MORTGAGE TROUBLES ???
You are NOT alone. --- In these tough economic times, the entire populace is riddled with homeowners who can no longer afford their mortgage due to an unforeseen financial hardship.
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There are programs out there designed to help struggling homeowners avoid an imminent foreclosure.
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BUT YOU MUST ACT NOW BEFORE IT’S TOO LATE. Once you miss your mortgage payment, you inch closer to the brink of losing your home to foreclosure each and every day of sitting by and doing nothing about it. Further, some of these options may not be available to you as you get closer to the foreclosure date.
It is imperative that you consult someone right away about finding a resolution for your situation. While the right option varies depending on your individual circumstance, the following are a brief overview of some of these foreclosure prevention programs:
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1.) Refinance – Payoff the existing loan by getting a new loan with a lower and more affordable monthly payment.
2.) Repayment Plan – Your lender may allow you to payback overdue payments by breaking apart the amount overdue into several months’ worth of payments and adding it on top of your regular monthly payments. This allows you to bring your loan current without having to come up with a huge chunk of cash now.
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3.) Reinstatement – Paying off the entire overdue amount in order to bring your loan current. If your financial hardship is temporary/short term, and you have other sources of funds like personal loans from relatives and/or credit cards, this may be a viable option.
4.) Forbearance Plan – Your lender may allow you to make reduced monthly payments or skip payments for a specific period of time. This may be another viable option if your financial hardship is temporary and short term in nature.
5.) Loan Modification – Your lender may permanently modify the interest rate and the term of your loan to make your monthly payments more manageable after successfully completing the “trial period” (which is by showing the ability to timely make reduced payments for about 3-6 months.) NOTE: Be sure to consult a foreclosure prevention expert before you go this route. Otherwise, you may be in for a huge disappointment after putting in hours & days worth of paper-pushing only to find out 6-12 months down the road that you don't qualify. Not to mention you'll have to pay back all the accrued interest and late penalties.
Find out if you qualify for a Loan Modification by answering these 5 questions. CLICK HERE.
6.) Short Sale – Your lender may allow you to sell your home in today’s market even if your home’s market value is much less than your existing mortgage loan balance. In this transaction, your lender may accept the sales proceeds and forgive the remaining balance. Hence, your lender will be agreeing to a “short payoff” for your mortgage. Find out in under a minute if you qualify for a short sale. CLICK HERE.
Short Sale is a much better option than just walking-away & waiting for the bank to foreclose on your property. Know the benefits of a short sale as opposed to a foreclosure. CLICK HERE
7.) Deed-in-Lieu of Foreclosure - Surrender and transfer the ownership of your property to your lender. This usually only works if you only have one mortgage and there are no other liens against your property. This option may not be offered to you until you’ve exhausted the other options.
For a FREE confidential consultation, please call (425)444-1010.