If you are a homeowner and are having trouble paying your mortgage, this information, along with the help of your Local Market Expert could save your house and your family's finances.
"As I write this, several million Americans are in jeopardy of losing their greatest investment to foreclosure within the next 18 months. But help is available, and there are ways to work with your lender to help keep your home."¯
"Unfortunately, too many people don't know this. In fact, according to a survey conducted by lender Freddie Mac and market research firm Roper Public Affairs and Media, nearly two-thirds of delinquent borrowers are unaware that their lender even offers repayment options."¯
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We have built a team that can tackle all aspects, circumstances and complexities that surround the foreclosure process. Even if you think things are hopeless, you ALWAYS have options you haven't thought of yet. Please don't hesitate to give us a call if you have any questions about this process. If we don't know the answer, we've got a specialist that does. Even if you are behind on payments, and you owe more than your house is worth, we can help!
Listed Below Are Just 10 Of The Many Options That You May Have:
1. Reinstatement of Loan (Cure): This option is paying the lender everything that is owed in one lump sum to include missed payments, any late fees associated with these payments, foreclosure fees, legal fees and the principal owed during the delinquency. A cure may involve the seller curing or deeding it to the investor "subject to" the exisiting loans, who will cure. There is a risk to the homeowner that the lender may accelerate the loan because of the due-on-sale, and the homeowner no longer owns the property and has no recourse if the investor doesn't pay the loans.
2. Repayment Plan: This is a written agreement between the lender and the seller. These plans require higher payments than the regular monthly mortgage amount for a period of time until the loan is brought up-to-date.
3. Loan Modification: A loan modification involves changing one or more terms of a mortgage. Modifications can be considered to reduce the interest rate of the mortgage, change the mortgage product (from an adjustable rate to a fixed rate, for example), extend the term of the mortgage or capitalize delinquent payments (add delinquent payments to the mortgage balance-only available in extreme hardship situations). Modifications are NOT easily granted and there must be strong, justifiable reasons for the request.
4. Forbearance Agreement: The lender will allow you a period of time (3-6 months typically) of either low payments or no payments at all. Unless the loan term is extended (which happens rarely), the later payments generally will have to be higher than the original monthly mortgage payments until the loan is up-to-date.
5. Special Forbearance (FHA Loans Only): Allows eligible borrowers to postpone monthly mortgage payments for a minimum of four months. While there is no limit on the maximum number of months, at no time may the agreement allow the delinquency to exceed the equivalent of 12 monthly PITI installments.
6. Deed-in-Lieu: A Deed in Lieu is an option in which a borrower voluntarily deeds collateral property in exchange for a release from all obligations under the mortgage. A DIL may not be accepted from borrowers who can financially make their payments. If a borrower qualifies for a DIL program they may be eligible for cash back from the lender as in the “Cash for Keys” program.
7. Cash Sale: The borrower sells the property, pays off his loan, and, depending on the equity, may net some cash out of the deal. The challenge, of course, is being able to sell it quickly enough, which most often requires a substantial drop in the price.
8. Short Sale: The borrower makes an agreement with the investor to sell it for less than is actually owed, subject to approval of the lien holders. This generally results in no cash to the homeowner, but will be better for the better for his credit than a completed foreclosure.
9. Refinance: The borrower may be able to refinance and get a new loan, but generally this is difficult because the borrower has little equity and poor credit. The new loan likely will have higher payments than the old loan.
10. Do Nothing: The worst choice for the seller, whose credit will be ruined, but he can stay in the house for several months for nothing, save up some cash, and move when the lender or the high bidder from the auction eventually evicts the homeowner.
Your Local Market Expert is just a phone call or email away! Click on the button below to find out all of your Local Foreclosure Options today... Time Is Of The Essence - Your Local Market Expert Can Help You!
Also, if you are thinking about selling your house, the best way may be as a "For Sale By Owner". Knowledge Is Power! Get the complete & vital details that you need about selling your house, for the most amount of money, in the least amount of time, as a "For Sale By Owner".
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Learn How To Sell Your House, For The Most Amount of Money,
In The Least Amount of Time, As A "For Sale By Owner".
YOU MIGHT ASK - WHY WOULD WE WANT TO HELP "FOR SALE BY OWNERS"? Your Local Market Expert (Mortgage and/or Real Estate Professional) Co-Market with the home seller. As the homes are marketed so are the services of the Local Market Expert. Most Local Market Experts that are mortgage professionals can offer excellent mortgage services to your prospects and your buyer, such as 100% financing, Interest Only Loans, damaged credit loans, and creative financing. And Local Market Experts that are real estate professionals can help you, the "For Sale By Owner" with various services that you may need in the selling of your home. Also, for the buyers that aren’t interested in your house, for one reason or another, your Local Market Expert Affiliate Real Estate Professional Member can help find them a home that does suit them. As a matter of fact, you may need the services of a Mortgage and/or Real Estate Professional when you buy your next home.
AND THAT IS WHY WE ARE GLAD TO HELP "FOR SALE BY OWNERS"...
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - This is not a solicitation for a listing if your property is already listed with a broker. This shall not be considered to be either a solicitation to do business or participate in any activity requiring a real estate license in any state in which licensed real estate members of the Local Market Expert Network or its affiliates are not licensed as real estate agents. This special offer may not be available in your local area, please check with us for availability. Realtor & MLS are registered trademarked names of the National Association of Realtors. This has been provided for general informational purposes only and does not offer legal advice. It is always recommended to seek legal representation in any real estate transaction. The Local Market Expert Network is not a real estate company and does not hold itself out as one. The Local Market Expert Network is an awesome educational tool for the For Sale By Owner, the Mortgage Professional, the Real Estate Professional and the entire Real Estate Industry!
