CheapHousePayments.com
FAQ

NOTE: This list of FAQ's offers a broad overview to certain frequently asked questions. As with any legal contract or real estate transaction, consult the applicable legal documents for your specific legal rights and obligations. CheapHousePayments.com is not acting as a real estate broker or agent and is not providing legal advice.

1. Who is CheapHousePayments.com?
   
   The CheapHousePayments.com company is a Real Estate advertising company based on the back–to-basics principle of providing affordable home ownership to everyone. We have a unique Payment Assistance Program that lowers a Buyer’s monthly mortgage payments by sending them a check each month during the first 18 to 24 months of their mortgage to pay a portion of their monthly payment.
   
   
2. Where the money comes from?
   
   Our professional team of negotiators secures savings for you with everyone involved in the process of building and selling a home. For example, we secure savings with lumberyards, land developers, subcontractors and individual home sellers. We negotiate savings with everyone and pass the savings on to you, the Buyer, in the form of lower monthly house payments.
   
   
3. Who pays the money?
   
   Upon successful closing of a transaction, CheapHousePayments.com is paid an advertising fee by the Seller which is deposited into an account (less CheapHousePayments.com’s administrative fees). A monthly check using funds from that account is sent out to the Buyer made out to the Buyer and the Buyer’s mortgage lender and/or services which is then used to lower the Buyer’s monthly house payment.
   
   
4. What is the cost to me?
   
   The savings are negotiated for you, the Buyer. There is no additional cost to you. You may, however, be required to pay certain closing costs that are normally assessed against the Buyer in a typical real estate transaction (see the purchase and sale agreement for details—in some cases, you can negotiate for the seller to pay these costs). You also may be required to make a down payment depending on your choice of financing.
   
   
5. Can I take the money anytime?
   
   No. The money will be distributed either on an 18 or 24 month payment schedule based on your election at the time of your purchase. Should you sell your property before the end of your 18 or 24 month period, and you provide CheapHousePayments.com with proof that you've paid your lender in full, then CheapHousePayments.com will issue a check for the balance of any funds directly to you.
   
   
6. What if I sell my house?
   
   Should you sell your property before the end of your 18 or 24 month period, and you provide CheapHousePayments.com with proof that you've paid your lender in full, then CheapHousePayments.com will issue a check for the balance of any funds directly to you.
   
   
7. What happens at the end of the initial 18 or 24 months?
   
   At the end of your Payment Assistant Program schedule (the initial 18 or 24 months) you will no longer receive checks from CheapHousePayments.com to assist with your house payments and you will have to be prepared to make the entire payment on your own. If you have enough equity in your property, you may be able to refinance with a CheapHousePayments.com cooperating mortgage company and re enroll in our Payment Assistant Program. You also could sell your property using CheapHousePayments.com and use our Payment Assistant Program to help sell your home more quickly and help another Buyer achieve affordable housing.
   
   
8. What if homeowner dies?
   
   This is one of only three ways funds can be released from the Payment Assistant Program before the end of the program (the other two are selling the home early or paying the lender in full before the end of the program). If a homeowner dies before the end of the program and the loan is paid in full, CheapHousePayments.com will issue a check directly to the deceased homeowner’s estate.
   
   
9. How do I find properties?
   
   Go to the search properties page and either search by Map, Quick Search, Advanced Search or by “Name Your Payment”.
   
   
10. How do I get a mortgage thru a CheapHousePayments.com cooperating company?
    
    Find a property on the CheapHousePayments.com web site, then search for mortgages in the required fields. A cooperating mortgage company will then contact you directly to answers to your questions and assist you with a mortgage loan application.
    
    
11. Can I use a lender or mortgage company not affiliated with CheapHousePayments.com?
    
    You can purchase a home from anyone at any time, subject to your ability to pay the asking price or obtain financing. However, if you want to take advantage of CheapHousePayments.com’s Payment Assistance Program, you must use a mortgage broker and escrow/title companies from a list of cooperating service providers.
    
    
12. What is the process to buy a home through CheapHousePayments.com?
    
    Upon locating a property which you would like to purchase (or investigate further), you simply need to answer a few questions from CheapHousePayments.com and then you will be given the seller’s contact information. You can contact the seller via email or telephone to set up a showing or to present a purchase and sale agreement. You can use one of our cooperating service providers (like an attorney or a licensed real estate agent) to help you prepare a purchase and sale agreement.
    
    
13. What is the process to sell a home through CheapHousePayments.com?
    
    CheapHousePayments.com will advertise your property in the “for sale by owner” portion of our web site. You must provide all necessary information in order to list your property and be willing to pay a minimum 7% advertising fee, to be paid to CheapHousePayments.com at closing and which will be used by CheapHousePayments.com (less administrative expenses) to enroll the buyer in the Payment Assistant Program.
    
    
14. What contact information regarding the seller is available to the buyer?
    
    After registering and logging into the web site, you can gain access to the seller’s contact information by using the “contact seller” button on the property detail page.
    
    
15. Will the CheapHousePayments.com program allow me to be a real-estate investor?
    
    As always, consult your legal advisor or real estate professional before investing in real estate, as real estate, like all other investments, is subject to risk. Having said that, yes, you can use CheapHousePayments.com to purchase investment property, subject to your lender’s specific requirements. And if you’re trying to rent or lease investment property, CheapHousePayments.com can advertise it for you.
    
    
16. How do I log in?
    
    You can log in to the CheapHousePayments.com web site via the login page by clicking the login link which is displayed at the top left of each page.
    
    
17. What if I forgot my password?
    
    You can retrieve your forgotten password via the “Forgot Password?” button on the login page.
    
    
18. How do I advertise my rental or lease-only properties on the CheapHousePayments.com web site?
    
    Sign up with CheapHousePayments.com and pay an advertising fee to have your property advertised on our web site. It’s that simple!
    
    
19. What if I don’t receive my check?
    
    If you don’t receive you check by the 1st of the month please contact customer service at 888-987-CHEAP or via email at checks@cheaphousepayments.com.
    
    
20. What if my check has the wrong lender name or my name is printed incorrectly?
    
    If you receive your check and the information on it is incorrect please notify customer service as soon as possible at 888-987-CHEAP or via email at checks@cheaphousepayments.com.