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Handling the Stress of an Unaffordable Mortgage Payment

August 16, 2011 By
endofyourrope

Whenever I research the latest foreclosure and distressed property statistics, the sheer number of Americans facing the stress of losing their homes amazes me.  It is my goal to help as many homeowners I can either stay in their homes or relieve the burden of their mortgages. Knowing that there are so many that need my help is a driving force for me to continue doing what I do.

In fact, I just released another report that I’ve made available on my website today. It explains the CDPE designation and lists 10 options that homeowners can take advantage of to relieve the stress that comes with owing their mortgage lenders more money than they can afford to pay.

The report also draws a contrast between short sales and foreclosures. Unfortunately, there’s a growing trend of “strategic defaulters” who think it’s smart to let their home go into foreclosure. As any one who follows this blog knows, there is nothing strategic about foreclosure; it’s one of the most long-lasting, negative financial challenges you can go through.

I’m excited about acting as a resource for more homeowners who have questions about what they should do. As always, if you know homeowners who may need my help, have them contact me immediately! Together, we can put them back on the path to financial stability.

Click Here to get your Free Report.

Filed Under: Featured Properties, Foreclosure Tagged With: , , , , , , ,

Cold Hard Cash For Your Short Sale

July 1, 2011 By
Cold Hard Cash

Cold Hard Cash

As weird as it sounds, banks and loan-servicers are increasing their incentives to home owners in lieu of a successful short sale!

Last year, the U.S. Treasury Department launched the Home Affordable Foreclosure Alternative Program otherwise known as HAFA. Here’s a quick VIDEO overview of it. Part of this program provides the borrower with a $3,000 cash incentive.

$3,000 is ok, but it’s peanuts compared to what some lenders are providing now, independent of HAFA altogether.

For example, CitiMortgage is now paying on average, $12,000 to borrowers/homeowners after completing a short sale. JP Morgan / Chase bank is also offering significant incentives to borrowers to the tune of $20-$30,000 after a successful close! Wells Fargo is offering a similar program in some cases.

One of the keys to a successful short sale, just like modifications, is the timely collection of financial documents. Regulators helped move the process along with guideline changes to programs like the HAFA initiative, which lessened the amount of documents required.

Anyone half-way familiar with the Short Sale process will lament about the long waiting period for approval. Well, Wachovia/Wells Fargo have taken this bull by the horns and offer an extremely streamlined approval program. If your loan is one of their portfolio loans (meaning that they own your loan and didn’t sell or transfer it to another investor); they can approve the whole package in less than 10 days. PLUS, they don’t even care what your hardship is, no documentation needed.

Want to know if your Wells Fargo loan is a portfolio loan and qualifies for the “no-doc” hardship streamlined short sale approval program? Just contact me with your loan#, and I’ll check it out for you.

Bottom line
(Take this next line with a huge grain of salt) It’s never been easier than now to complete a short sale. However, it’s never been more important than ever to work with an agent that is experienced with the process! This fact cannot be stressed more. Believe me, I know what I’m talking about. I’ve had to ‘clean-up’ a number of other botched and bobbled short sales. Save yourself alot of time and trouble and choose your agent wisely. [OK, off soapbox now.]

Filed Under: Featured Properties Tagged With: , , , ,

Solving Your Mortgage Crisis Just Got Easier

February 9, 2011 By
featured2

5 Steps for a Successful Short Sale

Lenders and the federal government, prompted by the sheer volume of loan modification and short sale requests, have overhauled their systems and programs, making the foreclosure avoidance process much easier than in the past.
If you are considering short selling your home to avoid the financial and emotional fallout of foreclosure, you should be aware of the five steps you should take to increase your chances of a successful transaction.

First, do you qualify?
You must:

  1. Have a verifiable hardship, like unemployment, medical bills, or relocation
  2. Must have a monthly income shortfall
  3. Be insolvent (you have no cash or assets that can be sold to pay down the mortgage), or headed towards insolvency

If you meet these qualifications, follow these five steps to a successful short sale:

  1. Contact me so we can identify your servicer, fill out a short sale packet for the lender, and assemble all the required information needed to list your home for sale
  2. Gather financial information (i.e., bank statements, pay stubs) from at least the last three months
  3. Keep your house in showcase condition for showings, and make as many repairs as necessary and that you can afford
  4. Expect the lender, junior lien holders, and private insurance companies to request more paperwork, and try to gather requested information quickly to ensure transaction efficiency
  5. Set realistic expectations and work with me, the lender, and the buyer to the satisfaction and benefit of all parties involved

For more information about how the short sale process works, or about any other foreclosure alternatives you may qualify for, call me today (or fill-out the form below). I can help you alleviate the burden that the threat of foreclosure brings, and we can develop a strategy to help you breathe a little easier.

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Filed Under: Featured Properties, Short Sale Tagged With: , , , , , , ,

[Video] What is HAFA?

May 25, 2010 By
What In the World Is HAFA

What’s happening in the housing market? What’s being done about it? Learn about the government’s new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here’s the big picture, clearly explained.

Would you like to know if you qualify for HAFA? or any other Home Retention or Foreclosure Prevention programs? Click here for more info.

Filed Under: Foreclosure, Loan Modification, Short Sale, Video Clip Tagged With: , , , , , ,

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Listing information is deemed reliable, but not guaranteed.

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