how to avoid foreclosure: What is the Typical Foreclosure Timeline - How To Avoid A Foreclosure
- 11/04/12 03:34 AM
When you miss your first mortgage payment by one day, you may be involved in the foreclosure process. You need to act quickly, as the process seems to develop a life of its own without your input. Yes, it may seem easier to just let things go if you feel there are no other options available to you, but things will not be easier for you in the long run. Recent statistics indicate that 50% of all home loans are placed into a foreclosure process without any personal contact being made by a borrower. You should know the process in … (2 comments)
how to avoid foreclosure: Learn How A Short Sale Can Help You Avoid Foreclosure
- 03/02/12 11:34 PM
Feeling like there is no other option but foreclosure can be an overwhelming experience. Know that you are not alone. Thousands of homeowners in the Upstate of South Carolina are facing the same challenges as you every single day. Now more than ever before there are solutions. You need help, guidance, and someone who understands the difficult choices you are facing about your home, your family, and your life. Quite often a homeowner facing a foreclosure thinks they have to go through the process alone, forced into a daunting situation caused by unforeseen circumstances beyond their control. Facing damage to … (3 comments)
The longer you wait, the fewer options you may have available to avoid foreclosure.
In a short amount of time your mortgage company may proceed with the following steps: A court judgment will be awarded to your mortgage company. The judgment will be attached to your credit file, with all of the credit bureaus. You home may be sold at a sheriff’s auction at the county courthouse. You may be evicted from your home by the new homeowner. Your mortgage company may … (0 comments)
how to avoid foreclosure: 9 Steps To A Successful Short Sale
- 07/15/11 04:45 PM
1. Get educated. You need training if you’re going to speak confidently and intelligently about the short sale process.This is an important transaction for these sellers and you need to know what you’re doing, or you should refer the lead on to a Short Sale specialist. 2. Determine whether you can help. At the first meeting with distressed homeowners, find out how far behind they are and if they’ve exhausted all other options (loan modifications, mediation, etc.). There’s a chance that the bank might work with them so they can stay in their homes. It is not always the best … (8 comments)
how to avoid foreclosure: What Is HAFA? Do You Qualify For A HAFA Short Sale?
- 07/07/11 03:06 PM
I'm sure you have all heard of HAFA, but do you know what it is? Hafa, or the Home Affordable Foreclosure Alternatives Program is a government sponsored initiative to aid eligible homeowners by pre-approving short sales before listing and releasing them from future liability of mortgage debt. HAFA was launched April 5, 2010 and pertains to 1st lien Non-GSE mortgages ( loans owned or guaranteed by Fannie Mae or Freddie Mac do not qualify under HAFA in it’s current state ). HAFA provides financial incentives for borrowers, servicers and investors and uses standardized processes, documents and timeframes to quickly and effectively implement a … (3 comments)
how to avoid foreclosure: What if I don’t qualify, can’t afford my home, and owe more than it’s worth?
- 06/24/11 02:37 PM
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. A short sale allows you to sell your home for less than what you owe and avoid foreclosure. The qualifications for a short sale include any or all of the following: *Financial Hardship – There is a situation causing you to have trouble affording your mortgage. *Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon … (11 comments)
What are the differences between foreclosure and short sale? First of all, a homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. However,a homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage after only 2 years. That is a big difference for most people. Another difference is on any future 1003 application (loan application), a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property … (7 comments)
A short sale is when a homeowner owes more on their property than it is currently worth, and then they hire a qualified real estate agent to market and sell their property through the negotiation of a short sale with their lender. This typically requires the property to be on the market and the homeowner must have a financial hardship to qualify. Hardship … (8 comments)
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