anyone used economic stabilization project for a short sale?

    They claim to be able to do a short sale on your property with a 3 year option to repurchase.  Are they for real?

    0  Views: 1057 Answers: 2 Posted: 6 years ago

    2 Answers

    I can't find any reviews for them. You can talk to them here and ask them to send you documentation as to proof and quality of their services and proof that they are a legit business. 

    I actually was privileged to work with economic stabilization project. They specialize in such a small niche a federal loop hole that allows homeowners who qualify for the governments HAFA program short sale to a Non-Profit. My client was the one who informed me about them, I called and did my homework and couldn't believe that this was a legit program. Once I listed the home (chase) they provided an all cash offer. The home was appraised at 179,000.00 and the lender accepted ESPs offer at 134,000.00 which is only 75% of the CMV. I guess the lender was able to write off as a chairatible donation to the Non-Profit. Win win for the lender they got cash offer and tax credit. We opened escrow and closed 7 days later. My client is know leasing the home from ESP and making a payment he can afford every month. Considering he once owed the lender 368,000.00
    and paying 2,700.00 his new payment is only 1,175.00. Once my client is able to secure a loan he will buy his home right back from ESP at the CMV therefore getting a 189,000 savings on his home. Great way to wash away all the negative equity on the home. Bank won't give you a principal reduction we did get it through ESP. I would recommend everyone to ESP they are vey knowledgeable on the most recent laws and government program guidelines.

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