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CMRT Corporation has spent considerable time and resources studying the state of the sub -prime mortgage industry. A non-qualifying loan is one that for some reason for some reason could not be sold to genie mortgages. CMRT has the experience and expertise to negotiate with the current lienholders on behalf of the owner's and mutually beneficial conclusion.
CMRT Corporation has spent considerable time and resources studying the state of the sub -prime mortgage industry. A non-qualifying loan is one that for some reason for some reason could not be sold to genie mortgages. CMRT has the experience and expertise to negotiate with the current lienholders on behalf of the owner's and mutually beneficial conclusion.
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CMRT Corporation has spent considerable time and resources studying the state of the sub -prime mortgage industry. A non-qualifying loan is one that for some reason for some reason could not be sold to genie mortgages. CMRT has the experience and expertise to negotiate with the current lienholders on behalf of the owner's and mutually beneficial conclusion.
Авторское право:
Attribution Non-Commercial (BY-NC)
Доступные форматы
Скачайте в формате PDF, TXT или читайте онлайн в Scribd
Financial Consulting contract And Service agreement
This Agreement; (hereinafter "AGREEMENT") is entered into________________________ March/27 th /2012 Mike Thomassian, as President and officer of said corpoiration __National Fire Systems and Services, Inc located at . 722 West Wilson Avenue Glendale, California 91203, dually authorized with full authority of the same. furthermore Mike Thomassian as individual empowered by and for Rita Arezoomanians, Trustee Arezoomanian Family 2004 trust ("Borrower")dose hereby inter into this agreement _, dose hereby execute and ratify this agreement in the corporate location: 722 West Wilson Avenue Glendale, California 91203
A. Owners do hereby severity and jointly agree to obtain the services of a specialist to negotiate With the current lienholders on behalf of the owners and mutually beneficial conclusion , B. CMART has the experience to provide for the specialized needs of the OWNER, and agrees to perform services on behalf of the OWNER to renegotiate the mortgages under the terms and conditions set forth in this Agreement. C. In consideration of the mutual promises set forth in this contract, it is agreed by and between OWNER and CMART as follows: uCC-1 llnanclng SLaLemenL flled wlLh Lhe Callfornla SecreLary of SLaLe as lnsLrumenL no. 077098697073, followed by a ConLlnuaLlon SLaLemenL flled as lnsLrumenL no. 1172789177. 1. NATURE OF WORK
Commercial mortgage resolution trust company has spent considerable time and resources studying the state of the sub -prime mortgage industry since the beginning of the collapse of the industry that began almost two years ago and recently escalated to crisis proportions, due to the practice of securitizing non- qualifying loans. A non-qualifying loan is one that for some reason or another could not be sold to Genie Mae, Fannie Mae or Freddy Mac, the three quasi-governmental agencies that buy packages of conforming loans to replenish the supply of money to the mortgage market. These non-qualifying loans have become known generally as sub-prime loans.
CMRT Corporation | Confidential
Over the last decade the number of sub-prime mortgage loans has skyrocketed. Most of these loans have been sold off in large investment pools that buy the cash flow from sub-prime mortgage originators and lenders. About 90% or more of these loans find their way into a system set up by the mortgage industry, called the Mortgage Electronic Recording System (MERS), which is a private system for keeping track of the beneficial owners of mortgages. As a result, many mortgage servicing companies are foreclosing on loans for non-payment, when they do not possess the original note. Under Article 3 of the Uniform Commercial Code (the California Commercial Code in California) they have no legal right to do so.
Additionally, many Property owners have been the victims of predatory lending tactics. Most mortgage lenders are trustworthy and provide a valuable service by allowing families to own a home without saving the entire amount to buy it outright. But dishonest or "predatory" lenders do exist and engage in lending practices that increase the chances that a borrower will lose a home to foreclosure. Other abusive practices include:
CMART has developed a business plan model, which is based on exploration and utilization of all available processes and methods to assist OWNER in accomplishing feasible debt servicing of the Property by bringing the total encumbrances and liabilities within the current market value.
