The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.
For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I've prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply request your report below to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!
As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.
If you have any unanswered questions, or your circumstances are urgent, please call me today.
It is understandable to have questions when coping with a new and challenging situation, especially when a home is at stake. The reality is that millions of homeowners across the country are finding out that they have more questions than answers. We hope that the following information will help you better understand the circumstances. If you have further questions not addressed below, or would like additional information resources, feel free to Contact Us.
Do I qualify for a short sale?
The qualifications for a short sale include any or all of the following:
Financial Hardship - There is a situation causing you to have trouble affording your mortgage.
Monthly Income Shortfall - In other words: "You have more month than money." A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What is a mortgage modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
Your interest rate
Your principal balance (through a reduction)
Your loan terms (example: from an adjustable to a fixed rate)
This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why would a lender modify my mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What do I need to qualify for a mortgage modification?
According to the Making Home Affordable Web site (www.MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
Information about your first mortgage, such as your monthly mortgage statement
Information about any second mortgage or home equity line of credit on the house
Account balances and minimum monthly payments due on all of your credit cards
Account balances and monthly payments on all your other debts such as student loans and car loans
Your most recent income tax return
Information about your savings and other assets
Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources
If applicable, it may also be helpful to have a letter describing any circumstances that caused your income to reduce or expenses to increase (job loss, divorce, illness, etc.)
How do I qualify for a mortgage modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
Loss Mitigation
Mortgage Modification
H.O.P.E.
Prior to contacting your mortgage lender you can quickly complete an eligibility test at www.MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP). For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What if I don't qualify for a mortgage modification, can't afford my home, and owe more than it's worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents like me, with the Certified Distressed Property Expert® Designation, have undergone extensive training in how to process and negotiate short sales. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What is a Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What are the qualifications for a Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
You are the owner occupant of a one- to four-unit home
The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links)
At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment)
You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house
You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan
Breve Explicación de las Ventas Cortas (Short Sales)
Una venta corta (short sale) puede ser una excelente solución para los propietarios que tienen que vender su residencia y quienes deben más dinero que lo que su propiedad vale. En el pasado, era muy poco común que los bancos o prestamistas aceptaran una venta corta (short sale). En nuestros días, debido a los cambios abrumadores del mercado inmobiliario, los bancos y prestamistas se han vuelto mucho más abiertos a la negociación en lo que tiene que ver con este tipo de transacciones. Los cambios recientes a la política corporativa de la administración del Presidente Obama también han mejorado las posibilidades de obtener la aprobación de una venta corta (short sale).
Pero para ser un poco más técnicos, aquí tiene una definición un poco más oficial:
Un propietario se encuentra "corto" cuando la cantidad de dinero que debe por su propiedad es mayor que su valor en el mercado actual. Una venta corta (short sale) ocurre cuando se presenta una solicitud ante la compañía hipotecaria del prestatario (o compañías) para que acepten una cantidad de dinero menor al balance total del préstamo cuando se complete la venta. Un comprador compra la propiedad y la propiedad es entonces "vendida por menos" (sold short) del valor total de la hipoteca.
Para que los propietarios puedan califican para una venta corta (short sale), tienen que tener una o todas de las siguientes circunstancias:
Problemas Económicos: Situación que causa que usted tenga problemas para poder pagar su hipoteca.
Déficit de Ingresos Mensuales: O dicho de otra forma: "Usted tiene más dinero que mes". Un prestamista tiene que comprobar que usted no puede pagar, o que pronto no va a poder pagar su hipoteca.
Insolvencia: El prestamista tiene que comprobar que usted no tiene los activos necesarios que le permitan pagar su hipoteca disminuyendo su deuda.
Esto parece ser bastante simple, pero es un proceso complicado que necesita de la experiencia de profesionales calificados. Contamos con la Designación CDPE® y estamos listos para identificar todas las opciones posibles disponibles para usted y para ayudarle a ejecutar rápidamente la transacción de una venta corta (short sale).
Si tiene preguntas o cree que puede calificar para una venta corta, por favor contáctenos para una consulta gratuita.
Entender cuáles son sus opciones ahora puede hacer una gran diferencia en el futuro.
As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there's still an overwhelming amount of misinformation about the options available, especially short sales.
To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I've prepared a free report just for you - please fill out the information below to receive your free report. This report will clarify the following myths:
The Bank Would Rather Foreclose Than Bother With A Short Sale
You Must Be Behind On Your Mortgage To Negotiate A Short Sale
There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
Listing My Home As A Short Sale Is An Embarrassment
Short Sales Are Impossible And Never Get Approved
Banks Are Waiting On A Bailout And Not Accepting Short Sales
Buyers Are Not Interested In Short Sale Properties
These ideas are potentially harmful to homeowners seeking real solutions. I hope you'll review this information for yourself or share it with a homeowner in need.
