ATTN: Homeowners - Facing Financial Hardship?
Help is Here.  

What's unfortunate is many of us know someone by now who is experiencing a financial hardship and trying to keep their home.   Therefore, you may want to share this information with them so they are properly educated and better understand their options...

"TIMING" - it's SO IMPORTANT that as soon as you know you are going to experience financial challenges, CALL YOUR SERVICER/Mortgage Company! You do not have to be delinquent to qualify for a payment option, BUT you do have to prove you are experiencing a financial hardship. Ways to AVOID foreclosure may be a Mortgage Reinstatement, Loan Modification or a Repayment Plan, just to name a FEW.   (We can go into this in more detail - kindly call me so I better understand your situation.)

Should you find that holding onto the property is no longer an option, then we'd have to see if the bank would consider a "Short Sale" (which is when a homeowner owes more than what that home is worth).  To make the process go smoothly there are essentially 2 steps in this process along with required documentation:

CUSTOMER EVALUATION PROCESS: The Investor (Freddie Mac, Fannie Mae, FHA, private, etc.) wants to see the following info:  customer's hardship letter, customer's financial info, W-2's, pay stubs,  tax returns, and any alternatives that have been considered.

PROPERTY EVALUATION PHASE: The Servicer/Mortgage Co will need an appraisal on the property ASAP so they may have a good understanding of the fair market value.

If you allow me to work with you and pull together this level of paperwork, the approval process will go much more smoothly - and once an offer is under consideration, we will be in a much better position to know exactly what we can accept!

FYI -  the reason why the Short Sale process can take anywhere between 3-5 months on average (if not longer) to CLOSE is because of the number of investors involved.  Each investor (as listed above) will try to minimize their losses, especially other interested parties (ie.  MI companies and 2nd lien mortgage holders); therefore, the more parties involved, the more complex the decision process becomes - and everyone must be in agreement of the final sales price in order for that home to be sold.

If you've found this information to be helpful, CALL ME and I'll be happy to send you additional information on the differences between a property going into foreclosure vs a short sale since it will effect your credit and future home purchases.  All my best & keep smiling!