CMART will provide assistance to OWNER, who may be facing payment delinquency due to negative cash flow, which in turn may be partly due to a heavy vacancy factor, in response to stringent credit requirements imposed by the lending institutions.
CMART will advise OWNER and negotiate with the lenders of the Liens to accomplish the objectives of this Agreement. CMART will retain necessary legal counsel and/or other experts to assist CMART in assessment, evaluation, preparation, and negotiation for the ultimate goal of accomplishing the objectives of this Agreement. CMART will delegate all legal matters to the legal counsel retained and other necessary matters to other experts respectively, as deemed necessary by CMART and OWNER.
CMART shall provide OWNER with periodic updates and reports regarding the services. Upon termination of this Agreement, CMART shall provide a full and complete report of all CMARTs activities pertaining to the Property.
CMART shall faithfully and diligently perform its services hereunder to the best of its ability and in the best interest of the OWNER and will not knowingly do any act or thing which may potentially injure or
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Adversely affect the interests of the OWNER or its business in any of its phases, although no warranties, representations or guarantees of any specific outcome are made by CMART.
CMART represents and warrants to the OWNER that it is not a party to, or bound by, any agreement or understanding with any other person or entity that precludes or restricts his ability and entitlement in any way to carry out its duties hereunder on behalf of the OWNER as contemplated herein, free and clear of any claims or liabilities of any nature whatsoever.
This agreement states the terms of the service agreement between CMRT. Corp. and PROPERTY OWNER.
PROPERTY OWNER (together if there is more than one) is the sole owner of the real property.
PROPERTY OWNER has insufficient resources to find and hire attorneys with expertise in these areas to challenge the foreclosure on these and other grounds.
PROPERTY OWNER further represents and acknowledges that no monthly loan payments due and payable according to the terms of the loan transaction referred to in the previous paragraph have been made since [ no delinquent amount ____________ ].
PROPERTY OWNER understands and a g r e e s t h a t t h e l o a n t r a ns a c t i o n referred to above was likely transferred by the original lender and that the entity pursuing collection under the loan by initiating the foreclosure proceedings may well not be the holder of the note in possession of the original negotiable debt instrument (the note) and therefore may not have the authority to instigate the foreclosure.
PROPERTY OWNER further understands that the original lender may have been engaged in predatory lending practices, and/or that the entity now pursuing collection under the loan may be involved in unfair debt
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collection practices.
PROPERTY OWNER represents that no other loans have been taken or debt incurred for which a security interest in the real property has been given other than as disclosed in this Agreement. PROPERTY OWNER represents that there are no unpaid taxes or judgments against PROPERTY OWNER except as are disclosed in this Agreement. All such disclosures, if any, are contained on Exhibit D of this service Agreement attached hereto and made a part hereof.
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PROPERTY OWNER has defaulted on one or more of their obligations under one or more mortgages, tax bills, or judgments as set out on Exhibit I to this service Agreement, and knows of no others.
PROPERTY OWNER has been unable to resolve the delinquencies detailed on Exhibit I to this service Agreement and avoid by workout, loan negotiation, short sale, or other means the foreclosure proceedings that have been instituted. Therefore PROPERTY OWNER has solicited and sought the aid and support of Commercial mortgage resolution trust company to assist, in protecting PROPERTY OWNER'S legal rights stemming from ownership of the real property. This Agreement is being initiated at the request of PROPERTY OWNER solely because of the desire of PROPERTY OWNER to respond to the financial dilemma they face related to the foreclosure proceeding. Commercial mortgage resolution trust company is not inducing PROPERTY OWNER to enter into this Agreement. It is not advising PROPERTY OWNER to enter into this Agreement. It is not a Foreclosure Consultant as that term is used in the California Civil Code 2 94 5 - 2945.11, nor of any analogous law of any other jurisdiction. Section 2945.1 of the California Civil Code defines a "Foreclosure Consultant." PROPERTY OWNER represents that PROPERTY OWNER has read that statute (quoted in the footnote) and that PROPERTY OWNER agrees that Commercial mortgage resolution trust company has not solicited, represented or offered to perform for compensation any service related to the foreclosure proceedings, which are the subject of this lawsuit. Simply stated, this service agreement is one solely to provide necessary financial assistance to PROPERTY OWNER to secure competent licensed legal counsel to protect the rights of PROPERTY OWNER vis--vis the impending foreclosure by testing the right of the foreclosing parties to do so.
