FORECLOSURE or SHORT SALE!
IS THERE ANY HELP? Maybe……………
WHAT CAN I DO?…….Read below:
There are programs to help you starting with your current mortgage.
The most popular program is the HAMP program. This program is often referred to as Loan Modification. Not all homeowners will qualify for this program, but several lenders have worked with their mortgage borrowers with their own in house programs. Unfortunately, many homeowners either do not qualify due to Income /Asset Eligibility requirements or cannot successfully complete the “Trial Period Plan” .
If you are ineligible for HAMP modification servicer/lender is required to consider other loss mitigation options including but not limited to:
Forbearance
- Lender may allow you to reduce or stop payments temporarily. Catch – When you begin making payments again, you must submit your regular monthly payment plus an extra amount each month until you are up-to-date.
Deeds in lieu of foreclosure
– Transfer your deed to lender to avoid foreclosure. Your credit rating could be revived in 4 yrs to qualify to finance a new home instead of 5-7 years.
Short Sale -
If you are 30 – 60 days behind on payments this is the most practical option to avoid foreclosure. In a short sale, you sell your home, but the lender agrees to accept less than the amount you owe. In some cases, this means you will erase your entire debt and could rebuild your credit rating in just 2 years (instead of the usual 5-7 in a foreclosure. So in about 2 years, you could qualify for a new home loan.
Before you start – beware of scams, avoid any business that:
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Guarantees to stop the foreclosure process not matter what your circumstances
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Instructs you to not contact your lender, lawyer, or credit or housing counselor
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Beware of anyone who asks you to pay a fee in exchange for a counseling service or modification of a delinquent loan.
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Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt
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Never make a mortgage payment to anyone other than your mortgage company without their approval in writing.
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Encourages you to lease your home so you can buy it back over time
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Tells you to make your mortgage payments directly to them, rather than your lender
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Offers to buy your house for cash at a fixed price that is not set by the housing market at the time of sale
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Offers to fill out your paperwork for you
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Pressures you to sign paperwork that you have not read or do not understand
You have decided to check out the short sale option –
JoEllen King is your
Short Sale and Foreclosure Resource. Call me direct at 510-377-5084.
JoEllen King is certified as a:
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Short Sale and Foreclosure Resource certified with the National Association of Realtors.
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Certified Program HR 3648 Administrator (CPR) : a privately sponsored nationwide initiative to reach out to homeowners who are struggling with their mortgage payments. This program provides you with the information, guidance, and services required to avoid foreclosure under the rules enacted by Congress in H.R. 3648 Forgiveness Debt Relief Act.
Click here to see our short sale flyer in PDF format.
JoEllen King
joellen@realtorking.com
KING REAL ESTATE GROUP
JoEllen Tel: 510-377-5084
Office: 21666 Redwood Rd. Ste D, Castro Valley CA 94546
Mailing: 4061 E Castro Valley Blvd. #451, Castro Valley, CA 94552
