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Slipping toward foreclosure can lead to
feelings of anxiety, depression, and loss of
self-esteem. Don’t give up. There are options
available to help millions of homeowners
rescue themselves from the brink. Since it
is crucial to act before a foreclosure takes
place, now is the most important time for you
to review the following options and solutions.
As a Certified Distressed Property Expert
(CDPE), I am trained in assessing all
foreclosure alternatives and pursuing the
best solution for your own financial situation.
1 Short Sale
A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.
A trained real estate agent can negotiate a short sale
with your lender if you have three qualifications:
First, you must show some type of financial hardship. Second, you
must have a monthly shortfall, meaning your monthly
expenses are greater than your monthly income. Finally,
you need to prove that your debts are greater than the
value of your assets (certain investments, property, etc.).
2 Reinstatement
A reinstatement is the simplest solution for a foreclosure,
however it is often the most difficult for homeowners
to achieve. The homeowner simply pays the total
amount past due (including late fees) to the lender.
This solution does not require the lender’s approval and
will “reinstate” a mortgage up to the day before the
foreclosure sale.
3 Forbearance or Repayment Plan
A forbearance or repayment plan involves negotiating
with the mortgage company to allow the homeower
to repay back-payments over a period of time.
The homeowner typically makes current mortgage
payments in addition to a portion of the back-payments
owed. This option requires lender approval.
4 Mortgage Modification
A mortgage modification involves the reduction of
one of the following: the interest rate on the loan, the
principal balance of the loan, the term of the loan, or
any combination of these. These changes require lender
approval and typically result in a lower payment for the
homeowner and a more affordable mortgage.
5 Rent the Property
This option does not require lender approval, but does
require the homeowner’s ability to rent the house
for enough money to cover the monthly mortgage
payment.
It is important to remember that there may be
unexpected costs associated with the maintenance
of a rental property in addition to the monthly
mortgage payments. Homeowners should take this into
consideration when deciding whether this option will
work for them.
If you or someone you needs assistance call today!
Antoinette Payne, GRI Alex Amini
DRE#01047029 DRE #01879045
Certified HAFA Agent Taxation on Foreclosures & Shortsales
CDPE Cert.Distressed
Property Expert
Broker-Owner Broker- Associate
805-234-7890 805-338-3032
Today's low real estate prices and extremely low interest rates offer a unique investment opportunity to create wealth in home ownership.
Call our real investment specialists for assistance in real estate and business purchases and sales. As members of the MLS, we have access to a multi million dollar inventory.
P.S. A referral is sending someone you care about to someone you respect. Our business continues to thrive and grow due to referrals from clients, friends, associates, and others just like you. Who is the next person you know who would benefit from the A -Team services? Thoughtful ,friendly ,knowledgable real estate help.
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California is a great place to live. Here are some other favorite locations. Do you need hardworking, knowledgable real estate professonals in the Santa Cruz and San Francisco Bay Area locations? Just Ask!
*ALL MLS LISTED PROPERTIES in Santa CruzCounty
*ALL MLS LISTED PROPERTIES in San Francisco Bay Area
1254 2nd St.,Los Osos, Ca 93402
Phone 805-534-9977
Fax 805-888-2712
