" Unfortunately due to the economy my daughter and I had no choice but to give up our home. Karen was very helpful and understanding during this difficult time. She was not only our real estate agent, she was our friend. Thanks again Karen!" Fall River MA Home Seller
You are not alone, many home owners are in the same boat as you. The economy, high cost of living, job losses and loan adjustments have forced many home owners to fall behind on their mortgage payments.
You do not have to let your home go into foreclosure. As a CDPE- Certified Distressed Property Expert, I amTrained in helping home owners in distress avoid Foreclosure. You have options:
Many lenders are more willing to offer a Loan Modification A Loan modification changes your loan to an affordable payment. Your bank may re finance the home at a lower rate making the loan more manageable. They may also extend the term of the loan or add on delinquent payments to the loan principal . Your first step would be to contact your lender tell them you are falling behind & ask if a loan modification is available for you. Please act fast, once foreclosure proceedings start a loan modification may not be available and it will be too late to stop foreclosure. Call me for assistance or read on for info on who to call & what to do. My assistance does not cost you a penny, I believe in the American Dream & want to help you save your home. Contact me or call 774-930-8181
Mortgage services are required by law to modify loans for homeowners and help them avoid foreclosure as long as three requirements are met:
1. Default on the mortgage either has already happened or is “reasonably foreseeable”
2. The home owner is living in the property as his or her primary residence
3. The lender is likely to recover more through the loan modification or workout than by forcing the home owner into foreclosure
When negotiating a loan modification with your mortgage lender, it is advisable to follow this four step process:
1. Act immediately- Make sure you are dealing with your lender’s loss mitigation and/or work out department
2. Write a hardship letter demonstrating job loss, serious medical condition, balloon payment coming due, adjustable rate reset or some other financial calamity that will make it impossible for you to continue making your mortgage payments as scheduled. Unless you are in imminent danger of default as required by this new law, lenders are not likely to work with you.
3. Send the lender your financial statements, employment records, tax returns and bank statements demonstrating how you would be able to afford the modified loan terms under your present financial circumstances
4. Send the lender a current appraisal of your home or some documentation (CMA) on recent comparable sales in your neighborhood demonstrating the current value of your home. “The key is to demonstrate how the lender is likely to recover less money through foreclosure than they would by working with you in your proposed loan modification plan,” I would be happy to provide a CMA for you at no cost.
Here is a sample letter that you can use during your renegotiation:
http://www.cmpsinstitute.org/pdf/SampleLoanModificationRequest.pdf
If you do not get anywhere with your lender,call me for the number of a HUD approved counseling agency right here in Bristol county - Help is available for No Cost Please be advised there are scams out there targeting homeowners in distress You do not have to pay for help. If you suspect something is a scam visit loanscamalert.org
If a loan modification is not available & you find you must sell your home I invite you to give me a call to discuss other options available to you. All inquiries are in the strictest of confidence. You can reach me at 774.930.8181 phone or text or Contact me .
Home Owners that must sell, that do not have equity in the home, meaning they owe more than the home is worth, should consider a Short sale. When you do a short sale Your lender pays the real estate agent & other closing costs. This means I can help you for No Cost.
A "Short Sale" will avoid the embarrassment, humiliation and stress of a foreclosure and have less of an impact on your credit. In a Short sale you put your home on the market with your Realtor, starting at market value. When a buyer is found the paperwork is submitted to your lender, asking your mortgage holder to take less or "short" of what is owed to them. Lenders prefer a short sale because it saves them time & money. As your Realtor I market the property agressively and work closely with an attorney that handles the short sale for you,( There is no fee for my services or the Attorney ) Using an attorney gives you a layer of legal protection... at no cost to you !
Benefits of Short sale over Foreclosure.
In a Short sale:
* negotiate with the bank (s) to pay all fees including real estate agent & Attorney
* seller's credit bruised
* Most likely will not have income taxes due ( seek an accountant ) tax laws change often
* peace of mind, move on with your life for a better future for you and your Family, You are more in Control, You have a decision in the sale/move date.
* buy a home sooner and in the meantime it will be much easier to rent a home
* liens negotiated, request lender to forgive the debt. Most cases your loan is " Forgiven" no liens
* May be eligible for up to $3,000 to help with moving costs. ( I recently got a family $675. check to help move, $1500 in water/ sewer bills paid and back real estate taxes paid up to date .
Foreclosure
* foreclosure notice, auction notice and court settlement advertised in the local newspaper (embarrassing)
* A foreclosure is considered one of the most serious defaults possible on a credit history. That could make it difficult to rent an apartment,secure a job, get a line of credit, Co sign on a childs education or car loan or buy another home in the future. Some insurance companies also charge higher rates for persons with bad credit. A foreclosure could affect you & your family's life for years to come.
* Bank most likely will file a Deficiency Judgement against you. In addition to the money they lost on the loan amount. All fees will be added. Including the Auction, Hefty attorney fees, taxes, realtor commissions etc. They want you to pay the money they lost back. You are obligated to repay the money. Estimated at $30,000 for most lenders to foreclose added to amount they lost on the mortgage.
* Auction on your front steps while you are still in the home
* No peace of mind- Can be put out of the home on short notice by a Sheriff at the door
* Cannot buy a home again for 5 years -10 years
* all liens exhausted
Call or Text me today at ( 774 ) 930-8181 for more information All calls are confidential and you are under absolutely no obligation. Or email me
* Disclaimer: This information is provided to give you an idea of your options. I strongly advise you to seek legal, tax and other advice from professionals in those areas.
ReMax Right Choice is not associated with the government,All efforts will be made to obtain the best outcome for you. Your lender may not agree to change your loan.
Karen Ann Martin Realtor CDPE- Certified Distress Property Expert trained in Helping home owners in need avoid Foreclosure .
Re/Max Right Choice Real Estate Fall River MA Short Sale Resource
Call me today the worst thing you can do is nothing (774) 930-8181
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