Realize you do have options and need to act quickly.
Did you know...?
- Your bank may sell your home at a Public AuctionThe property, date and time of the auction is advertised. The bidding is open to the public and the property is sold to the highest bidder within the next 21 days?
- You can be EvictedAfter the public auction and the banks repossession of the property, the homeowner will be required to leave the premises immediately by the authority given by the court to the local sheriff by the sheriff and have only minutes to vacate your property?
- Your bank may have the right to obtain a Deficiency JudgmentA money judgment against a borrower whose sale of property does not produce sufficient funds to pay the loan balance in full.
against you?
- The amount of Forgiven DebtWhen a lender forgives all or a portion of a borrower's debt. (i.e. foreclosure, short sale, etc) may create a Tax LiabilityThe total amount of tax legally obligated to pay as the result of a taxable event. In the case of forgiven debt; that could be considered a taxable event and the amount forgiven could be considered taxable income. for you?
- A ForeclosureThe legal process by which a lender acquires possession of the property secured by a mortgage loan when the borrower defaults.
may have a long term Negative Impact(on a credit report) can have a long term impact on a borrower's ability to borrow. With the adoption of risk-based pricing on almost all lending in the financial services industry, a poor credit history can be costly. on your Credit ReportA record of a borrower's past borrowing and repaying, including information about late payments and bankruptcy.?
- The bank has complete control over this stressful and life changing circumstance?
Did you know...?
- It is against the law to charge an Upfront FeeRequired fees to be paid in advance for the processing of a loan modification. Please beware that such upfront fees are illegal. for a Loan ModificationA change in the terms of a loan due to the borrower's inability to make the payments under the existing terms and conditions.?
- There has been a crackdown on Scam Modification CompaniesCompanies that promise the assurance of a loan modification in exchange for an upfront fee, but once the fee is paid; the loan modification is not pursued. Such upfront fees are illegal.
- The Majority of Loan Modifications are not Principal ReductionsThe permanent reduction of the outstanding balance of a loan?
- Most modifications are only Temporary Payment ReductionsPrograms in which the lender may reduce the interest rate, and extend the term of the loan in order to temporarily reduce the monthly payments over a 3-5 year period.?
- Most modifications will add the Past Due AmountsAll past due payments, late charges fees and costs, which have been assessed to the account. to the Principal BalanceThe total amount a borrower owes to a mortgage lender.?
- A Short Term SolutionA remedy that may help in the short run but will not achieve long term financial goals and objectives., will not solve your long term problem; Negative EquityOwing more on the house than the house is worth; also referred to as upside-down or under-water.?
Our Savings Calculator will show you how much a Short-Sale can save you!
Did you know...?
- A Short-SaleA short-Sale is when a home is sold for less than is owed. The lender will need to approve the "short payoff" and with lenders not wanting to own any more REO property than they already do; banks are more likely to consider this option. may postpone a foreclosure up to several months?
- A Short-Sale will enable you to negotiate your Deficiency JudgmentA money judgment against a borrower whose sale of property does not produce sufficient funds to pay the loan balance in full?
- You may Qualify to Purchase a home only 2-3 years after a Short-Sale?
- A Short-Sale will have less of a Negative Impact(on a credit report) can have a long term impact on a borrower's ability to borrow. With the adoption of risk-based pricing on almost all lending in the financial services industry, a poor credit history can be costly. on your credit report than a ForeclosureThe legal process by which a lender acquires possession of the property secured by a mortgage loan when the borrower defaults.?
- A Law Set to Expire in 2012If a debt is owed to someone and the debt is canceled or forgiven, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. may relieve your Tax LiabilityThe total amount of tax legally obligated to pay as the result of a taxable event. In the case of forgiven debt; that could be considered a taxable event and the amount forgiven could be considered taxable income. for Forgiven DebtWhen a lender forgives all or a portion of a borrower's debt. (i.e. foreclosure, short sale, etc)?
- We can help you Take ControlDevelop a plan to get through a financial hardship and work through this on your terms
Did you know?
- The inevitable loss of a home can be similar to the loss of a loved one.
- The grief that follows such a loss can seem unbearable.
- Grief is a natural and important part of the healing process.
- There are five stages of grief following a serious loss.
- Lives can be painful until moving through the first four stages of loss – until finally reaching acceptance.
