Are YOU Or Anyone You Know......
FACING FORECLOSURE?
UPSIDE DOWN ON YOUR HOME?
STRUGGLING TO PAY YOUR MORTGAGE?
If you are struggling to make ends meet then we will likely have an alternative for you besides allowing your lender to foreclose on your home. Don think that you have no options- we can help you!
They are a few options that you may have depending on your current situation. They are (1) loan modification (2) FHA Streamline Refinance (3) Short Pay Refinance and then there are the "last resort" alternatives which are (4) short sale your home and (5) Foreclosure. Obviously, foreclosing is isn't a good choice if you can do the other options. You want to make sure that are working with a company that has experience with loan modifications and short sales- if you don't, then you are wasting valuable time and money.
LOAN MODIFICATION - to negotiate with your current lender(s) to reduce your payments and possibly your principle balance, but you must show a "hardship" and they will request documentation to prove it. Our attorneys will negotiate with your lender(s) to reduce your rate, thus lowering your mortgage payment(s) to an affordable level for you to stay in your home. It's a tough thing to get done if you don't have the right people who have experience doing them representing you. The process can take up to 90 days, depending on your lender(s)
FHA STREAMLINE REFINANCE - (FHA to FHA Refinance)
You must currently have an FHA loan to do a streamline refinance. It's a simple loan that is very quick and easy to qualify for. Please see the qualifications/ benefits below. If you currently have an FHA loan and are upside down on your mortgage- we can help you because LTV is NOT a factor!
* NO income or asset verification needed
* NO Employment Verification needed
* No Appraisal Required - LTV is not an issue!
* No credit report pulled - Credit not needed
* Up to 3 Mortgage Lates in the last 12 months
* Lender usually covers all the fees
* Quick loan process, usually less than 2 weeks
* VA loans may also be eligible for a streamline refi
* Call for more details at 951-302-6138
SHORT PAY REFINANCE
A short pay refinance may be beneficial for a homeowner that is upside down in their home and wants to stay in their home with a lower, more affordable payment. A Short Refinance, also known as a short payoff, is a transaction, where the lender agrees to accept less than the full amount owed by the homeowner. To get your "new" loan value, we would determine your homes current market value and your new loan would be 97% of that value. A Short Refinance works exactly like a short sale, but instead of the property being sold; it is refinanced with a new lender and you stay in your home. Your current lender agrees to accept less than you owe. The short refinance allows the homeowner to keep ownership of the property, while at the same time avoiding a foreclosure or possible bankruptcy.
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Theese Are More "Last Resort" Options; (These progrms Will NOT keep You In Your Home)
SHORT SALE - your lender and you agree to sell your home for less than you owe on it. Your home gets valued at current market value and listed by our Real Estate affiliate to sell. There are NO fees, your lender pays all the fees associated with the short sale process. Just like the loan modification, the short sale is hard to get done if your don't have an experienced team negotiating the deal for you. This will not affect your credit too harshly, unlike a foreclosure. You can typically buy another home 2+ years after the short sale as per Fannie Mae/Freddie Mac guidelines. The process can take up to 90 days, depending on your lender(s)
FORECLOSURE - this is the worst case scenario and not reccommended. Your credit will be destroyed and you will not be allowed to purchase another home for 7+ yrs and you will need minimum of 10% down payment.
Please call me for FREE advise and to see what options you may have. I look forward
Gerard Ladalardo, CMPS
gerard@caloanpros.com
www.caloanpros.com
888-420-3863
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