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Call Anytime 24/7
1 Hour Pre-Qualification
1-800-797-0668
Concord Consultants
1038 Peninsula Blvd
Woodmere, NY 11598
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The following typical success stories of Mr. Margulefsky demonstrate his ability and determination in solving the many challenging problems that borrowers may have during the loan process. His unique problem solving ability and determination comes from his many years of broad based business and technical experience.
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Preceding the Success Stories are brief summaries of the problem(s) each story contains that were solved by Mr. Margulefsky as follows:
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- Clients, a young married couple, are denied a loan for emergency funds due to several liens placed on their condo apartment’s title by seven financial institutions no longer in existence.
- A client’s application for a large debt consolidation and home improvement loan needed to build an extension onto their house is thought unattainable due to their nearly $30,000 in debt owed to several credit card companies, department stores, and collection agencies.
- A client’s application for a large home improvement loan is denied because of the lender’s income guidelines being at odds with her credit union’s interbank relationship.
- A client’s elderly mother, finds that her non-ownership of her second home prevents her from transferring by deed the second home over to her daughter and son in law.
- Client, a recent widow with six children, is financially prevented and hindered from exercising an Option To Buy on her primary home because of the following; an unprobated Will giving her limited ownership to a second home, the limited ownership of her second home seriously limiting the amount of needed cashout when using that home as collateral for a loan, having four outstanding hospital judgments against her totaling $14,000, and finally because of a recent repossessed late model auto.
- Client is initially denied a cashout refinance loan at a low interest rate by the new lender due to violations of the law by her current and previous lenders. The violations involved R.E.S.P.A., the Real Estate Settlement Procedures Act.
- A client’s property is almost placed in foreclosure by a request from the lender’s Review Appraiser to Mr. Margulefsky’s property appraiser asking for a detailed technical explanation of a $3000 appliance noted on his report. If answered unsatisfactorily the emergency loan would have been cancelled sending the property into foreclosure.
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1 -- Successfully overcame and solved serious title issues concerning a loan for a young married couple in need of emergency funds. These funds were to come from a cashout refinance loan on the Miami condo apartment they owned.
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The woman’s father twenty years earlier helped the then newlyweds to purchase a condo apartment where the couple would live. Unfortunately , in the first few years of marriage they experienced several financial hardships such as unpaid auto, bank, and furniture loans and other unpaid debts. A title search revealed seven judgment liens, more than fifteen years old, attached to the property. To obtain the emergency funds these seven liens from seven different financial institutions no longer in existence would have to be satisfied , recorded , and removed from title. The title insurance company explained to him that this task would not only be time consuming but was virtually impossible to do. Upon relaying this disheartening and surprising news to his clients, the woman insisted and swore that she remembered her father paying off those loans many years before. No receipts to verify her claim of payments could be found by her father who at the time was extremely ill. After another long conversation with his clients, and getting to know them during the loan process , he sensed a genuine credibility especially in the woman’s plea. He then at that moment decided to resolve their problem without the assistance of the title company or its own attorneys.
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That weekend he visited and spent the day at the East Meadow, New York Library reference room and obtained a copy of the Polk Financial Directory Of Financial Institutions, a literal history book of all North American banks. Upon researching every one of the seven lien holding banks no longer in existence he was able to find the name, address and telephone number of each of the current descendant banks derived from their ancestral banks over time through purchases. He then proceeded to contact the senior collection attorneys from each of the banks. After very briefly explaining to each of them his client’s predicament and their need for the emergency loan, he began asking them a series of questions he carefully formulated in advance, as follows:
Does their bank as the descendant bank of their ancestral institution have a current outstanding lien on his client’s property? After examining their records they all answered in the negative.
Isn’t it true that an outstanding lien on a property would represent an asset on your books? They all answered yes. He continued.
Isn’t it also true that your bank having bought the assets of the prior ancestral banks would have had that asset , the unpaid lien on my client’s property, in its file? Again they all answered yes.
Therefore , he continued, can we then conclude that since their is no record of an outstanding lien on my client’s property in your file, that some time ago that lien was paid at one of the ancestral banks? Again, they all answered in the affirmative. In concluding the brief conversation he asked each of the attorneys, “ Would you be gracious enough to file a satisfaction of lien as the descendant bank with the county court on behalf of my clients, relieving them of their stressful situation? To his unbelievable elation each of the senior attorneys agreed to do so, and in the process complimented him on his highly professional approach. Within days after providing them all the important details, all the Satisfactions Of Liens were filed with the court, with copies being provided to the title company, to it’s utter amazement.
Thus with these major obstacles removed and with all the requirements of the loan fulfilled a successful closing took place. After a few days the emergency funds provided by the refinance loan were given to his clients who expressed their great satisfaction knowing how hard he had worked on their behalf.