In these times, we all need to know the truth to know how to get back on track.
If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.
The decisions you make as a homeowner today hold a profound impact on your financial future. However, it is important to safeguard yourself from misinformation and fraud. Get the facts regarding your situation and always have a contingency plan.
For those who qualify, a mortgage modification is the ideal remedy to their financial distress. I've prepared a FREE report on the truth about mortgage modifications to guide you through this important process. Simply click here to get this valuable information, and feel free to pass it along to anyone who may need it. One homeowner lost to foreclosure is one too many!
As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Together, we can formulate a plan to get back on track.
If you have any unanswered questions, or your circumstances are urgent, please call or email me today at Info@MichelleCanHelp.com.
You need to have the CORRECT information. That's why I'm glad you're here. To help, I've prepared a free report-just for you-that compares the realities of foreclosures and short sales side-by-side. Simply provide your information below, and I'll send you this report.
If you have any additional concerns about this issue, or your circumstances are urgent, please feel free to give me a call. I can help you evaluate your options and get you back on track to a secure financial future.
As a real estate agent, what I often see in troubled homeowners is a belief that they are alone with their challenges. Regrettably, over 70% of homeowners in foreclosure proceed without ANY visible assistance. This is not acceptable for the communities I serve.
That's why I've developed this site: to ensure you get the valuable resources that can reduce your financial strain and change your life for the better. As a CDPE I know the options for homeowners in foreclosure or delinquent on their mortgages, and I can send you a report detailing this information, prepared just for you.
Let me help you evaluate your options and get back on track to a solid, stable future.
If you have questions or feel you may qualify for a short sale, please call me at (954) 343-3104 or Email me at Info@MichelleCanHelp.com for a free consultation.
"Understanding your options now could mean all the difference in the world!"
A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved.
For homeowners to qualify for a short sale, they must fall into any or all of the following circumstances:
If you have questions or feel you may qualify for a short sale, please call me at (954) 343-3104 or Email me at Info@MichelleCanHelp.com for a free consultation.
Local Agent Provides Free Information Resources to Broward and Miami-Dade County Homeowners Facing Financial Hardships
New web sites present options for homeowners confronted with the possibility of foreclosure in Miami-Dade and Broward counties. www.MichelleCanHelp.com & www.FLAvoidForeclosure.com are two easy-to-use web sites providing vital information on the facts and issues affecting struggling homeowners. The information and materials located on these sites are regularly updated to reflect market changes, trends, new lender requirements, and industry updates to help homeowners make educated decisions about their financial future.
"I developed these sites with my community in mind," Burgos said. "When faced with the possibility of foreclosure, I've seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. Most homeowners don't know the options available, or even how to find any information on their situation. Read more
Local Agent Provides Free Information Resource to Miami-Dade & Broward County Homeowners Facing Financial Hardships
New Web site presents options for homeowners confronted
with the possibility of foreclosure.
Miramar, FL - August 11, 2009 - Local real estate agent and community advocate, Michelle Burgos of RE/MAX PowerPro Realty, today announced the creation of a new information Web site for Miami & Broward County area homeowners in distress. www.FLAvoidForeclosure.com contains vital facts about the options available to these homeowners, to help them make the educated decisions about their future.
"I developed this site with my community in mind," Burgos said. "When faced with the possibility of foreclosure, I've seen too many homeowners make poor choices, even walking away from their homes without calling their lender or a real estate agent. These people didn't know the options available, or even how to find any information on their situation.
"I want more for the people of Miami & Broward Counties, and more comes with making informed decisions."
www.FLAvoidForeclosure.com acts as a hub for information on the facts and issues for struggling homeowners, putting all the necessary information in one, easy-to-use location. The information and materials located on the site are regularly updated to reflect market changes, trends, new lender requirements, and industry updates.
Alex Charfen, co-founder and CEO of the Distressed Property Institute in Austin, Texas, said that more than seven out of 10 homeowners in foreclosure proceed without any visible assistance.
"Agents with the Certified Distressed Property Expert® designation are helping distressed homeowners understand that there may be options available to them," Charfen said. "Burgos has been trained to help homeowners avoid foreclosure, and this web site resource to educate the community is a commendable public service."
The CDPE designation provides real estate professionals with specific understanding of the complex issues confronting the real estate industry. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today's market.
For more information about CDPE Designation, visit www.cdpe.com.
I Provide a Community Website for Residents, Neighbors, For Sale by Owners, Merchants, Clubs & Organizations and Future Residents of Miramar & Pembroke Pines, that enables them to interact with one another & get involved in the community. Most importantly, they can stay informed of Community Events, News and Local Real Estate Trends.
At ILoveMiramar.com
you can post"FREE" Classified Ads, For Sale by Owner Properties, Garage Sales, Events, News, Coupons and Menus, and even search for New Employment.
It is a Community Website, "For the Community, by the Community" and it's all "FREE!"
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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