Foreclosure Help

HELP! I AM LOSING MY HOUSE!

There are many ways to transfer ownership to property but doing it so that it obliterates your credit rating, causes embarrassment, and destroys your dignity is by far the worst. If you find that you can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings even if you do not have any equity in your home. This option is called a "short sale."

In this time of 100% financing, adjustable rate mortgages adjusting, a declining market, and property values that are not appreciating as fast as they once were this option has become popular for many sellers facing foreclosure.

Bad things can happen to Good People. A foreclosure or possible foreclosure does not mean that you are a BAD PERSON! Unforeseen events may have helped cause a situation that is out of your control. It is never too late or too early to take action to preserve your piece of mind and dignity. Whether you are in foreclosure or if there is a STRONG POSSIBILITY that you could be heading into foreclosure, NOW is the time to take action.

What is a Real Estate Short Sale?

A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Most but not all lenders will accept short sales or discounted payoffs. However, not all sellers nor all properties qualify for short sales.

Foreclosure is a LOSE / LOSE situation

The Bank LOSES in this situation

• Mortgage company loses revenue
• Mortgage insurance loses premiums
• Mortgage insurance pays a claim
• Mortgage investor loses payments
• Property damage potential during foreclosure
• Foreclosure stigma equals a lower value
• Neighborhood is affected by lower value

BUT THE HOMEOWNER LOSES THE MOST

• Foreclosures are reported to credit companies
• Late payments ALSO reported to credit companies
• It will take 7 years to get removed from credit report
• Bad credit rating will affect your ability to get credit cards, mortgage loans, possible higher insurance premiums, and may hinder your ability to get a JOB
• Insurer could bring a legal suit against you
• "Income" from the LOSS must be reported on your taxes with a 1099-A

I am willing to talk openly and honestly with you about your situation, I hope that you will as well. Rest assured, your information and situation will NOT BE REVEALED TO ANYONE.

Please remember that this situation is not one to be embarrassed by. Bad Things happen to Good People. It is my job to help you make the best of it. I am sure that you have questions for me so please compile them in anticipation of my call. If you have any questions that cannot wait, please feel free to contact me sooner.