How to Escape the Grip of Foreclosure
No one wants to be in the situation of losing their home because of a mortgage interest rate reset. The reality is that millions of Americans across the country are struggling with unaffordable mortgage payments, and more than ever lenders are motivated to work with homeowners to come to a resolution. We can help advise you of your options and show you how to create a strategy that will loosen the hold that foreclosure has on your future.
You have options
When you began struggling with your mortgage payments, you may have felt that you had no way out of the situation, but you actually have many different options. We will guide you through the process of finding which option is best for you. By discovering and acting on your options, you’ll have the leverage to escape the grip of foreclosure.
Your Foreclosure Alternatives Include:
- Short Sale
- Forbearance or Repayment
- Mortgage Modification
- Rent the Property
- Service members Civil Relief Act
- Sell the Property
Relieve the Stress
When you owe more on your home than it’s worth, and are struggling to make payments, the pressure you feel can go through the roof! If you are in a situation where your expenses exceed your income, have a verifiable financial hardship, and no other assets to pay off the balance of your mortgage, you may qualify for a loan modification or short sale.
We can help relieve the burden of an overwhelming mortgage by showing you ways to execute a dignified solution.
Do You Qualify For A Short Sale?
Do you have…
- Financial Hardship: severe illness, military service, insurance or tax increase, etc. (Ask us for a full list of acceptable hardships)
- Monthly Shortfall: business failure, job loss wage reduction, divorce, etc.
- Insolvency: you currently owe more money than you have, or you are about to reach that point
If you answer YES to the above questions, you may qualify.
Calm your fears!
You may be anxious about whether your lender is motivated to work out a solution with you. The reality is that lenders lose much less in a short sale or loan modification than they do in foreclosure. The cost of foreclosure may cost your lender up to 50% of the loan amount while a short sale could only cost them from 15-30%.
What Does It All Mean?:
A short sale is when the lender agrees for the property to be sold at a price lower that the mortgage balance owed.
A deed-in-lieu is when the lender receives the house deed in place of the mortgage balance, although in some cases the lender will still pursue the homeowner for the leftover mortgage balance, which is called a deficiency judgement.
A short sale or deed-in-lieu through the government’s (HAFA) Home Affordable Affordable Alternative Project prohibits the participating lender from pursuing a deficiency judgment.
SHORT SALE BENEFITS
The financial implications of short sales are always less severe that the implications of foreclosure. Your credit score, credit history, employment applications, and future chances of acquiring a loan are all benefit from completing a short sale rather than being foreclosed upon.
Our job is to facilitate cooperation and communication between you and your lender and work toward the best solution for everyone. Knowing this should help you breathe a little easier when starting this process.
Call Us Today!
We know that you are grappling with unfortunate circumstances, and dealing with all the emotions that come with it. We are trained to guide you through this process, help you to restore hope, and empower your future. You are not alone in this situation.
We Are (CHS) Certified HAFA Specialists, (CDPE) Certified Distressed Property Experts) and (SFR) Short Sales & Foreclosure Resource Specialists.
We are here to help.