FAQ

Frequent questions

What happens if I don’t have three lines of credit?

You can speak with a friend, relative or an acquaintance who can add an authorized card. We manage certain programs where if you’ve owned an active telephone line for over one year, you can add it to the credit.

If I have Collections Accounts, can they be removed from my credit line?

Of course! We would begin a revision and analysis process to help you remove those accounts. We also have programs like LIP which allows first time home ownership even if you have collections accounts.

Can I apply for a mortgage loan if my work permit has expired?

You can apply as long as you have the documents to prove that your work permit renewal is currently being processed. We also have programs where a work permit is not required.
trabajo

If my current income is insufficient to buy the house that I want, what can I do?

You can seek the support of family or Friends who do have good income and can be your co-signer and/or adjust your income.

Every time I check my credit, does my credit score get lowered?

If you are constantly checking your credit it does happen. It is recommended that this be done only every 120 days to avoid affecting your score.

Can my part-time income also be taken into consideration to qualify?

Yes, but only if you have been working in the same part-time job for over two years.

What is the máximum time that I can be unemployed without affecting my qualifications for buying a home?

One month is the maximum time. However, you can also apply during this time as selfemployed. We can guide you through the process step by step.

If I have changed my employment, does that somehow affect the process?

If you changed your employment for better income, rather than affecting you it is viewed favorably.

Can I add persons to the title deed even if they’re not in the process with me?

Yes you may and there is no specific limit to the members who can be registered on the title deed.

After how many years is it recommended to refinance? Are there any penalties for doing so? What is the purpose of refinancing?

We recommend five years after taking the loan. It is necessary to check the specific terms of the loan, whether there are any penalties and for what percentage.

Can I buy another home and for it to be considered as my primary one?

You certainly can. We just need to demonstrate why this new home is going to be your primary residence, such as the benefits that it brings to you and your family.
primaria, que beneficios le trae a usted y su familia.

I used to have a Tax ID and now I have my Social Security. Can I buy a home with my Social Security?

You can if we can show how in previous years you made your corresponding declarations using your Tax ID.
declaración correspondiente con su TAX ID.

What does debt renegotiation entail?

Renegotiating debt consists of an agreement between the debtor and creditor to modify the payment terms, with the main objective of extending the terms and relieve the current financial pressures.

What are the advantages of debt renegotiation?

Our company represents our clients interests before creditors, seeking to reduce the debt from 40-45%. The advantages include: improving the financial history, avoiding abuses and consolidating debts into unique monthly payments.

When should I consider the option of declaring bankrupty?

Declaring bankruptcy should always be the last resort. Although it may provide temporary relief, it adversely affects the client’s financial report. It is crucial to explore other alternatives before resorting to declaring bankruptcy.

What are the benefits of debt renegotiations?

Benefits include reducing the debt, differing the monthly payments, legal representation, complete financial analysis, advice for improving your financial well being and protecting your interests against any abusive intentions.

How should I prepare myself for the program of debt renegotiation?

Keep a separate checking account, refrain from using credit cards after initiating the program and make sure that the first payment can be debited seven days after the signing of the contract.

How can I get more information or clear any doubts I have about the debt renegotiation program?

Any concerns can be directed to info@rqhelp.com Any inquiry can be sent directly to info@rqhelp.com. Avoid listening to comments from other people who are not properly informed about the program and trust in the information provided by our team.

What are the risks associated with debt management?

During the process, creditors may sue, thereby increasing the debt amount. It is crucial to carefully choose a debt management company. Some of them do not clearly reveal the way their program works before signing the contrac.

How to avoid problems when choosing a debt management company?

Careful selection is key. Thouroughly research the company’s transparency and practices before signing a contract. Make sure you completely understand the program and how transactions will be handled.

What is the risk of facing a greater debt after hiring a debt management company?

During the time that money is handled by the debt management company, interest and rates can continue to increase. A lawsuit by creditors could result in a larger debt. That’s wh y it’s essential to take precautions when choosing the company to avoid unpleasant surprises.

Glossary of terms

Mortgage Foreclosure

The foreclosure of a mortgage is a legal procedure through which a bank/lender repossesses a real estate property due to the borrower’s failure to make payments. This process is commonly known as foreclosure of a home.

Amortization Schedule

A plan for paying off a mortgage that shows the amount of each payment applied to: interest, principal, and the remaining balance.

APR – Annual Percentage Rate

The total annual cost of the mortgage is declared as a percentage of the quantity of the loan; it includes among others: the basic interest rate, basic mortgage insurance and the cost for generating the loan (points).

Points

A one-time fee imposed by the lender to increase the profitability of the loan; One point represents 1 percent of the loan amount.

Refinancing

The process of repaying an existing loan with proceeds from a new loan secured by the same property.

Title company

A company that specializes in insuring property titles.

Joint Ownership

A form of co-ownership that gives each owner equal interest and rights in the property, including the right of survivorship.

Mortgage refinancing

It consists of increasing the principal owed on the mortgage including all debts and extending the amortization period to reduce the monthly payment.

Short Refinancing

It is a transaction whereby the lender agrees to accept less than the total amount owed. It allows the owner to retain ownership of the property while at the same time avoiding foreclosure or having to declare bankruptcy.

Informal Payment Plan

It is usually a short-term plan and is based on the borrower's ability to make payments. This program is often used when the loan is in the initial stage of delinquency (30 to 60 days) and can last for 90 to 120 days. This plan can be done through a verbal or a written agreement.

Formal Payment Plan

An analysis of the borrower's financial situation is made and based on the borrower's ability to catch up with his or her arrears, a payment plan is established to correct the delinquency. Counseling is usually offered to the borrower. A Formal Payment Plan is always done in writing and can have a much longer term than the informal plan. Based on the borrower's excess of income over expenses, formal plans usually result in a monthly payment.