US 2023/0145840 A1Published application

A system and method of relief and an alternative to foreclosure of real estate mortgage

OwnerBradley Donald Levellinventor

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Abstract

A system and method for developing a secondary market for transferring and acquiring mortgages is disclosed. The system offers an alternative to the expensive and wasteful proposition of foreclosures. Using the disclosed system, mortgagees holding a security interest in distressed properties can harness the power of computer technology and intelligent processing of data to rapidly perform actuarial analysis and generate documents that enable interested buyers to acquire mortgages through a mortgage transfer process. The system disclosed creates a secondary market of transferrable mortgages and is designed to be beneficial for new buyers where the equity in the existing mortgage is used for down-payment; or excess equity is used to make a one time payment to the original property owner. The system disclosed offers benefits to all key players—investors, banks, purchasers and realtors, and prevents waste and enables distressed properties to command their market value.

Claims22

Dependent claims

A system for automated mortgage transfer, the system comprising:

an input device adapted to receive property data including a predefined set of features for a property, wherein the input device includes a first communication link adapted to transmit the property data to a computing server;
an output device adapted to display or print a classification value for the property data, wherein the output device includes a second communication link adapted to receive the classification value from the computing server;
the computing server including a processor, a database, a memory, an input module, and an output module,
wherein the input module is adapted to receive the property data from the input device over the first communication link and save it to a first memory location,
the database having a plurality of model property data, wherein each of the plurality of model property data includes
a plurality of values for the predefined set of features, and
a classification value,
the processor to perform operations including:
estimating and storing in a second memory location a plurality of metric values for each of the plurality of model property data where the metric value measures a similarity between the property data and the model property data,
comparing data in the second memory location and storing into a third memory location those model property data values that satisfy a predefined condition,
computing an aggregate classification value from the plurality of model property classification values stored in the third memory location, assigning the aggregate classification value as the classification value for the property, and
communicating the classification value to the output module
wherein the output module is adapted to transmit the classification value output device;
and
the output device adapted to display or print the classification value for the property data.

12 more elements

Dependencies are inferred from the claim text.

Facts

Application: 18/152,144Filed 9 Jan 2023
Priority: 17 Sep 2014
Published: 11 May 2023
Term ends: Not estimatedThe source records don’t support an estimate.

Classification3 codes

G06Q 50/16
Services: real estate
G06Q 40/03
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: credit; Loans; Processing thereof
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

Application62/051,439Us provisional application · filed 17 Sep 2014
Application14/857,801Continuation · filed 17 Sep 2015
Application18/152,144Continuation
US 11,551,316 B1Related patent
US 2023/0145840 A1This patent

From the US filing history. Foreign family members aren’t listed.