If you have already started the the loan mod process, then good luck I hope everything works out. If not, please read my new trulia blog on loan modification at the link below. If the loan mod doesn't work, your next step should be a short sale. Foreclosure is never a good option! The trick here is to find an agent that knows what he or she is doing. I strongly recommend finding a CDPE (Certified Distressed Property Expert) in your area. To find out more please visit my website: http://www.ForclosureUTurn.com.
Local government: $19,000
Impact on neighboring home values: $75,000
TOTAL ESTIMATE = $151,000
The old rule of thumb was 90 days (3 months) late meant automatic foreclosure proceedings. Due to the current economy, this is now being pushed back to 180 days (6 months) and even up to 270 days (9 months) in some cases. In addition, depending on the lender, they will issue the foreclosure notice and then postpone it for another 90 days. Have you received any notices from your lender?
I would avoid a short sale at all costs, they are a nightmare (see my blog for more info). Here are some other resources that may help you:
Arizona & Maricopa County
â€¢ Arizona Mortgage Trouble Assistance line: 877-448-1211
â€¢ Office of the Arizona Governor: http://azgovernor.gov/
â€¢ Arizona Foreclosure Prevention Task Force: http://www.arizonaforeclosuretaskforce.com/
â€¢ Arizona Department of Housing: http://azhousing.gov/
â€¢ Neighborhood Housing Services of Phoenix, Inc: 602-258-1659 & http://www.nhsphoenix.org/
â€¢ Arizona Foreclosure Help-Line: 877-448-1211 & http://www.housingaz.com/ShowPage.aspx?ID=248
â€¢ Maricopa County Community Legal Services: 602-258-3434 or 800-852-9075 & http://www.clsaz.org/
â€¢ Association of Community Organization for Reform Now (ACORN) Housing Corp., Phoenix: 602-253-1111 or http://acornhousing.org/index.php
â€¢ Arizona Department of Financial Institutions/Foreclosure Help: http://www.azdfi.gov/foreclosure/Intro.htm
â€¢ Guide to Avoiding Foreclosure: http://www.hud.gov/foreclosure/index.cfm
â€¢ Field Guide to Foreclosures: http://www.realtor.org/library/library/fg329
â€¢ Acorn Housing Home Equity Loss Prevention program (HELP): 888-409-3557 & http://www.acornhousinghelp.org
â€¢ Homeowner Affordability and Stability Plan: http://www.financialstability.gov
â€¢ Help for Americaâ€™s Homeowners (the Federal government's new program to assist existing homeowners stay in their homes): http://makinghomeaffordable.gov/
â€¢ Homeownerâ€™s HOPE Hotline: 888-995-[HOPE]4673â€”24 hours a day/7days a week & http://www.995hope.org/
If you have other questions or need to contact me, my info is below:
Prudential Arizona Properties
3200 E Camelback Rd, Suite 103
Phoenix, AZ 85018
Good luck with your renegotiation! Yvonne
The collection department would send to your case to foreclosure usually between 110-135 days in default. So if you can get the bank to accept the funds to keep you under 60 days in default it will not make it to foreclosure. However, your funds my be sent back if the bank does not receive the total amount due. When the loan mets the deliquent requirement, the collection department transfers to the case to the foreclosure department. At this point the foreclosure department and loss mit department work the case.
Contact the bank and make them aware that you are sending the funds because you are concerned about status of modification and do not want to incur attonney fees if possible.
First Weber Group
Certified Distress Property
Make sure you know all your options! If you are late on payments the banks will require the past payments brought up to date!
You may want to consider selling your home too! This is called a short sale and you will want an agent with experience and a proven record! They are much more involved than a resale!
Feel free to contact me if you have any other questions!
Have you received a Notice of Trustee's Sale? On the notice it will say when the sale will happen. After the sale occurs there is nothing you can do. At any time before the sale (just don't get too close to the sale date) you can contact the bank and tell them that you want to keep the house. They will most probably work a solution with you - if you can not reach an agreement then they will foreclose on the specified date.
Carlos J Ramirez, PC, ABR, CNE
Associate Broker, HomeSmart -