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Hewitt : Real Estate Advice

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Activity 3
Tue Feb 19, 2013
Terry Farnsworth answered:
Hi Faria,

I'm unclear as to what your question is. Can you clarify?

Typically to "stop" a foreclosure from happening, you'd need to do one of the following:

1. Pay your mortgage payment on time each month as agreed.

2. If you are behind on your mortgage, pay the past due amount to current.

3. Pay the balance of the loan in full.

Hope that helps!
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Wed Jan 30, 2013
Mary Petti answered:
Julie,

Have you applied for the federal HAFA program, which is a home loan modification program intended to try to decrease the number of short sales and foreclosures??

That should probably be your first step. If you don't qualify for the program, then usually you will at least get a pre-approved short sale from your lender. Pre-approved short sales at least make it easier to sell the house, because you KNOW what the bank will take. AND the bank cannot ask you to pay the "deficiency" or short amount.

See the following article for reference:

http://www.bankrate.com/finance/real-estate/hafa-short-sale-rules-may-help-sellers-1.aspx

Specifically the article says:

To be eligible for HAFA, homeowners must first apply for a loan modification through the Home Affordable Modification Program, or HAMP. Owners who do not qualify for a loan modification or miss payments during the initial loan modification period qualify for HAFA.

Other HAFA requirements include:
Property is principal residence.
Mortgage originated before Jan. 1, 2009.
Mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.
Borrower is delinquent or default is foreseeable.
Homeowner demonstrates hardship.
Borrower's total monthly housing payment exceeds 31 percent of gross income.
Unpaid principal does not exceed $729,750.

Also, check out the HAMP website to see if you qualify and get much more information. Here's the link to that.

http://www.makinghomeaffordable.gov/pages/default.aspx

Good luck and hope this helps.
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Fri May 10, 2013
Marc Paolella answered:
There's a commuter bus you can pick up in downtown West Milford. Lakeside and Greenwood Lake Turnpike. It's a 90 minute ride to the Port Authority.

Below is a link to the timetable (click to page 2 once you get there):

http://www.njtransit.com/pdf/bus/T1196.pdf



-Marc
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