MODIFY YOUR MORTGAGE AND STAY OR SHORT SALE AND GO?
This is the first decision you will want to make. You can change your mind along the way, and many people do, but having a direction to go is an important starting point and influences your outcome. Loan Modification
Do you love your home and want to stay?
Do you owe much more than its worth?
Do you feel its hopeless?
The worse you can do is nothing! A trained expert in distressed properties including your Realtor, Attorney and Accountant can help you through this important decision. Think about renting. What will it cost you per month to rent a home? Is it more or equal to what you are paying? Renting can save you money with upkeep but is that money worth it to you in exchange for the freedom you have in owning your home? What about your credit score? What will your cost of credit be in the long run if you have a foreclosure or bankruptcy on your credit report? Foreclosures and Bankruptcy stay on your credit report for as much as te years. With a short sale you are lendable after three years. You want to think about long range plans and potential outcomes. I can help you through this. A home lost to foreclosure is one too many.
 Work With An Expert!
Call me Today For A Free Consultation Barbara Brazeau 941-256-6713 As an advocate for home ownership, I believe that any family that loses their home to foreclosure is one family too many, but unfortunately, there are many situations in which people just can't afford to keep their homes. This is when a short sale is definately
the best option. I've earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
IMPORTANT NOTICE: Allison James Estates & Homes is not associated with the government, and our service is not approved by the government or your lender.
If you stop paying your mortgage, you could lose your home and damage your credit. Even if you accept this offer and use our service, your lender may not agree to change your loan. | | HARP PROGRAM (Home Affordable Refinance Program)
If you are not behind on your payments and your investor is Fannie Mae or Freddie Mac there are special refinance options where you can borrow from 105% to 125% of your homes current market value. These programs are offered at todays low interest rates. As a Mortgage Broker I can help you with this option. First thing to find out is the current market value of your home. Click here for a free Home Evaluation HAMP PROGRAM (Home Affordable Modification Program)
If you have been 30 days late on your mortgage payment or behind, you will want to contact your lender and apply for a modification that will reduce your interest rate to 31% of your monthly income. Your lender may forebear missed payments by adding them to end of your loan period and in some few cases even relieve a portion of the principal balance. HAMP UP PROGRAM (Home Affordable Modification for The Unemployed)
You must apply to your lender before you are three months late on your mortgage. Your first mortgage payment will be reduced to 31% of your household income. SECOND LIEN MODIFICATION
(2nd lien modification with Home Affordable)
Since 2MP is meant to be complementary to the Home Affordable Modification Program (HAMP), a homeowner must have their first lien modified through HAMP before the second lien can be modified under 2MP. Reduction in interest rate as low as 1% and the possibility of extinquishing the 2nd lien all together. HOME AFFORDABLE FORECLOSURE ALTERNATIVES
(Short Sale or Deed in Lieu of Foreclosure)
Many homeowners may feel that they can no longer afford their home, but want to avoid the negative effects of foreclosure. The Home Affordable Foreclosure Alternatives Program offers homeowners $3,000 to help transition to more affordable housing when they complete a short sale or deed-in-lieu of foreclosure. I suggest the short sale because in the long run your credit will suffer less. In my experience of negotiating and closing several short sales, deficiency balances are removed if it is your primary residence. If it is a second home or investment property, you still have a good chance of having the deficiency balance removed or be able to negotiate a note. IRS
If it is your primary residence, you will not have to pay income tax on the deficiency saved, and if it is an investment property I suggest you discuss this with your attorney and accountant. Click here to read the IRS Publication of The Mortgage Forgiveness Debt Relief Act and Debt Cancellation. Please click on the links on the right side of the page for more information. |