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2 -- Successfully obtained for his clients, a married couple, a large cashout from a home improvement loan that included the building of a large extension onto their home. The success of the loan to provide the necessary monies to fully fund the home improvement project depended upon a major consolidation of their enormous debt.
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Although funds would have been obtained with a routine debt consolidation loan, they would have fallen far short of the projects requirements by approximately $7000.00. Nine months prior to the application for the loan their teenage daughter had been involved in a car accident suffering injuries requiring extensive medical care and expenses. Even with the family car demolished, his clients felt obligated to continue making the final seven car payments. Moreover, they had to purchase another car for cash as it was a family necessity. Most of their credit was adversely affected during this period of financial hardship at which time they were contemplating filing for bankruptcy. They owed nearly $30,000 in total to seven credit card companies, two major department stores, and two collection agencies.
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It was at this point that he asked his clients if they would sign a Letter Of Authorization giving him the authority to negotiate a settlement on their behalf with each of their creditors. They gladly agreed and upon his receiving their Authorization Letter he immediately began the negotiations. Within three days he received settlement letters from all the creditors reducing his client’s obligations by an overall thirty three percent, thereby increasing the loans cashout by almost $9,000, $2000 more than was needed to completely fund the home improvement project. Moreover, he had reduced to the delight and pleasure of his clients, their new monthly mortgage payments by $515 saving them $6180 per year.
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3 -- Successfully obtained a needed $20,000 cashout for home improvement by refinancing a mortgage for a client , a resident alien, after first being turned down for the loan by the lender. The lender claimed after reviewing her last twelve months of bank statements, that her very low monthly income resulted in a non qualifying high debt to income ratio. The lender offered to payoff her auto loan and her credit cards to reduce that ratio but would have consumed most of the cashout needed for the home improvement. He immediately rejected that offer.
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The lender according to their published guidelines excluded from income calculations, any transfers and deposits from other bank accounts and other credit unions that were made into anyone’s primary bank account.
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He researched the problem and was able to obtain and provide documents to the lender showing that her personal credit union, Power 1, was a member of the CUSC, Credit Union Services Centers, a network of more than 700 credit unions that provided convenient financial services by sharing facilities. The services offered to their bank customers included ATM service, deposits, withdrawals, check cashing, loan processing and payments, transfer of funds, and more. He explained to the lender that his client’s restaurant income, working as a Dining Room Service Assistant, was primarily in the form of tips, and were deposited at night at other CUSC credit union locations conveniently located near the restaurant where she worked. He continued, her deposits then were immediately transferred electronically into her primary Power 1 credit union account and would be noted as such on her monthly statements. After the lender reviewed her income situation and the documents he provided showing Power 1 as a member of the CUSC network , a type of interbank relationship they were unaware of, and after verifying the client’s income and position with her supervisor, they waived the income provision of their guidelines. With all requirements being fulfilled the home improvement loan was approved. Within a few days after closing his client was extremely jubilant when she received a check for more than $20,000 dollars , thanking him for his hard-working efforts on her behalf.
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4 -- Successfully processed a difficult and almost impossible to do Family Deed Transfer refinance loan that would transfer title of the mother’s second home to her married daughter and son-in-law, his clients. The refinance loan amount was for $80,000 which covered the payoff figure for the note on the second home and the settlement costs related to the loan. The married daughter and son-in-law had already been living in that home for many years.
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He learned from the title search that the second home had never been owned by the mother, but had remained in her deceased father’s name, who had been deceased now for more than 23 years. In other words she had no legal authority to transfer the property. He requested and was able to obtain from his clients, several legal papers that they kept in family storage such as titles, warranty deeds, marriage and death certificates, and several others needed for the loan process. While poring over those papers, his thoroughness was rewarded as he found old copies of an Order Of Discharge and Letters Of Administration that related to the mother’s and her deceased father’s probate situation 23 years earlier. After studying those court signed documents he learned the following. At the time of her father’s death, he being a widower, and her being his only child, she was appointed by the then Probate Court judge in the Letters Of Administration to be the Personal Representative of her father’s estate. As the Personal Representative she was granted the authority, among other rights, to deed the second home to herself by creating and signing a Personal Representative Deed with her as grantor of the property to herself as the grantee. Regrettably that Personal Representative Deed was never exercised and soon after an Order Of Discharge was issued by the court closing the case. Moreover it was learned that all records of the Probate court more than 20 years old were destroyed.