No representative, agent or principal of Commercial mortgage resolution trust company, is acting personally in any respect in this transaction in any way, and is only acting on behalf of Commercial mortgage resolution trust company with full corporate authority.
Anyone who has been in contact with PROPERTY OWNER as an intermediary has acted as an independent contractor and not as an employee or agent of Commercial mortgage resolution trust company, and is not authorized to make any offer on behalf of Commercial mortgage resolution trust company. Nor is any such person(s) a Foreclosure Consultant as that term is used in the California Civil Code 2945 - 2945.11. He or she is not inducing or advising PROPERTY OWNER to enter into this Agreement, or to take any other action. The only role of any such person is limited solely to introducing the parties and providing certain general information about foreclosure and printed materials or information about the joint venture program that may be available to PROPERTY OWNER with Commercial m o r t g a g e r e s o l u t i o n
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t r u s t c o m p a n y . Such persons are paid finder's fees should Commercial mortgage resolution trust company and PROPERTY OWNER enter into a Joint Venture Agreement. Any and all services, if any, not subsumed by this service Agreement are and will be provided to PROPERTY OWNER by others.
12945.1. The following definitions apply to this chapter: "Foreclosure consultant" means any person who makes any solicitation, representation, or offer to any owner to perform for compensation or who, for compensation, performs any service that the person in any manner represents will in any manner do any of the following : Stop or postpone the foreclosure Obtain any forbearance from any beneficiary or mortgagee. Assist the owner to exercise the right of reinstatement provided in Section 2924c. Obtain any extension of the period within which the owner may reinstate his or her obligation. Obtain any waiver of an acceleration clause contained in any promissory note or contract secured by a deed of trust or mortgage on a residence in foreclosure or contained that deed of trust or mortgage. Assist the owner to obtain a loan or advance of funds. Avoid or ameliorate the impairment of the owner's credit resulting from the recording of a notice of default or the conduct of a foreclosure sale. Save the owner's residence from foreclosure. Assist the owner in obtaining from the beneficiary, mortgagee, trustee under a power of sale, or counsel for the beneficiary, mortgagee, or trustee, the remaining proceeds from the foreclosure sale of the owner's residence.
NOW, THEREFORE, in consideration of the mutual promises, representations and warrantees expressed herein and for other good and valuable consideration, mutually exchanged and acknowledged as sufficient, the Parties voluntarily enter into the following service Agreement and faithfully agree to abide by the conditions and conditions set therein
Hold Harmless. The Parties acknowledge that independent forces can and may intervene to neutralize even the best efforts of both parties under this agreement. The Parties hereby agree to hold each other harmless for any failure to accomplish any of the intended and sought after outcomes that are motivating this joint venture. Foreclosure Procedures have been Initiated. This Agreement is made with the understanding that action has been or imminently will be taken by theirs (hereinafter the "Foreclosing Parties " ) to foreclose security interests in the property. As a result, the interests of both parties in this Agreement will and do require initial activation of the processes, legal and otherwise, contemplated in order to forestall foreclosure, eviction and the further damaging consequences to the credit and reputation of PROPERTY OWNER. These actions will be taken by and only through licensed attorneys retained by the joint venture for that purpose.
