Are you struggling to make house payments? Are you behind in house payments and looking for answers?
We are in difficult economic times that is no doubt. With the GLOBAL financial crisis taking up much news, we are in a LOCAL financial crisis! Job losses, rising interest rates, gas prices etc...Most people that purchased or refinanced homes in the last few years have seen property values drop below what the current mortgage balance is owed against the property. Do you fall in that category? If you are facing foreclosure, considering "walking away" from your property or just looking at options. WE SHOULD TALK. There are five basic options:
•1) Walk away from your home/investment and have that damage on your credit report making it difficult (not impossible) to purchase property again.
•2) Speak with the bank and try to a do a "Deed in Lieu of" FORCLOSURE. Truth is told this option is no better than the previous option AND the banks may not accept this option.
•3) Contact your lender to work something out! Considering Congress has established a stimulus package etc...YOU SHOULD EXPLORE THIS OPTION. You may be able to do a forbearance agreement or loan modification. Right now the lenders "appear" more ready to work with homeowners to keep them in their properties.
•4) Loan modification and ask me I HAVE A RESOURCE THAT MAY HELP!
•5) CONSIDER A SHORT PAYOFF! If you cannot make things work with your lender instead of walking away, you should attempt to do a short pay. Why and what are the benefits?
•A) No Foreclosure on your credit report AND the damage to your credit is less severe and during the process you are staying in the property (in some cases not paying)
•B) Better able to purchase a home in the future and possibly purchase sooner!
•C) You actually move out the property and do not get evicted by the bank!
If you or someone you know is struggling and finding hard times currently pass this letter on and/or have them call our 24/7 information hotline 888.429.8571 ext. 9007 for details.
The Elgin & Pilar Walker Team
Keller Williams VIP Properties
25124 Springfield court #100
Valencia, Ca 91355 661.290.3781
ehustle@elginwalker.com
OH BY THE WAY I AM NEVER TOO BUSY FOR YOU OR YOUR REFERRALS!
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Elgin, thanks for keeping this topic current.
There are some wives tales out there about what to do when you are having trouble with your mortgage.
The first one has to do with damage to your credit rating.
Bankruptcy may or may not be a negative. Chap 7 = liquidation. Chap 13 = reorganization.
I've seen folks purchase property recently that came out of Chap 13 just a few years ago. They did sell the home they had occupied, but didn't renege, if you will, on any of their debt obligations -- mortgage, credit card, auto, ... consumer.
The second one has to do with working with lenders. There are consequences TO NOT contacting lenders. But, there are also risks and negative consequences TO contacting the lenders.
Prior to this crisis, they all talked a good game about willingness to work with troubled borrowers. Having spoken with a lot of people and payment processing reps, mortgage lenders and consumer credit lenders rarely actually work with a troubled borrower.
And, if a troubled borrower contacts a lender to discuss the situation, they have gotten nervous and accelerated repayments. Plus, all the troubled borrowers can get wind of this and accelerate repayments.
It may not be that way for everyone.
As with many other aspects of life, there are risks.