What is Foreclosure?      This is the legal means that your lender can use to repossess your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, a deficiency judgment could be pursued.  Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future.

What should I do if I can’t make my mortgage payments?

1.            DO NOT avoid your Lender.  Whether you believe it or not the Bank does not want to take your property from you.
2.            Document any financial hardships such as loss of job, reduced income, health problems, death of co borrower, etc…
3.            Call or write to your lender's Loss Mitigation Department without delay.

Your Lender can not help you if they don’t know how to get a hold of you!  Your Lender will be more inclined to work with you if they know you are making an effort to help try and correct the situation.

What options do I/we have?

1.            Mortgage Modification – Under some circumstances your Lender can modify your current loan to make it affordable and add any missed payments on to the back of the loan. You may qualify if you have recovered from a financial problem and can afford the new payment amount.

2.            Special Forbearance - This is an arrangement made with the lender whereby you can obtain a temporary suspension of payments. These missed payments which include delinquency fees and interest can then be added to the outstanding loan balance. The structure of the repayment plan varies depending on the lender. For instance, one lender may charge the balance against the future proceeds of the property; another may lower the interest rate on the loan or even lower the payments for a predetermined period of time.

3.            Pre-Foreclosure Sale or Short Sale: This option may allow you to sell your property for an amount less than what is necessary to pay off your mortgage loan. In a short sale, the bank or mortgage lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower. The home owner sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Neither side is "doing the other a favor;" a short sale is simply the most economical solution to a problem.

4.            Deed In Lieu Of Foreclosure: This option may allow you to voluntarily "give back" the property to your Lender without further damaging your credit. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure.

Bankruptcy needs to be avoided at all cost.  This is the most damaging to your credit... If this is your only option and/or you are consulting with a Bankruptcy Attorney provide the attorney's name and number to the bank.  This will at least stop the bank and other agency's they have hired from calling you directly.

No matter what stage of foreclosure you are in call Coastal REO Solutions and we will do our best to assist you through this troubling time!

We can’t help you if we don’t know you!

Coastal REO Solutions (CRS) is a firm dedicated to stabilizing real estate market conditions by offering risk-management & assessment services of bank-owned properties and other assets in some stage of Foreclosure. We achieve this by utilizing our staff’s superior knowledge of market conditions & strategies.

Coastal REO Solutions is the Grand Strand’s leading REO and Troubled asset Real Estate Firm. 

843-839-8406 or Info@coastalREOsolutions.com

If you are a Buyer, Investor, or speculator and are looking to purchase foreclosed real estate be sure to use our proprietary search application located on our website!

http://www.coastalreosolutions.com/bank_owned_foreclosures.html

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