Methods and systems for financing expenses with a loan secured by real property

• US 20050177508A1
• Filed: 01/18/2005
• Published: 08/11/2005
• Est. Priority Date: 08/14/2002
• Status: Abandoned Application

• Current Assignee: John J. Pembroke
• Original Assignee: John J. Pembroke
• Inventors: Pembroke, John J.
• Application Number:
  US11/039,367
• Publication Number:
  US 20050177508A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Methods and systems provide a loan to a borrower. An identification of real property and a specification of products and/or services is received. A total loan value for the real property and specified products and/or services is calculated. Approval of the loan secured by the real property for the total loan value is requested. A closing is initiated on the loan at which a customer depository account is funded to provide future funds for payment of the recurring expenses.

Claims

1. A method for providing a loan to a borrower, the method comprising:

receiving, at a host system, an identification of real property and a specification of products and/or services providing expenses;

calculating, with the host system, a total loan value for the real property and specified products and/or services;

requesting, with the host system, approval of the loan secured by the real property for the total loan value; and

initiating, with the host system, a closing on the loan at which a customer depository account is funded to provide future funds for payment of the expenses.

2. The method recited in claim 1 wherein the loan is also secured by the specified products and/or services.

3. The method recited in claim 1 wherein approval of the loan comprises:

initiating an appraisal of the value of the property with the specified products and/or services; and

calculating a back-end ratio that omits consideration of separate payment of the expenses by the borrower.

4. The method recited in claim 1 further comprising designating funds in the customer depository account as a prepaid asset linked with the real property, whereby the funds in the consumer deposit account comprise a real-property interest.

5. The method recited in claim 1 wherein:

the loan comprises a mortgage; and

the borrower is a buyer of the real property.

6. The method recited in claim 1 wherein:

the loan comprises a refinance mortgage; and

the borrower is an owner of the real property.

7. The method recited in claim 1 wherein:

the loan comprises a home-equity loan or a home-equity line of credit; and

the borrower is an owner of the real property.

8. The method recited in claim 1 wherein at least some of the expenses comprise recurring expenses, the method further comprising initiating payment of the recurring expenses when due.

9. The method recited in claim 1 wherein at least some of the expenses comprise periodic expenses, the method further comprising periodically initiating payment of the periodic expenses.

10. The method recited in claim 1 further comprising initiating foreclosure against the real property and against the customer depository account in response to a default by the borrower on terms of the loan.

11. The method recited in claim 1 further comprising initiating payment of a guarantee amount defined by a remaining value of the products and/or services to a lender of the total loan value in response to a default by the borrower on terms of the loan.

12. The method recited in claim 1 further comprising initiating a transfer of ownership of the real property and a transfer of obligations under the loan to a guarantor in response to a default by the borrower on terms of the loan.

13. The method recited in claim 1 further comprising initiating a transfer of the customer depository account to a new buyer of the real property.

14. The method recited in claim 1 further comprising initiating a transfer of the customer depository account to a new property purchased by a current owner of the real property after a sale of the real property.

15. The method recited in claim 1 further comprising increasing a value of the customer depository account by depositing additional funds after closing into the customer depository account, whereby a useable term of the customer depository account for payment of the expenses is extended.

16. The method recited in claim 1 further comprising transmitting over a network from the host system a specification of terms for the loan to permit the borrower to select the loan from a plurality of loans with specified terms.

17. The method recited in claim 1 wherein the customer depository account comprises a plurality of customer depository accounts, each of the plurality of customer depository accounts being identified with a distinct subset of the specified products and/or services.

18. The method recited in claim 17 further comprising effecting a transfer of funds among at least some of the plurality of customer depository accounts.

19. The method recited in claim 1 wherein the customer depository account is segregated for separate tracking of funds identified with distinct subsets of the specified products and/or services.

20. The method recited in claim 19 further comprising changing an identification of the funds among the distinct subsets.

21. The method recited in claim 1 wherein the specification of products and/or services comprises specification of a term for the products and/or services.

22. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system for a bundling company, the computer system including a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the computer system to provide a loan to a borrower in accordance with the following:

receiving an identification of real property and a specification of products and/or services providing expenses;

calculating a total loan value for the real property and specified products and/or services;

requesting approval of the loan secured by the real property for the total loan value; and

initiating a closing on the loan at which a customer depository account is funded to provided future funds for payment of the expenses.

23. The computer-readable storage medium recited in claim 22 wherein the computer-readable program further includes instructions for:

initiating an appraisal of the value of the property with the specified products and/or services; and

calculating a back-end ratio that omits consideration of separate payment of the expenses by the borrower.

24. The computer-readable storage medium recited in claim 22 wherein the computer-readable program further includes instructions for initiating foreclosure against the real property and against the customer depository account in response to a default by the borrower on terms of the loan.