Pre-Foreclosure Assistance

No one buys a home hoping to get behind on payments and have the mortgage company foreclose on it. Do not be embarrassed, there are many life circumstances that contribute to a family losing their home to foreclosure, many of which have nothing to do with the economy. A homeowner may have experienced a pay cut, loss of a job or changed jobs. A homeowner my have fallen behind on payments due to a divorce, illness or a death in the family. Many first-time homebuyers are losing homes to foreclosure because they have purchased homes using 100% financing and the homes are overvalued, so they are upside down in the property from the day they buy.

Most homeowners, who have gotten behind on their payments and are upside-down on their mortgages, can be saved from foreclosure. A Short Sale can be a solution for the distressed homeowner and their mortgage company. The homeowner avoids a foreclosure on their record and the bank avoids the effort and expenses of the foreclosure process. The worst thing you can do is ignore your lender’s phone calls and letters. Instead, contact us today to see if you may qualify for a Short Sale and keep a foreclosure off your record. In addition, we can assist you in locating another residence, be it an apartment, condominium or rental home.

To qualify as a Candidate for a Short Sale, the following must be true:

1. The homeowner must be in default with their mortgage company. Default is considered to be 30 days past the last day of the lender’s grace period. For example if your payment is due on May 1st and you have a 15 day grace period, you would be considered in default on June 15th.

2. The homeowner has little or no equity in the property in other words the market value of the property must be less than what is owed.

3. The homeowner has a legitimate hardship, as defined by their mortgage company, for example significant cut in pay, permanent or temporary loss of a job, divorce, illness or death in the family.