FAQ's
What is a mortgage default?
A mortgage is considered to be in default when one or more monthly payments have been missed.
What solutions are available if I am in default on my mortgage payments?
You may qualify for a broad range of help. Some solutions are:
- Short Sale/Payoff
- Forbearance Agreement
- Loan Modification
- Deed in Lieu
What is a Short Sale/Payoff?
Short Sales occur when borrowers sell their properties for amounts that are less than the amounts owed to the lender.
How do I qualify for assistance?
Borrowers need to prove that they are experiencing a substantial financial hardship.
What is a Hardship?
A hardship is a situation that has a life changing effect for the borrower that results in an in-ability to pay the mortgage debt in either, short or long term. Some examples are:
- Separation or Divorce
- Medical Bills
- Inability to work due to health reasons
- Death of Spouse
- Job Relocation
- Reduced Income or Unemployment
- Business Failure
How do I qualify for a Short Sale?
A borrower must prove that a hardship exists. The lender must be willing to accept the short sale proceeds as full settlement of the debt.
What is required from the property owner?
The property owner must:
- Sign a listing agreement with the Realtor
- List the property for sale
- Cooperate with access, showings, offers, and with the Realtor and SSW.
- Vacate the home following close of escrow
- Agree not to finance or otherwise encumber the property
- Be responsible to maintain the home in "show" condition
- Be responsible for minor repairs to the home
- Be a responsible homeowner until close of escrow and vacancy of home.
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