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The Financial Commitments. Under this Agreement the parties agree to the following financial commitments. PROPERTY OWNER shall pay to Commercial mortgage resolution trust company the sum of 51S,000 ---w|th 5S000 of wh|ch |s to be pa|d up front. the rema|nder of 10,000 to be pa|d upon obta|n|ng d|scount approva| from the |end|ng |nst|tut|on, the sum of 700,000 as tota| pay of d|scount regard|ess of acceptance or not on beha|f of the c||ents. Any sum d|scounted beyond the 30 of the face va|ue of the note w||| be refunded back to CMAk1's Corp. As a 10 overr|de of the tota| sum beyond 700,000 or 30 of face va|ue d|scount. th|s sum can be pa|d by the means of a prom|ssory note of the fu|| amount, w|th a S yr term at preva|||ng |nterest rate or |n cash w|th a further d|scount of the same. Commercial mortgage resolution trust company shall pay all of the expenses of legal representation of PROPERTY OWNER against the parties that are bringing foreclosure proceedings against the real property that are required in the judgment of legal counsel to challenge the right of the foreclosing parties to bring and prosecute foreclosure proceeding(s) on any and all grounds recommended by legal counsel, and to assist in providing accurate information to credit reporting agencies.
Property Taxes, Association Dues, Special Assessments and Maintenance. PROPERTY OWNER shall pay Property Taxes, homeowners' association fees, if applicable, and special assessments against the property, if applicable, and all regular maintenance of the premises.
Insurance on the Property. PROPERTY OWNER shall maintain and pay for liability insurance, and fire insurance on the real property. PROPERTY OWNER shall have the insurance company issuing the policy add Commercial mortgage resolution trust company to the policy as "Additional Insured," instruct the insurance company to provide notice of non-payment to Commercial mortgage resolution trust company in that event, provide proof of insurance to Commercial mortgage resolution trust company within 10 days of the date of this Agreement.
pending litigation will delay foreclosure proceedings for a sufficient amount of time, so that an opportunity results to do a sufficiently favorable loan workout, settlement, or loss mitigation (hereinafter called "Settlement") of some sort, acceptable to PROPERTY OWNER and Commercial mortgage resolution trust company that will enable PROPERTY OWNER to reinstate the loan on the new terms agreed in the "Settlement" that results.
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In some circumstances, legal counsel, on behalf of PROPERTY OWNER, will be unable to stop the foreclosure against the property by any means because the party initiating the foreclosure produces proof that it is in possession of the original note and is the rightful owner of the note by proper endorsement, assignment, legal process or otherwise and that no misrepresentations were made in originating the loan, and that all statutory requirements were met in connection with the foreclosure. In this case any lawsuit will be dismissed.
Foreclosure will be defeated through litigation and the encumbrance created by the mortgage or trust deed being foreclosed, following the expiration of the statute of limitations, will eventually be cleared off of the property, allowing the property to be assumed, sold or refinanced free of the encumbrance.
Which outcome results will depend upon specifics that are not and cannot be known at this time regarding the history of the transfers of the note underlying the mortgage, the financial strength and condition of the current holder(s) of the note, the ability of the foreclosing party to trace the history of the note and to find the original note and/or obtain valid transfer of the note sufficient to give it the right under the applicable laws to declare default and foreclose the security interest in the property, etc. It is the belief and conviction Commercial mortgage resolution trust company that a significant but unknown number and percentage of these loans that are caught up in the present subprime mortgage foreclosure crisis will be, upon challenge, uncollectible, and that another significant percentage will be so caught up in uncertainty so as to provide the opportunity against the backdrop of litigation to negotiate a "settlement" that is highly favorable to PROPERTY OWNER and Commercial mortgage resolution trust company For that reason, and with the agreement of PROPERTY OWNER to the terms of this joint venture, Commercial mortgage resolution trust company is willing to enter into this joint venture and carry the cost of litigation under the terms of this Agreement.