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He recognized that in order for this loan process to proceed it would be necessary to reopen the old case. At first, he located the original attorney of record who stated he no longer was doing probate work. Then he contacted several other probate attorneys who, after hearing the story, refused to take the case due to it complexity and time consuming nature. Undeterred by these prior rejections, he went directly to the Probate Division of the court and was able to obtain the services of an experienced and dedicated probate attorney long associated with the court. The attorney he obtained now supplied with the old copy of the court signed Letters Of Administration pleaded successfully before the court to reopen the administration of the estate. The result of his steadfast determination was that a Personal Representative Deed was finally exercised a week later at closing, deeding the second home to the mother, who then was legally able to deed the home to his clients, her daughter and son-in-law. That being completed, within a few days the old note on the second home was paid off creating the new refinance loan. For his tireless efforts they all expressed their sincere appreciation and gratitude.
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5 -- Successfully processed a difficult closing on two different properties for his client, a recent widow with six children. The first loan involved a problematic and uncertain cashout refinance on a non-owner occupied home owned by the estate of her deceased grandmother and the second loan involved her ability to exercise an Option To Buy on her primary residence offered to her in an Agreement For Deed she had signed nine years earlier.
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Her ability to buy her primary residence, the second loan, was completely dependent on sufficient cashout received from the first loan to provide crucial funds to pay off a multitude of debts she had incurred. Upon review of the first home’s title examination and the client’s credit report, and after discussions with his client, the following obstacles to closing were disclosed.
To begin with, the home of the first loan was found to be owned not by his client but by the estate of his client’s deceased grandmother who had passed away fours years earlier. Furthermore, the grandmother left a Will with his client that was never probated. More importantly, the grandmother expressly bequeathed in that Will only 65% of the property to his client and 35% to his client’s only sister. If this situation was left unchanged it would have seriously limited the cashout needed to pay off her debts, ruining her opportunity to buy her primary residence, her major goal. In addition, the records showed the estate owing several thousand dollars in back taxes. Furthermore, his client had four outstanding judgments against her totaling more than $14,000 from a major Hospital District going back approximately 14 years. And finally, several weeks into the loan process, which began during September of the year, his client told him that her late model car only two years old had just been repossessed. This last item presented what seemed to be the most delicate and insurmountable problem to solve. Had the repossessed auto been sold at auction a deficiency judgment would certainly have followed sinking both loans.
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After identifying and evaluating all the barriers that stood in the way, he planned a strategy that hopefully would ultimately lead to a successful closing for his client . His first order of business then was to develop a series of tasks needed to remove each obstacle step by step. Firstly, he instructed his client on how to negotiate with her sister in order to have her voluntarily sign a Quit Claim Deed, deeding her 35% share of the property over to her. When visiting her sister who lived quite a distance away she told of her predicament and then offered her sister, as he had suggested, a major share of the rental income they both earned from the property. Soon after, her sister agreed and signed the Quit Claim Deed giving over her interest in the property.
Secondly, he obtained a probate attorney in the county in which the property was located in order to petition the local court for a Summary Administration. This was a legal process that in effect would distribute the property of the grandmother’s estate in its entirety to his client. The attorney, now supplied with the Quit Claim Deed, the grandmother’s Will, and other relevant documents filed the motion for Summary Administration and within nine weeks received from the court the papers granting the entire property to his client. Thirdly, during the lengthy probate process he obtained a bankruptcy attorney to negotiate a settlement of his client’s four outstanding judgments with the Hospital District’s legal department. Having forewarned them of a possible bankruptcy filing, the hospital eventually settled for half of the amount owed, dropping all the interest charges accumulated over approximately fourteen years. And lastly, regarding the matter of the repossessed auto, his plan was to prevent the sale of the auto at auction by negotiating a Redemption Agreement with the dealership which would eventually return the car to his client. His plan at first was to build and maintain a working relationship based on mutual trust with the dealer’s Customer Service Supervisor. He did this by starting in mid November by explaining in general terms the probate process his client was involved with, that the probate process would take about twelve weeks to complete, that the successful outcome of the probate process he was handling with an attorney would provide the funds to pay for any Redemption Agreement they both agreed upon, and most importantly he as the Customer Service Supervisor would be kept informed on a weekly basis of the progress being made. Within days of this conversation a Redemption Agreement was entered into whereby the repossessed auto would be stored for redemption and not sold, whereby all late payments, storage fees, and four additional monthly payments would be prepaid and applied to the last four payments of the auto loan, all to be funded by the proceeds of the clients refinance loan on the first house. In mid January of the following year, one month sooner than the estimated time told to the Customer Service Supervisor, the probate issue was successfully resolved. Within a few weeks the successful closings took place. The cashout provided from these transactions paid off the taxes owed the county by the grandmother’s estate, paid off the settlement with the Hospital District’s legal department, paid off all the charges due to fulfill the Auto Redemption Agreement to the satisfaction of the dealership and to the delight of his client who now had her car redeemed. More importantly , her option to buy offered in the Agreement For Deed was successfully exercised granting her the ownership of her primary residence for which she was extremely grateful.
