Foreclosure in 32907>Question Details

Tdderrell2, Other/Just Looking in Palm Bay, FL

my home is in foreclosure, however, i have not heard any information from last year november.... now should i contact them or try to seek assistance

Asked by Tdderrell2, Palm Bay, FL Sat Nov 21, 2009

from an organization like naca.. holding local seminars in orlando next month.

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8
Hello, please feel free to give me a call. I have done short sales for the past 5 years & just got a homeowner a $3000.00 re-location package & sold her home. It usually takes approximately 18 mths before the lender gets to an actual foreclosure. I would not suggest paying a lawyer when as a real estate agent I will work for you & your lender will pay me. This is an awkward situation & I can help!

Cindee L. Cullingford
321-213-1833
Coral C's Realty & Property Management
0 votes Thank Flag Link Wed Jul 31, 2013
With all of the short sales and foreclosures on the market, I suggest you contact an attorney. You may see it as a needless expense, but an attorney can help you in many ways that you haven't thought of yet.
Good Luck,
Robin Ricker
0 votes Thank Flag Link Sat Dec 4, 2010
I am not sure why you would not have contact from the bank/mortgage company in a year! If you know you are in foreclosure, you have had some contact. The real question is do you want to stay in your home. If you want to stay in your home you have to either contact the loss mitigation department in the bank or contact a agency that can assist you. During the last your http://www.makinghomesaffordable.gov has been building
relationship.


Here are Your Options should you be facing Foreclosure
1. Do Nothing- If a homeowner does nothing, they will most likely will loose their home at foreclosure auction. Loan applications generally ask if the applicant has ever been foreclosed. Credit reports also disclose this damaging information. Not the best option.
2. Payoff/Refinance- Completely pay off the entire loan amount plus any default amounts and fees. Typically this is accomplished by refinance of the debt. New debt is at a normally higher interest rate and there may be a prepayment penality because of the recent default. With this option, there should be equity in the home.
3. Reinstatement- Paying the entire default amount plus interest, attorney fees,late fees,taxes, missed payments and fees.
4. Loan Modification- Utilizing the existing mortgage company to capitalize the debt or extend the terms of the lian. This may allow the homeowner to catch up at more affordable level. To qualify, you must prove to the lender you have fixed the problem that caused the late payment.
5. Forebearance- Lender may be able to arrange a repayment plan based on the homewoner’s financial situation. The lender may even be able to provide a tempory payment reduction or suspension of payments. Information will be required from the lender to show that you are able to meet the new payment plan requirements.
6. Parital claim- A loan from the neder for a 2nd loan to include back payments,cost and fees.
7. Deed in Liew of Foreclosure- Give the property back to the bank instead of the bank foreclosing. Banks generally require the home be well maintained, all mortgage payment and taxes must be current. Most loan applications ask if this has ever happened.
8. Bankruptcy- This option can liquidate debt and or allow more time. I can refer you to a qualified bankruptcy attorney.
. Chapter 7 (liquidation) To completely settle personal debt.
. Chapter 13 (Wage earner Plan) Payments are made toward a plan to pay off debt in 3-5 years.
. Chapter 11 (Business Reorganization) A business debt solution
9. Rent the property- when rent will make full payment or you have the ability to make short fall. To do this option, the loan must be brought current.
10 .Sale- If the property has equity (money left over after all loans and monetary encumbrances are paid). The Homeowner may sell home without lender approval through a conventional home sale.
On the other hand a short sale, also known as a pre-foreclosure sale, can be negotiated with your lender by our Real Estate Professional if what is owed is more than the property value
ps with lenders and might be a good first step if you do not want to contact the bank your self.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee
0 votes Thank Flag Link Tue Nov 24, 2009
Well Tdderrell2, Being we have agents from out of county, one to far north to know the Palm Bay Market and only one near Palm Bay answering you, Why not give you my answer. I see no one put that they were a short sale specialist, sold any short sales or have worked with banks and others in this process.
I am very surprised that the bank or whom ever holds your note, has not asked you to vacate the premises yet after all this time. But it may be coming soon.

