Information for Homeowners Experienceing Financial Hardship

If you're like millions of other Americans who are experiencing the stresses of a struggling economy, interest rate increases, or personal financial difficulties you probably have allot of questions about what to do next. My goal is to help you regain your financial stability while retaining as many assets as possible. 

Find out where you are at, what can be done, make a plan, and get the help you need FREE!

So let’s get started! While there are many options available to only a few apply to the vast majority of homeowners who are, or may be, late on their mortgage payments. These are loan modifications, short sales, foreclosure (more of an event than an option) and bankruptcy. These are in order of preference.

Start Here. Put your information into the Loan Modification-Short Sale Calculator to see your results

Loan Modification.

• Like a mortgage you must qualify. Only 5% to 10% of homeowners will qualify for a loan modification and not all loan modifications are good for the homeowner. The goal is to get your house payment to 31% of your monthly gross income, including taxes and insurance. Anything more and you may be putting yourself onto a tread mill that will lead you back to your current circumstance, only will allot fewer savings and many more months of stressful living.
• They are not suited to you if your mortgage balance is greater than the current value of your home.
• Qualification requires you to have sufficient income, loan to value ratio, and a lender that is willing to cooperate.
• Start here to get the tools you need to have the maximum chance of getting your loan modified
  • How To Talk To Your Lender report, with tips and advice from top negotiators on how to deal with your lender, what they want, and what not to do.
  • Loan Modification Application. All lenders will require a hardship letter, financial statement and supporting documents. You can get one from the lender, after waiting on hold, or download this one and start ahead of the game.
  • Homeowner Loan Modification Kit. Stay on tract and have the information you need at hand with this free kit. Includes a list of Free HUD Approved Counselors.
  • Using a loan modification company...beware! Click here for tips on avoiding loan modification company scams, check your company's license registration, and download the Department of Financial Instructions Fee Agreement.
  • Do you have questions? ASK NOW

Short Sale. A short sale occurs when you sell your home for less than what is owed to the bank. The bank must accept a "short" payoff to close the deal.

• Benefits of a short sale
  • You pay little or nothing to sell your home
  • Our services for listing the property and expert negotiation are free
  • Once we meet and list the property you can relax, we do all the work
  • You eliminate the mortgage payment
  • They are far less damaging to your credit
  • You can qualify for a new mortgage within 1 1/2 to 2 years
  • You avoid having a foreclosure on your record
  • Do you have questions? ASK NOW

Get Started Now

Executing a short sale shows to did what you could to mitigate the loss for the lender. Bankruptcy and foreclosures will show on your record for employment, rental applications, credit of all types and will stay with you for 5 to 7 years.

Foreclosure

The foreclosure occurs when the bank finally takes the property back at the trustee’s sale. The initial sale date is set at 90 days from the Notice of Trustee’s Sale notice which will be posted on the house. The house will be bought by a 3rd party or revert to the bank at the courthouse auction. Eviction will follow that.

Do you have questions? ASK NOW

Bankruptcy

This is very damaging to your credit and is costly. You should keep this option open if it is available to you. Bankruptcy affords you specific legal protection and can be employed throughout any of the processes above. Seek the advice of a qualified attorney for your options and when it is best to employ bankruptcy protection.

Do you have questions? ASK NOW 

This is a small representation of the information I have for distressed homeowners. It is my mission to assist as many homeowners now, in tough ecanomic times, as possible. As a Realtor I am in a unique position to help you, our community, and our country through this pursuit and feel it is my obligation to use the knowledge and skills developed over 23 years to do my part.