Facing foreclosure is a serious & scarry ordeal, but it can be avoided! The following information is designed to give you detailed information about a few options available to you. Whether you are a couple of months behind on your mortgage payments or if your home is scheduled to be sold at auction in a few days it is not too late to resolve the issue. Foreclosure happens to all sorts of people. My goal is to help you avoid it. Regardless of which option suits you best I will work hard to your transaction closed quickly so that you can move on. Do not hesitate to call me with any questions that you may have about any of the following options. Remember, avoiding foreclosure is a time sensative issue, call me today! Here is how I can help...
Short Sale - You may be able to sell your home even if you owe more than it is worth. A short sale means the bank will accept an amount less than what you owe from a Buyer to pay the loan in full. Modify Your Loan - It may be possible to modify the terms of your loan if your financial situation has changed since you purchased your home. A modificaton means the bank may lower payments and sometimes even the mortgage balance. Refinance Your Home - In some cases it may be possible to refinance your home so that your old mortgage is paid off and you begin making regular and current payments on a new mortgage. This option is best for those who have other credit that is in good standing (ie. current car or credit card payments) or for those who have a co-signer and have equity in thier home. The foreclosure process: When you purchased your home you signed a deed of trust which stipulated that you would make your payments on time or risk foreclosure. Although a bank has the right to initiate the foreclosure process when only one payment is missed, most banks will wait until a homeowner is several months behind on their payments to begin this process. Once this process is initated you will recieve a Notice of Trustee Sale. This notice will be delivered to your home. You do not have to sign for this notice in order to make it valid. If you are not home it will be posted on your property and that will serve as your notice. The Notice of Trustee Sale will have the date and time that your home is scheduled to be auctioned to the public. By law, you have 90 days to cure the debt before it can go to auction. Curing your debt means to bring you past due payments, late charges, and unpaid interest completely up to date or completely paying off your mortgage before your sale date. If the debt has not been cured then the Trustee will proceed with the sale and your home will be auctioned. In the event that nobody makes a bid on your home then it will become the property of the bank. In either case, the home will not longer belong to you and you will need to vacate the premises. In some cases, a sherrif's detainer is obtained to forcibly remove you from the property. |