As a Short Sale and Foreclosure Resource, certified by the National Association of Realtors, I have been trained extensively to help homeowners avoid foreclosure. I am able to offer creative solutions that would otherwise not be available if not for my strategic realtionships with specialized investors. Whether you've never missed a payment or you've already received a notice of trustee's sale, its never too early or late to request a free consultation.
Some of the options you have are:
- Re-negotiate With Current Lender:
A. Forbearance Agreement: Must Qualify – An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.
- Loan Modification: Must Qualify - The bank agrees to lower your monthly payments to no more than 30% of your income on a trial basis. If you are able to consistently make your payments on time the bank then agrees to lock in your reduced payment for a limited time, usually a few years.
- Refinance The Property Traditionally: Homeowner is usually required to bring account current before refinancing. Requires you to have at least 20% equity which rules out most homeowners facing foreclosure.
- Have an Investor Buy Your Mortgage: This is only available through my investor partners who have been successful in purchasing your mortgage from the bank at market value. This is like a short sale in that your bank has to agree to take a loss and will report to the credit bureau that you settled your debt for less than owed. There are no guarantees, but if successful you would keep ownership of your home, reduce your payments, and reduce your principal balance to the current market value of your home. This is not for everyone as there is an up front cost involved. Email me for a brochure with more info about this option.
- Hire A Real Estate Broker To Short Sale Your home: This is where you sell your house at its current market value and the bank agrees to forgive you of any unpaid balance remaining after the sale. It’s very important you hire a local professional to assist you in selling your home. A short sale will negatively impact your credit, but not nearly as bad as a foreclosure will. Its important to consult a tax professional and a real estate attorney to see if a short sale is the right option for you.
- Declare Bankruptcy If you’ve received a notice of trustee’s sale, declaring bankruptcy will stop the auction process but I’m NOT telling you to do so! With BK, debt and penalties accrue, and 85% of people still lose their house.
- Borrow Money From Friend or Relative, Win the Lotto A bit unrealistic.
- Deed in Lieu of Foreclosure: aka Friendly Foreclosure: You agree to voluntarily give the house back to the lender. You still lose the house but you save the lender from having to take it back through foreclosure so even though it will damage your credit, it’s not as damaging as a Foreclosure.
- DO NOTHING!: Let the bank take ownership of your home by foreclosure, have the sheriff evict you from your home, and damage your credit for 7 years. Not recommended!
If a short sale is your best, or last, option, you'll be happy to know that I offer a Stress-Free Short Sale Process. One of the top reasons a struggling homeowner chooses foreclosure over a short sale is because of the headache involved with letting countless strangers in your house while you're still living there. When I list your home you are guaranteed a serious cash offer on day-one, without ever letting a stranger in your home or putting a sign in your yard. If the cash offer is accepted by the bank, done deal. If it's not, then I get a pre-approved price back from the bank and with my pool of ready and qualified buyers I can sell your home quickly with minimal interruption to your day to day life.
If you think a Short Sale is your best option, please take a moment to answer a few questions and I will contact you promptly.