REFINANCE SOLUTIONS

There are a number of options that may be available to you, during the Foreclosure period and up to the date of the scheduled Trustee’s Sale!

Refinance - You have probably received letters from mortgage brokers and lenders saying you are already pre-approved for a new mortgage. The fact is that it is very difficult to arrange new financing when you’re already behind on your existing mortgage. Arranging new financing will depend on your income, credit report, value of your home, the amount of your equity, and a lender experienced in dealing with these situations. If you’re not sure of the value of your home, give us a call. Usually we can give you a fairly accurate estimate of value within a couple of hours. We would be glad to help and of course, there’s no obligation or costs to you to apply. You will need a lender experienced in these situations, otherwise, you'll be back to square one. Call us at (800) xxx-xxxx, we would be happy to make arrangements for you to work with our lenders. Our lenders specializes in these situations and has helped many people get back on track.

Reinstate Your Mortgage - You have up to and including the morning of the auction to catch up your payments. Perhaps you could borrow from friends or family, credit cards or a retirement program. We may be able to arrange a second mortgage to catch up the back payments and fees from a private lender. We work with a private lender who has been assisting valley home owners facing foreclosure for over 10 years now.

Loan Forbearance or Modification - A strategy worth pursuing is called a loan forbearance. The loss mitigation department of your mortgage company may make arrangements with you to pay some of the back payments now and the balance within a certain time period. A typical example – You owe $9,000 in back payments, attorneys’ fees, etc. Your mortgage company may accept $4,500 now and $750 per month for the next 6 months. Of course, you would have to resume making your normal monthly payments. A loan modification is a permanent change to your mortgage that may lower your payments and the delinquent payments may be added to the mortgage balance.

Sell Your Home on the Open Market - This is probably the most under utilized option available to you. The fact is selling your home will give you the most money in your pocket. The market is very active and we’ve all experienced significant appreciation in the past few years. Your home may be worth a lot more than you think! We work with several good local realtors that can list your house, and investors that are willing to pay you CASH for your home.

Don’t procrastinate; explore all the options available to you. If saving your house seems unlikely, you should call us as soon as possible! Placing you home on the market in a few weeks or a month from now may not give us enough time to find a qualified buyer, arrange financing, and schedule the closing. Because of the time sensitive nature of your situation, this is not a time to go it alone.

We Can Buy Your Home - If efforts to save your home have been unsuccessful and time doesn’t permit selling your home on the open market or if you just don’t want to wait and would rather get a quick sale with no problems, call us. Together, we will come up with an offer that is fair and a win/win situation for both of us.

If it has not yet happed, you will soon be swarmed by investors calling you and knocking on your door. A Word of Caution, some investors are very aggressive and unethical. This scare tactic is usually accompanied by a ridiculously low offer.

The fact is, this is not a time to sit back and relax but for you to pursue one of the options available to you that makes the most sense for you and your family. Don’t be rushed or scared into giving up your hard-earned equity. If a quick sale of your home is your goal, talk with several reputable investors, including us. We can promise that we will treat you fairly, with dignity and complete honesty.

Chapter 13 Bankruptcy - A viable alternative if your financial situation has improved, filing bankruptcy prior to the auction will delay the sale. Unfortunately for most people, it only postpones the sale for one or 2 months. Immediately after filing a Chapter 13 Bankruptcy, you will have to file a repayment plan with the courts. This plan has to show that you have sufficient monthly income to pay basic living expenses; such as food and utilities and other monthly payments such as credit cards, car payments etc. In addition, your income must be sufficient to resume making your monthly mortgage payments.

This is NOT a Solution: Let Your Home Be Sold On the Courthouse Steps - By far the worst solution to your problem! Many people feel "I have no equity, let the bank take it", but homes that are sold on the courthouse steps typically sell for less than their fair market value. Moreover, if a bank suffers a loss due to the pending foreclosure action against you, they also have an option. They can file a deficiency judgment against you and pursue you for the amount of their loss.

Notices of Trustee Sale Are Up – WAY UP!
The Foreclosure Process starts whe the Trustee is notified by the lender to begin the Foreclosure, and the Trustee then records the Notice of Trustee’s Sale with the County Recorder. Ninety (90) days later, the property WILL BE SOLD at the Trustee’s Sale (auction) UNLESS SOMETHING IS DONE TO STOP IT
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THE LEAD STORE & HOME STORE Inc. © Copyright 2006

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