REMAX Gold Real Estate.

REMAX Gold Real Estate homes in sacramento and Nfinit, a Nehemiah Company, have formed a strategic alliance to expand Home Retention for Californians.  A homeowner has several choices in deciding how to handle the retention or sale of the property.                   

REMAX Gold Real Estate and Nfinit can work with home owners to achieve Home Retention by:

1. Educating homeowners and providing resources.
2. Offering a full spectrum of workout solutions.
3. Offering Service with no upfront fees.
4. Assuring that the consumer works  with DRE licensed and experienced professionals in the real estate industry.
5. Dedicated RE/MAX Gold agents and Nfinite staff follow-up with consumers.
6. Nfinit staff with expertise in lender negotiations.

The basic choices for Real Estate retention include:

1. Reinstatement,  All past payment and past due amounts are brought current with the lender. This option is normally done by the borrower on his own Real Estate.
2. Repayment plan, a repayment plan for real estate brings all payments current over time.  This may be as much as spreading the past due balance over a year or more.
3. Loan Modification, A loan modification may be worked out by the owner of the real estate or a real estate attorney.  Modification companies also exist most of whom charge upfront fees and are often prosecuted for fraud because they take the consumer's money without getting a desirable result.  Non-profit free services are also an option.  The big question about the non-profits is their results, not their good intentions. The RE/MAX Gold/ Nfinite strategy is to provide expertise at a low cost with no upfront fees and expertise needed to get a result.
4. Forbearance, is an option which many lenders will sometimes use interchangeably with loan modification.  A forbearance will attempt to stick the amount over due onto the end of the loan without changing or rewriting the terms of a  mortgage.  A true loan modification  may include a change in interest rate or in the length of mortgage term or even principal reduction.

As the agent and Nfinit consult with the homeowner it may become clear that managed surrender of the Real Estate is the only workable option.  Each option for managed surrender may have different tax consequence and legal ramifications.  It is important that consumers consult with a Real Estate attorney or a CPA so they are prepared for the results of foreclosure or managed surrender.

Managed Real Estate surrender techniques include:

1. Short Sale - this is done with an agent who lists the home for sale.  The reason this is called a short sale is because the bank is willing to take less than the amount that is owed on the property. 

Advantages of successfully short selling Real Estate will include:

1. Less damage to your credit since the short sale will normally show on the credit report as having been satisfied.
2. The ability to buy a home in 2 years with a Fannie Mae loan rather than the 5 to 7 year wait after a foreclosure.
3. One can dispose of investment property as well as owner occupied property.
4. Less of a challenge for those with a security clearance which will be jeopardized by a foreclosure.
5. Employment impact lessened with a short sale as current and future employers see a sale, not a foreclosure.
6. Deficiency judgments may be eliminated or lowered in a short sale negotiation.

Other Managed surrender techniques include:

1. Deed in Lieu
2. Cash for keys.

5 things that homeowners must do to maintain control in process:

1. Stay in the Real Estate and do not move out.
2. Keep making your payments if possible.
3. Get all promises in writing.
4. Understand everything you sign.
5. Communicate with your lender.

To enroll in the Nfinit program or find out more about your options contact myself or another agent trained in the use of Home Retention and short sales and we can begin the route to your recovery with Real Estate.

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