Foreclosures,
Loan Modifications and Short Sales


Foreclosure Alternatives

If You Are Facing a Foreclosure. . .

These Are Your Foreclosure Alternatives !

If you or know someone that
is facing a foreclosure, the first thing I can tell you is to
recognize your predicament and make the right decisions to save
yourself from a foreclosure

We specialize in homeowners that are under distress and we bring to you
certain rights that you may not know you had. . to finally bring a
solution to your problems,
We know your rights as a homeowner and how to stop the foreclosure
process with a new Government program created under the Obama
Administration.
The HAFA PROGRAM.
The current U.S. housing crisis has caused untold stress for
many homeowners. A Foreclosure is one of the most devastating financial
issues that a family can face. It is recommended that you should try
to avoid a foreclosure at all time.

Some of the options that we may direct you to are outlined below:

short salesReinstatement

A reinstatement is a simple solution for a foreclosure. The homeowner
simply will request the total amount owed to the mortgage company to
date and just pays it.
This solution has only one party for approval. . YOU! .
Pay and you Stay.
The biggest drawback to this is that the homeowner is
required to pay not only all the back payments but more likely a few
fines and fees added to the final bill. . and of course that
nothing on your loan has changed. You owe the same amount, the same
interest rates and you hope that you do not trip again

.
short salesForbearance or Repayment Plan
A forbearance or repayment plan involves the homeowner negotiating with the lender (s) a way
to to repay back payments over a period of time. The homeowner
typically must make not only the regular payment but in
addition. . .a portion of the back payments as well.
The biggest drawback to this is that you should have not only enough to
pay for your mortgage but a little more to start paying what you are
behind.
There maybe an approval form your lender to reduce your interest rates
for a few months to help you catch up but. . at the end. .you
are still with the same mortgage that got you in trouble at the
beginning.

short salesMortgage Modification

  • A
    mortgage modification involves the reduction of any of the following:
  • The
    interest rate on the loan
  • The
    principal balance of the loan
  • The
    term of the loan

These
typically result in a lower payment to the homeowner and a more
affordable mortgage.

The biggest drawback to this is simple. You have to qualify. The lender will require full
documentation and proof that your monthly mortgage payment can not
exceed 31 percent of your gross income. If you make $1000 per month,
your payment can not no more than $310 per month.

short salesRent It!
If your mortgage
payment is low enough that renting
will allow it to be paid. .then just convert it to a rental property
and use the rent money to pay your mortgage.
The biggest drawback is the rental amount, who are we kidding here. .
if you can rent your property for enough money to cover your mortgage
payment. . you wouldn't be reading this post.

short salesDeed in Lieu of Foreclosure
This is also known as a 'friendly foreclosure', a deed in
lieu allows the homeowner to return the property to the lender helping
them with the trouble of foreclosing your property trough Judicial
means.. . being know as a friendly FORECLOSURE. . gives you the biggest
drawback. . it is a foreclosure after all no matter how you looked at
it. If the lender and you can negotiate in advance a complete removal
of any deficiency judgment before hand, then this could be an easy
decision for you.
The biggest drawback . . it is a foreclosure regardless and just
remember the lender is negotiating to benefit them. . not
you!.

short salesBankruptcy

A Bankruptcy may have considered a bankruptcy as a 'foreclosure solution,' but this is
only delays the foreclosure some. . and you end up with a Foreclosure and a Bankruptcy on your
record. . a double whammy that will take years to clear it. I;m not
saying a bankruptcy should be completed ignored.
.in some cases this could benefit you.
In general a bankruptcy
should be one of the last if not the last attempt as an option to help you out of your situation.
The biggest drawback is that you
will end up with a foreclosure and a
bankruptcy when all is done. . not a good position for anyone to be in.

short salesRefinance

If you sufficient
equity on your property and your
credit is still in good standing, then you may be able to refinance
your mortgage.
The biggest drawback. .you house has to appraise for a portion of
the loan amount.
short salesFor all Military Personnel Only, Service Members Civil Relief Act
If you are member of the military and experiencing financial distress due to
deployment, you may qualify for relief under the Service Members Civil
Relief Act.
There are attorney that specialize in
this area and you should consult one.
No drawback here, if you are in the
military, you have many more options than
the civilians USE THEM and find an appropriate counselor


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short salesSell the Property as a Short Sale if you don't have enough equity.
If a homeowner owes more on their property than it is currently worth,
then they can hire a qualified Real Estate Agent to market and sell
their property through the negotiation of a short sale with their
lender. A short sale is just that, a sale of your property for what you
owe and with the new HAFA
program,
we can guarantee you that the lender will not pursue a deficiency judgment
against you!
You must qualify to be under the
HAFA Program.
Check all these Q & A's about
HAFA HERE
The biggest drawback is that you will have to move and find a place to
move to. . but I can tell you that you will feel so liberated form the
stress at the end . .that you will not mind.
This represents some of the solutions available to homeowners
facing foreclosure today. We specialize
in Short Sale and the HAFA Program..
Please call us today at (240)426-57540324 for a free confidential
evaluation of your individual situation, property value, and possible
other options.


My
direct number is
240-426-5754

Please
read my eBook
about short sales
here.
It will answer many questions.

About
HAFA here's more information


Here
I can answer some of your questions in general. .


Or
if you prefer, you may want to ready the questions and answers below
about short sales

Some Questions You May Have:

What is the difference between a short sale and a foreclosure?

How much a short sale cost me after all?

Thank you


Short Sales Realtor