No Legal, Lending or Real Estate Broker Representation. It is agreed and specifically understood that neither Commercial mortgage resolution trust company, nor any of its agents, representatives, employees or finders, have provided, on behalf of Commercial mortgage resolution trust company, individually or on behalf of any other entity, legal services or advice to PROPERTY OWNER. Commercial mortgage resolution trust company does not offer or provide legal advice or services through any of its agents, representatives
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Employees to anyone. Commercial mortgage resolution trust company is not a law firm. It is not licensed to and does not practice law. Nor is Commercial mortgage resolution trust company licensed as a real estate broker in California or in any other State or jurisdiction. It has not offered to provide or provided any real estate brokerage or real estate agent services to PROPERTY OWNER, through any of its agents, representatives employees, finders or otherwise with respect to this Agreement, the Premises or with respect to any other transaction. While certain independent agents that work with Commercial mortgage resolution trust company may or may not be licensed real estate agents or brokers, at no time are they representing the PROPERTY OWNER or Commercial mortgage resolution trust company in that capacity.
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Obligations Joint and Several. The obligations of the PROPERTY OWNER, if more than one person, shall be joint and several, which means that each person shall be wholly and fully responsible to meet the obligations of PROPERTY OWNER as set out in these Agreements.
Captions Matters of Convenience. The captions o f each provision and paragraph in this document are for purposes of convenience only and do not control the meaning of the provisions. The meaning of each provision is intended to be determined by the language of the Agreement as if the captions did not exist.
No Party Deemed the Author of this Agreement. Should it be determined by any court or any arbitrator that one or more provisions of these Agreements are vague, ambiguous or uncertain, interpretation shall be made without reference to any presumptions or rules of construction related to the identity of the Party that drafted these Agreements or the provision. The part- is recognize, agree and acknowledge that the consent to these Agreements by each party is freely and voluntarily given, without duress or undue influence being exercised by any party.
CONFLICT OF INTEREST AND ADVICE TO OBTAIN INDEPENDENT COUNSEL. BOTH PARTIES UNDERSTAND AND ACKNOWLEDGE THERE MAY BE A CONFLICT OF INTEREST BETWEEN PROPERTY OWNER AND FUND IN ENTERING INTO THIS AGREEMENT. PROPERTY OWNER IS AND HAS BEEN ADVISED TO SEEK INDEPENDENT LEGAL COUNSEL PRIOR TO ENTERING INTO
Furthermore, Commercial mortgage resolution trust company and/or its employees and independent contractors will not represent and are not representing PROPERTY OWNER in any capacity before any state or federal court, nor providing any legal advice, lending services, foreclosure consulting services or real estate brokerage services or advice to PROPERTY OWNER.
Privacy. In order to maintain the secrecy required by privacy and lending laws, Commercial mortgage resolution trust company agrees not to divulge to any third-party information it has acquired during performance of this agreement absent an order from a court of competent jurisdiction or administrative mandate from a government agency,
Notices. All notices, requests, demands and other communications required or permitted to be given hereunder shall be given in writing and shall be deemed to have been duly given if delivered personally or faxed with confirmation of receipt, or mailed first-class, postage prepaid, registered or certified mail as follows:
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. Arbitration. Except as otherwise provided in this Agreement, any controversy or claim arising out of or relating to this Agreement, or the breach thereof, other than one with respect to valuation or accounting for which a remedy is already provided under separate provisions of this agreement, shall be settled by arbitration administered by Judicial Arbitration and Mediation Services ("JAMS") or, in the option of Commercial mortgage resolution trust company by an independent arbitration service, to be held in the Los Angeles County office of either alternative dispute resolution center. However, each of the Parties reserves the right to file with a court of competent jurisdiction an application for temporary restraining order or preliminary injunctive relief, summary relief, writ of attachment, temporary protective order and/or appointment of a receiver on the grounds that the arbitration award to which the Applicant may be entitled may be rendered ineffectual in the absence of such relief.
