist about what terms may be available to you. Borrowers who do not want to sign a forbearance agreement are usually able to Fully Reinstate their loan. Contact your workout specialist for details regarding full reinstatement.
Option 3: Refinance
Borrowers with good relations with their bank, equity in their home, or relatively good credit may qualify for a refinance of their 1st mortgage or deed of trust. The funds received from the refinance can be used to payoff the outstanding balance owed to Guss Investment Group on your junior mortgage or deed of trust. Often times this refinance results in better terms and lower overall monthly payments. Contact your workout specialist as well as your primary lien holder or bank if you wish to refinance.