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Are You Behind in Your House Payment? Elkhart County Indiana Real Estate Agent Can Stop Foreclosures!

Home owners in Elkhart County, Indiana, that are behind in their mortgage payments can receive help by contacting Real Estate Agent Evelyn Johnston at (574) 304-7148 or emailing her at evelyn@evelynjohnston.com for information about the process. I will walk you through the process of selling your home. There are three stages of a property that is a subjecgt of Foreclosure:

Pre-Foreclosure: This includes a short sale, deed in lieu of foreclosure, cash for keys, quitclaim deed, reinstatement of mortgage, forbearance agreement, etc.
Foreclosure: At the sheriff's auction (sherrif's sale) lenders bid against everyone else to gain control of the property (deed). Most liens against the property are extinguished after this action.
Post-Foreclosure: Majority of the properties that are subject of a foreclosure end up in this category. The property then becomes a liability to the Lender, FHA (HUD), or VA and all except VA hires a Real Estate Broker to list and sell the property. HUD and VA properties are on the Internet (HUD.org and VAhomes.org) bids must be placed thru a registered broker/realtor.

To determine your next move, call Prudential One Real Estate Agent Evelyn Johnston at (574) 304-7148 or email her direct at evelyn@evelynjohnston.com.

Posted by Evelyn Johnston Associate Broker Elkhart Indiana Short Sale Expert on 03/26/2008 12:43 PM

Comments (3)

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3 Comments on Are You Behind in Your House Payment? Elkhart County Indiana Real Estate Agent Can Stop Foreclosures!

MAR

2008

What financial assistance are banks offering? I have a mortgage with Bank of America. I have found no hope. Is there any government agencies helping the mortgage crisis?

Yes, there is hope! The government has a phone number to call and I am not in my office to give it to you right now. When I get home I will email you the phone number!

Michelle:

President Bush's Hope Now initiative is a voluntary group entered into by lenders, loan sericers and mortgage investors to help borrowers who face default when their subprime adjustable-rate mortgage resets at a higher rate. The most prominent part of the initiative is an interest-rate freeze that would give borrowers facing an unmanageable interest-rate hike the time to work out a solution.

The number to call is 888-995-4673 and it is available on a 24/7 basis. Calling the number puts you in contact with a HUD approved counselor affiliated with the non profit Homeownership Preservation Foundation. Expect to be on the phone about 45 minutes. If an adjustable rate mortgage is not part of your situation they may still be able to help you or at least point you in the right direction.

Gather some paperwork before you make the call, like your mortgage papers, income verification and monthly expenses.

If you are already in default counseling and a loss-mitigation strategy, such as a short sale or deed in lieu of foresclosure may be a solution. Under the mortgage debt foregiveness law signed by President Bush borrowers who receive debt foregiveness as part of a loan workout over the next three years won't have to pay federal tax on the forgiven amount. The potential Pitfall-Those who don't call in time may not be able to avoid foreclosure.

If you are located here in Elkhart County, Indiana and would like to contact me directly, I can be reached at 574-304-7148 or emailed at evelyn@evelynjohnston.com. Together we may be able to work out a plan.

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