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These days more homeowners are facing a tough decision about whether foreclosing is the only option they have left. Deciding to foreclose on your home will have implications on your family and your credit for the rest of your life. When a homeowner can no longer make payments to a lender for a home, the lender may repossess a home in the process of foreclosure, usually with the purpose of reselling it, to recover the amount owed on the defaulted home. Homeowners facing foreclosure proceedings will face lasting implications.
1) Your credit scores will be significantly lowered, sometimes by more than 300 points. This is the single most devastating mark on your credit report and will affect all of your future credit possibilities.
2) A foreclosure listed on a credit report is nearly impossible to have repaired and will most likely remain a permanent mark on this valuable personal report.
3) Your security clearance may have a direct effect from a foreclosure.
4) In order to recuperate money they did not receive during a bank sale of the property, a lender may seek a deficiency judgment against you to obtain the balance.
5) Your family will have to relocate.This is always a disturbance for children, marriages, careers, and other important aspects of your life.
What is a Short Sale?
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. Since there is no out of pocket expense this program makes it more attractable to most home owners. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the administration have also improved the chances of getting a short sale approved.
But to be technical, here's a more official definition:
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
This seems simple enough, but it is a complicated process that takes the expertise of experienced professionals. With 100's of Default & Short Sale transactions completed put our experience to work for you. As always this service has no out of pocket expense to you.
If you have questions or feel you may qualify for a short sale, please contact us for a free consultation.
Understanding your options now could mean all the difference in the world.
Eliminate or reduce your mortgage debt
Avoid the negative impact of FORECLOSURE.
May be eligible for relocation from $1500 in upwards of $15000 depending on the lender and case.
Start repairing your credit sooner than if you went through a foreclosure
May be able to get a Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years)
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, interest rate, etc. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
A modification may be an option if:
A modification involves one or more of the following:
Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
Explain your current situation—Be ready to outline your current hardship and explain why you are having trouble making your mortgage payment and if this is a short-term or long-term problem. Your mortgage company will need to understand the reasons why you are having difficulty in order to find the right solution for you.
Contact your mortgage company —Tell them you are interested in a Modification and you want to see if you qualify. To find a qualified housing counselor and more information about making home affordable program click here Making Home Affordable
Contact us and get the process started!
Default & Short Sale Specialist
Realtor & Consultant
Default & Short Sale Specialist
112 W BONITA ST PAYSON AZ
10:00 am – 04:00 pm
Monday - Friday: 9am - 5pm
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