SOURCE: FastFunds Financial Corp.
WEST PALM BEACH, FL--(Marketwired - Apr 4, 2013) - FastFunds Financial Corporation (OTCQB: FFFC) and Net Life Holdings reported today that its new innovative mortgage product will target the large demographic group of boomerang buyers, estimated at more than 6 million. These are previous homeowners who have experienced foreclosures, short sales and deed in lieu of foreclosure circumstances in their past. These buyers are referred to as boomerang buyers; people who bounce back from losing their previous home to become homeowners again.
The various government agencies have waiting periods for buyers who previously lost their home due to a foreclosure or similar event:
- The waiting period for a Federal Housing Administration (FHA) Loan is 3 years for Foreclosure, 3 years for Short Sale, and 3 years for a Deed in lieu of foreclosure.
- The waiting period for a FHA Loan if there were extenuating circumstances is 1-2 years for Foreclosure, and 1-2 years for a Deed in lieu of foreclosure.
- The waiting period for a Fannie Mae or Freddie Mac is 7 years for Foreclosure.
- The waiting period for a Fannie Mae or Freddie Mac, less than 10% down is 7 years for Short Sale, and 7 years for a Deed in lieu of foreclosure.
- The waiting period for a Fannie Mae or Freddie Mac, 10% down is 4 years for Short Sale, and 4 years for a Deed in lieu of foreclosure.
- The waiting period for a Fannie Mae or Freddie Mac, 20% down is 2 years for Short Sale, and 2 years for a Deed in lieu of foreclosure.
It is also estimated that nearly 3.4 million households potentially could qualify for an FHA loan because it's been three years since the loss of their home, but many people still do not have the sufficient credit to get a loan.
The Company believes the NET LIFE LCMO® (Life Collateralized Mortgage Obligation) could substantially improve the boomerang buyer get back into a new home and help alleviate America's banking and mortgage crisis. A NET LIFE LCMO® is a residential, business or corporate real estate mortgage which is not based on credit history; only on the collateral. All that is required for which to qualify is: (a.) that you are healthy, (b.) that the property maintains and sustains its stated value and (c.) that you have the income to pay your mortgage.
About FastFunds Financial Corporation
FastFunds Financial Corporation is a holding company that is publicly traded on the Over-the-Counter QB under the symbol "FFFC." The Company currently operates in the financial services industry segment with a single credit card services portfolio. The Company is currently seeking new business opportunities to diversify and complement our current services and products, enhance our technical capabilities or otherwise offer growth opportunities for our stockholders.
About NET LIFE
NET LIFE Financial Processing, Inc., a wholly owned subsidiary of FFFC, is a development stage company formed in 2013 and recently acquired the assets related to the processing and servicing of loans generated from NET LIFE Financial Holdings Trust (www.netlifefinancial.com). NET LIFE Holdings has developed unique financial products principally for the mortgage industry.
This news release may include "forward-looking statements" regarding FastFunds Financial Corporation, and its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where FastFunds Financial Corporation expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. FastFunds Financial Corporation does not undertake any obligation to update any forward-looking statement, except as required under applicable law.