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6 -- Successfully obtained a large cashout refinance loan at a low interest rate for a client who believed her credit worthiness was ruined by her current lender located in upstate New York. That lender could not locate his client’s five most recent mortgage payments nor provide her with a twelve month mortgage pay history that she had requested. Her credit report also indicated that no payments were made in the five previous months. Her attempt to refinance with another broker was unsuccessful for the same reason placing her in an indefensible and unsupportable position.
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He aggressively investigated her predicament and discovered the following facts just after she applied for the new loan in December. Her original lender had transferred her loan on July 1, of that year to another servicing bank in Illinois with neither bank notifying her of the loan transfer. In addition, her original lender since July 1, did in fact continue to receive her monthly mortgage payments as well as from all their other former accounts and improperly accumulated those payments without forwarding them to the new lender as required. The customer service representative of the original lender explained to him that the New York office was closing down and that most of the staff had been laid off. This she explained was the reason for the improper accounting for all payments received after July 1.
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Both lender customer service departments were informed that they may have violated the Real Estate Settlement Procedures Act (RESPA) 12 USC Section 2605 relating to a timely Servicing Transfer Notification. In general they were told that a Servicing Transfer Notification is required by law if the lender servicing that loan sells, assigns, or transfers the servicing rights to a borrower’s loan to another lender. Generally, the lender must notify the borrower 15 days before the effective date of the loan transfer. In turn the new loan servicer must notify the borrower not more than 15 days after the effective date of the loan transfer. Again, he notified both lenders that they may have violated his client’s rights. Disregarding the explanation he received from the original lender’s customer service department he demanded that his client’s mortgage payments, they acknowledged receiving, be sent immediately to the new loan servicer in Illinois. Moreover he demanded that the new loan servicer, once in receipt of those payments, send to him and his client a corrected twelve month mortgage payment history which reflected her excellent credit record. Within a day his client received a notification letter dated January 12, which only confirmed the loan transfer date being July 1 of the previous year. They did not produce a copy of the timely notification letter which only confirmed their violation of the law.
Most importantly, he succeeded in getting his client’s recent twelve month mortgage pay history corrected to reflect her excellent credit record. All obstacles to her new low interest rate cashout refinance loan were removed and all requirements for the loan were fulfilled which resulted in a successful closing within the week.. A few days later, relieved of the enormous pressures placed on her by the previous banks, she happily received a check for around $19,000 and expressed her gratitude to her broker for his determination and knowledge.
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7 -- Successfully refinanced a client’s current loan saving her from an impending foreclosure, a situation not entirely of her own making. More importantly he was able to resolve a crucial appraisal review requested by the new prospective lender because of his broad engineering background.
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The client two months before applying for the new loan had a twelve month mortgage payment history showing her to be three months behind. Although her twelve month payment record then, showed her paying on time for that period she was never able to bring the account current. Sometime, approximately two months before applying , her primary lender sold the loan to another servicing bank without ever informing her. Unaware of the loan transfer she continued to make two additional monthly payments by check to her primary lender. Soon afterwards those two recent checks were returned unpaid. Subsequently his client received a current statement and a letter from the new servicing bank. The current statement now showed his client five months behind and the letter notified his client of an impending foreclosure unless she brought her account up to date. More importantly, what might have been the most crucial obstacle to the new loan was the new lender’s Review Appraiser requesting from the property’s appraiser a detailed explanation of the reverse cycle heating system noted on the home’s appraisal report. This appliance which added a marginal $3000.00 to the appraised value of the home would have been rejected if no verifiable explanation of that heating system was forthcoming. The new loan amount based on the current appraised value was already at the maximum allowed considering his client’s credit situation. It was just enough to pay off the current note and the settlement charges associated with the new loan which included several thousand dollars in delinquent taxes. Any reduction in the loan amount would have cancelled the new loan, inviting foreclosure.
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He assisted the appraiser in writing the report containing the explanation of the highly technical Reverse Cycle Heating System. Moreover he supplied him with technical literature and diagrams in support of the report the appraiser would send to the Review Appraiser with the intention of overwhelming him. He had the appraiser explain in his report that a reverse cycle heating system was also capable of operating as a cooling system and for this reason was quite expensive. He continued to explain that it utilizes a reversing valve, a device used to reverse direction of the refrigerant flow depending upon whether heating or cooling was desired.
The technical information he supplied proved more than sufficient. Within a day after the report was submitted the original appraisal value was upheld. A week later the new loan closed to the delight of a grateful client.
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