Cindee L. Cullingford
Coral C's Realty & Property Management
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 homewonerâ€™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.
First Weber Group
Certified Distressed Property Expert
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, email@example.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.
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.
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.
Certified Distressed Property Expert
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.