Mesa Law Group, Investors Finance Partner On Loan Mod Alternative

Posted by Orb Staff on May 12, 2010 No Comments
Categories : Mortgage Servicing

California-based law firm Mesa Law Group has partnered with Investors Finance Inc. to provide the firm's Home Owner Mortgage Restructuring (HOMR) program. Designed to help homeowners impacted by the recession, Mesa Law Group is offering this private-equity product in order to work directly with the investors or servicers to purchase nonperforming notes, the firm says.

Through this program, a homeowner's first mortgage is purchased at a discount, and the second mortgage and other debt are reduced or removed in a debt overhaul. By eliminating the second lien through Chapter 13 bankruptcy and including any outstanding credit card debt, the HOMR program purchases the old mortgage from the original lender at pennies on the dollar to close out all unsecured obligations and create a new mortgage, Mesa Law Group and Investors Finance say.

The benefit of HOMR, the firms say, is that the homeowner remains on the title throughout the process and the mortgage better reflects the current market value of the home. HOMR offers a 30-year fixed fully amortized rate through private lenders without balloon payments, prepayment penalties or closing fees.

SOURCES: Mesa Law Group, Investors Finance Inc.

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