The biggest question i have is, No one from your mortgage holder offered you a Mortgage Modification or to put the home up as a short sale? I have the right contacts you need that have worked with our company at ERA Showcase for years in short sales as myself. As no one may realize, short sales have ben around for a very long time. As long as 20 to 30 years. But it is so congested right now that the length of time is utterly rediculous to get an offer completed.

Instead of trying to explain all of this on here. Would you mind sending me an e-mail with your name and phone number to discuss what can be done at this time. My e-mail is, petedsellshomes@aol.com and my cell phone number is 321-480-2544. Then we can also check the clerk of the courts to see how far any filings of foreclosure have gone. Please contact me.
0 votes Thank Flag Link Sat Nov 21, 2009
You can certainly do a short sale if you have a financial hardship. The bank or mortgage holder may have other options for you. They are the ones to let you know what you may qualify for and guide you to start the process. Call them first and speak to someone who knows what they are talking about at the bank (maybe not the first person who answers the phone) Depending on what the bank says, contact a Real Estate Attorney or and local Realtor who is experienced in short sales.

It is certainly better to do something! Whatever that may end up being for you. Please know that it may take several phone calls and some time on your part to figure out what is best for your situation.
0 votes Thank Flag Link Sat Nov 21, 2009
Hi,

I would advice you to seek assistance, rather than contacting them directly. Even if you are currently in foreclosure, there are several options that are available to you that can help you avoid foreclosure or a deed in lieu and the costs that accompany it. My wife and I are both full time Realtors who have been specially trained as Certified Distressed Property Experts. It would be our pleasure to speak with you about what those options are. If the home has not been sold at auction yet, there is still time to do a short sale or pursue other options that I would be glad to share with you.

You're welcome to look at my website http://www.AndyWillHelp.com or my wife's site, http://www.AbbyWillHelp.com . Both sites have the same helpful information and it's all free and easy to look at. There are also five different free reports that can be emailed to you that explain what your options are and what the consequences of those options are. There are also two new ones, The 7 Most Dangerous Short Sale Myths and The Truth About Mortgage Modifications.

Please take a look at either website and then call or email me with any questions. I look forward to helping you! Information is free, helpful, and always given happily.

Sincerely,

Andy Barclay
Certified Distressed Property Expert
RE/MAX Elite
http://www.AndyWillHelp.com
http://www.ThinkAndy.com
Andy@ThinkAndy.com
321.514.9862
Web Reference: http://www.AbbyWillHelp.com
0 votes Thank Flag Link Sat Nov 21, 2009
Are you working with a Realtor or an attorney? If not, do so NOW. You have to make a decision on if you want to stay in the home and do a loan modification, or do you know you can't afford it and want to do a short sale. There are many options, but you much act quickly so as not to lose your equity. Give me an email or a phone call and let me know what you want, stay or leave the home? Foreclosure is the worst thing you can do to your credit and then it is even hard to find a place to rent.

Email me and I'll go over your options with you as this is what I do for a living. No cost or obligation. Send email to PaulaBean@HomeOrlando.com and give me your email address or phone number and lets chat. I'll help you out.
0 votes Thank Flag Link Sat Nov 21, 2009
Always try to stay in contact with your mortgage company, but even if you don't you do have options... Here is a number to use, it is for a HUD approved counsler 1-800-569-4287 they will be able to direct you to a location here in brevard county that will counsel you about what options you have. If after you have weighed your options and if you decide to go the short sale route please give me a call and I would be happy to go over the procedures for short sales with you and help you to list your property if need be, my number is 321-917-7828 ask for David I am a Lic. REALTOR with Pruitt Real Estate Inc. And my office is at 125 W. New Haven Blvd. Melbourne FL. 32901
0 votes Thank Flag Link Sat Nov 21, 2009
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