Foreclosure & Mortgage Modification
If you need foreclosure help, taking an active
role early plays a major role in avoiding foreclosure or to stop it.
Regardless of the circumstances, you do have options if you cannot
meet your monthly mortgage obligations.
|Mortgage Modification||Useful Links:|
Mortgage loan modification is a great solution for a borrower
who wants to stay in their property, but can't afford the current
payment but still has income and may be able to afford a lesser
mortgage payment. Mortgage loan modification is also a solution when
the payment has not been made for a while, but the borrower can now
afford to start making payments again.
If mortgage modification seems like the right option for you,
contact us for a consultation.
|A short sale is a sale of real
estate in which the proceeds from the sale fall short of the balance
owed on a loan secured by the property sold. In a short sale, the bank
agrees to discount a loan balance because of an economic or financial
hardship on the part of the owner.
The home owner will attempt to sell the property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Many lenders will agree to accept the proceeds of a short sale and may forgive or be willing to negotiate on the rest of what is owed on the mortgage. In such instances, the lender would have the right to approve or disapprove of a proposed sale.
Negotiating a Short Sale with the lender can be a lengthy and difficult process. The lender may require a written contract with you and the buyer, a HUD-1 or settlement statement of the sale, a buyer assurance letter stating the potential buyer is approved for the new loan, proof that the house has been on the market for a period of time with a Real Estate Agent and financial information from you.
Many short sales fall through for a number of reasons. We can successfully negotiate short sales for many home owners and we know what documentation the lender needs for approval and in what order.
Contact us for more details.
|Deed in Lieu of Foreclosure|
|If you can no longer afford your property and a modification or short sale will not work for you needs, your lender may agree to accept a Deed in Lieu of Foreclosure. A Deed in Lieu of Foreclosure is a conveyance of the property from the property owner to the current mortgage holder. The conveyance is done to avoid foreclosure proceedings. Like a short sale, whether or not the mortgage holder agrees to accept the Deed in Lieu of Foreclosure as full satisfaction of the underlying debt depends on each lender and the specifics of the transaction. Not all properties will qualify for a Deed in Lieu of Foreclosure. If there are any existing any liens or judgments recorded against the property owner or the property or if the property is encumbered by a second mortgage, then the property will not qualify for a Deed in Lieu of Foreclosure. Contact us for more details on Deeds in Lieu of Foreclosure.|
|Depending upon your unique situation there may be other options and possibilities than listed above available to you. Please fill out the free case evaluation form or call us for further advice on how to prevent a foreclosure.|