If maximum flexibility is of the utmost importance to you, then TrioSelect could be the plan for you. With a standard term of 3 years, you can set a lease with TrioSelect for up to 5 years. If you own another house or are in the process of renovating a home, TrioSelect is your option at Trio: What is the impact of a bankruptcy, short sale or enforced execution on my right? The average cost of selling a home is steep – between 8% and 10% of the sale price. So even if you have enough equity, it`s going to cost you a lot to sell and pay off your mortgage. Come in trio. A bit like a car leasing, with trio, you know that at the end of your lease, you have the opportunity to buy, sell, trade in, or above all, the freedom to move further. Move and buy, or pull back and move forward. You have time to make the right decision, and the calmness of knowing that whatever you decide, you will not be punished for it. If you decide you are ready to buy, you can do so at any time, without penalty and with the low option price included in your trio leasing. But if you decide to trade or continue, you can do so. For more information, see How Trio Compares.
Once your application has been approved, you will receive a letter of authorization stating the maximum monthly payment and the approximate price for which you are admitted. Your maximum approved monthly payment is determined on the basis of income, cash reserves and debt. To estimate the maximum allowed price of your home, go to Compare Trio and choose the price of the house closest to your budgeted monthly payment. You will find a monthly payment for which you may be eligible in Trio`s “First Steps” payment appraiser on thinktrio.com. With a few exceptions, for higher-income households, the maximum payment you use with Trio is 38% or less of your gross income. For example, if your gross income is $5,000, your maximum payment is $1,900 ($5,000 x 38%). Please note that your authorized payment may be limited due to your other debt obligations, housing history or credit history. Trio allows payments to a maximum of 50% of your gross income, decreased from your other debt liabilities (usually as shown in your credit report) or 38%, depending on the case.
A bankruptcy must be discharged before it can obtain an authorization. A forced execution or short sale must be carried out and taken into account in your credit report or approved by the courts. We will probably need a copy of the documentation that will support the discharge or release of the problem. Your income must be eligible for both payments, or you must have a signed lease before we can give final permission to finance your new home. It is necessary that you have 4 months of cash payments instead of our standard 2 months.