Judgment upon the award rendered by the arbitrator may be entered in any court of competent jurisdiction. The award of the arbitrator shall be binding, final, and non- appealable. The Parties may obtain discovery in aid of the arbitration to the fullest extent permitted under law, including California Code of Civil Procedure Section
1283.05, et seq. All discovery disputes shall be resolved by the arbitrator. The costs of the arbitration, including any administration fee, the arbitrator's fee, and costs for the use of facilities during the hearings, shall be borne equally by the Parties. Reasonable attorney fees and costs shall be awarded to
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the prevailing party on any proceeding.
Merger Clause. This Agreement contains the entire agreement of the Parties with respect to the matters set forth, and supersedes any prior written or oral agreement between them. There are no representations or warranties not herein contained, and the Parties acknowledge that they are not relying upon any verbal, oral or prior written agreements or representations not contained in these Agreements. No changes to this agreement that would modify, add o r subtract from the terms and conditions set forth shall be valid unless contained in writing and signed by all Parties.
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Facsimile c o p i e s and electronic digital copies of original signature pages in PDF or TIFF format shall be deemed to be originally signed signature pages for all purposes of this Agreement.
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In wi tness whereof, the parti es have executed thi s Agreement at Gl endal e, Cal i forni a on the day and year fi rst wri tten above.
MORTAGE RESOLUTION SERVICES CONTRACT Owners Properties Property 1 Known as: ________________________________________________ Located at: ________________________________________________ County: _______________________ APN: ______________________ Property 2 Known as: ________________________________________________ Located at: ________________________________________________ County: _______________________ APN: ______________________ Property 3 Known as: ________________________________________________ Located at: ________________________________________________ County: _______________________ APN: ______________________ MORTAGE RESOLUTION SERVICES CONTRACT
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ATTACHMENT B Liens LIENS ON PROPERTY 1 I. Original First Mortgage Company: (Name, Address, Phone)______________________________________ Original Loan Amount $ _______________; Original Loan Payment $ _______________ Serviced by: (Name, Address, Phone) _________________________________________________________ If loan resold: New Mortgagor: ___________________________________________________________ Second Mortgage Company: (Name, Address, Phone) _____________________________________________________ Original Loan Amount $ _______________; Original Loan Payment $ _______________ Serviced by: (Name, Address, Phone) _________________________________________________________ II. Other Liens: (Liens on Property are deemed to be, but are not limited to the following: Mortgages, Deeds of Trust, Mechanics Liens, zoning and land use problems, hazardous waste and environmental contamination, easements, covenants and conditions, outstanding property taxes and other encumbrances and defects in title) a) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________ b) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________ c) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________
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LIENS ON PROPERTY 2 I. Original First Mortgage Company: (Name, Address, Phone) _____________________________________ Original Loan Amount $ _______________; Original Loan Payment $ _______________ Serviced by: (Name, Address, Phone) _________________________________________________________ If loan resold: New Mortgagor: ___________________________________________________________ Second Mortgage Company: (Name, Address, Phone) _____________________________________________________ Original Loan Amount $ _______________; Original Loan Payment $ _______________ Serviced by: (Name, Address, Phone) _________________________________________________________ II. Other Liens: a) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________ b) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________ c) Type of lien _____________________; Lien holder:____________________________________; Amount: ____________; Date Lien Placed: ________________ ATTACHMENT C MORTAGE RESOLUTION SERVICES CONTRACT
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LETTER OF AUTHORIZATION & AUTHORIZATION TO RELEASE INFORMATION
My signature below grants full authorization and permission to release information; and herewith, request that you cooperate fully in providing the above entity or their staff with any information pertaining to my/our property or mortgage. A photocopy or facsimile of this authorization shall be binding and serve as an original.
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