Community Heritage Housing Initiative
The CHHI is a PREFORCLOSURE focused program designed specifically to aide persons currently in the throws of ‚PREFORECLOSURE‚ to acquire mortgage stabilization and property retention via the following steps.

The CHHI program has an acute intervention component that has a critical timeline of 12 weeks.  This encompasses the initial 3 months of the participants time in the structured CHHI program.  The following 6-9 months of the CHHI program utilizes a compliance oriented paradigm designed to adhere to the performance objectives that MUST be accomplished in order for the program participant to qualify for the prearranged refinancing that will be offered by the banking/mortgage entity upon completion of the CHHI program:

STEP 1

The program applicant applies for admission into the CHHI program.  Upon approval the program participant is required to complete a minimum of 3 months of ECONOMIC EDIFICATION classes (1 class per week: $35 per class) along with all associated course work and participate in weekly teleconference calls (1 per week) in the following areas:

  • Mortgage analysis (emphasis on index review and forecasting).
  • Budget structure, alignment, and adjustment based upon income and revenue generation, Mortgage restructuring, workout, and/or forbearance agreement negotiated. In the event of the program participant‚ default ATW and /or OCA agrees to purchase said property at a predetermined SHORT SALE price from current mortgage holder.
  • Credit score preview and in depth line item analysis performed quarterly. Debt eradication paradigm devised. Adherence and compliance evaluation performed quarterly and authenticated via cross reference with quarterly tri-merge credit bureau report (s).
  • Quarterly performance yields submitted to * banking/mortgage refinance entity.
NOTE:
  • Banking/mortgage refinance entity is a DIRECT LENDER and no brokers or intermediaries are allowed to participant in the CHHI program.

STEP 2

Program participant is evaluated by the banking/mortgage entity for possible refinancing based upon credit scores that are reflected after first quarter participation in the CHHI program.

  • When applicable ATW and /or OCA will issue a financial guarantee on behalf of the CHHI participant assigned to the refinance banking/mortgage entity.
  • If the program participant is approved for refinancing at this stage of the CHHI program, the financial guarantee will be assigned for a timeline not to exceed 6 months.
  • In the event of a program participant‚ default ATW and/or OCA agrees to purchase said property at a predetermined SHORT SALE price from the current mortgage holder.
  • Program participant will be required to adhere to the weekly teleconference criteria of the CHHI program and quarterly credit bureau reports will be reviewed for the need of preemptive budget stabilization measures.

STEP 3

Program participant property is refinanced by the banking/mortgage entity into a FIXED RATE product, within budgetary guidelines as set forth in the participants INDIVIDUALIZED FINANCIAL PARADIGM (IFP).

If there are any questions please do not hesitate to contact our office at 404-523-9177.

Kenneth Reaves
Chairman/CEO
OMNI CREDIT ALLIANCE INC.
 

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