Are you upside down in your mortgage loan on your home?  Several financial institutions are starting to send these letters out - starting around the end of June.  This letter will offer you to participate in the Home Affordable Modification Plan (HAMP).  This is all a part of the Foreclosure Alternatives Program (FAP).  

This is what you need to do even if you just want to do a short sale:  Read more: Let's Standardize... in a hurry! Revised Short Sale Program (FAP) - Foreclosure Alternative Program

The first step is to see if you qualify for a loan modification :

If you do not make the contact, you may find yourself in foreclosure, with no option to even do a short sale.  As noted in my post:  Doing nothing is not an option.... It's a bad mistake if you are having mortgage problems.

What to do:   Contact your lender and request a loan modification - if you lender is not yet a part of the HAMP - Home Affordable Loan Modification Program, ask them when will they be?  If they are a part, ask for a loan modification.  If they deny you, ask "what is your next option".

If you get the letter -Do not disregard this letter should you get one.  Call your lender immediately and request a loan modification. 

OTHERWISE, the foreclosure action will resume. 

This option includes the following: 

• Homeowners that have done nothing.... up to now
• Homeowners that have a short sale listed already - even if in negotiations!
• Homeowners that have been told your institution is working on a loan modification and you have not heard back from them
• Homeowners that have asked once and was turned down
• Homeowners that want to do a short sale and if not successful want the DIL (Deed in lieu of foreclosure option)
• Homeowners that either get the letter that should be coming to you in the next few weeks or
• Homeowners that do not get the letter - CALL YOUR LENDER! Ask about the program

If you contact an agent, that agent should be asking you if you have already tried to get a loan modification BEFORE they list your property. With this program, you should have the Short Sale Agreement from your lender in hand in order to avoid foreclosure.

• Want to do a short sale? 
• Already contacted your lender for a loan modification and was turned down.... or
• Failed your loan modification?

 Call the Mother and Daughter Realty Team at 866-543-0461.

WEBSITE: http://www.motheranddaughterrealtyteam.com

• Want to purchase a REO property? Want to know what properties I have to sell?
• Need information on the foreclosure process? Ask me for a FREE Pre-Foreclosure Guide 
• For a FREE MARKET EVALUATION of your home  
• Need a Short Sale Specialist?   

Take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog  - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties.  Our aggressive marketing plan includes on-line listing advertising. 

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