DON'T LET THE BANK FORECLOSE ON YOUR
                         HOME AND RUIN YOUR CREDIT
                               
                                  YOU HAVE OPTIONS!


Alternatives to Avoid Foreclosure

The type of mortgage loan you have may determine what types of alternatives you may be eligible to pursue. Please contact your lender and a Housing Counseling Agency to discuss which alternatives you are eligible for, and which one is best for your situation.

Options To Retain Your Home:
The following options will result in you retaining ownership of your property.

Repayment Plan: This usually involves establishing a schedule with your Lender to make a full regular monthly payment plus a little extra each month, to repay the delinquent amount over a specified period of time.

Special Forbearance Plan: This option may provide for a temporary reduction or suspension of payments, that will be increased at a later point to repay the delinquent amount over a specified period of time.

Mortgage Modification: This option may allow you to refinance the debt and / or extend the term of your existing mortgage loan.

HUD Partial Claim: If your loan is an FHA insured loan, your lender may be able to obtain a one time payment from the FHA-Insurance Fund to bring your mortgage loan current with payments.

Refinance: This option may allow you to use the equity that you have established in your home to pay the delinquent amount. Depending on the interest rate of your new loan, your monthly payments might be reduced. You can explore refinancing with your existing Lender as well as with any Lender of your choice.  

 
Options To Dispose Of Your Home:
In situations where you do not want to retain ownership of the home, the following disposition options may be available as an alternative to Foreclosure. These options affect your credit rating less than a Foreclosure will.

Sell The Home: If there is sufficient equity in the property, you may be able to receive more for your property than what is due on the mortgage loan.

Assumption: With this option, you would sign over the property to another person. That person would then take possession of your home, and take over making the payments.

Deed In Lieu Of Foreclosure: This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit.

Pre-Foreclosure Sale or Short Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan.

FOR MORE INFORMATION ABOUT ANY OF THESE ALTERNATIVES TO FORECLOSURE GIVE US A CALL AT: (888) 641-1127


Short Sale Myths
1. You must be at default on your mortgage to negotiate a short sale. WRONG. Short sales are not a function of default status on a mortgage. They are the result of the bank mitigating a potential default situation that, in the long run, will cost more money to the investors. We have completed many short sales in instances when the borrower was not in a default situation.
2. Listing my home as a short sale is embarrassing. WRONG. Anytime we get ourselves into a tough financial situation it can cause some embarrassing feelings. It is important to remember that those feelings will not help us get back onto stable financial ground. We need to overcome our feelings and do what is right to protect our financial futures.
3. Buyers aren't interested in short sale properties. WRONG. Short Sale properties are often times available at a competitive price to other properties on the market. In many cases, short sale properties are very well cared for and have not had to endure the deferred maintenance of a REO property. Short Sale properties are in great demand in the marketplace.
4. There's not enough time to negotiate a short sale before foreclosure. WRONG. A good negotiator takes into account the timeline affiliated with a foreclosure. There is always a chance that a short sale can be negotiated. However, the only way to know for sure is to try.
5. The bank would rather foreclose than complete a short sale. WRONG. Banks do not want to foreclose on property. It is expensive and carries a high level of liability once the bank owns that property as an REO. Wherever possible, banks are seeking other loss mitigation options before foreclosure.
6. Short sales are impossible and never get approved. WRONG. Short sales are complicated, but not impossible. We negotiate short sale approvals every day.

FOR MORE INFORMATION ABOUT SHORT SALES GIVE US A CALL AT: (888) 641-1127