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You Have Options and Alternatives When It Come Foreclosure.  THERE ARE ALTERNATIVES TO FORECLOSURE. You have options if you owe more than your home is worth and you need to sell, no matter what the reason. We are real estate brokers and Realtors® and have vast amounts of knowledge and experience with short sales negotiations. Our marketing expertise will get your home the maximum amount of exposure necessary to bring the right buyer. When your home is under contract, we have a team of attorneys working on your behalf to help you get the outcome that you require.What are the warning signs of foreclosure? Life changes are often a contributing factor to foreclosure – especially unexpected changes that affect your finances, such as:
Financial Warning Signs:
The Delinquency Cycle of a Mortgage Loan
What happens if I do not make my payment on the due date?
The loan servicer expects to receive your payment by the due date. If the servicer has not received your payment by that date, it is delinquent. Most loans have a Grace Period, which is the length of time between the due date and the date when late fees begin. The promissory note contains the due date.
What happens after that?
The Collections Department may start contacting you between the 16th and the 30th of the month if the payment is still due. What is the Collections Department?
If the Collections Department has not been able to collect or make acceptable payment arrangements with you, your account may be referred to the LOSS MITIGATION DEPARTMENT/ Home Preservation/ or Work Out Department. What is Loss Mitigation?
This is a division of the loan servicer that will work with you to establish an acceptable plan to get you back on track with your mortgage payments.
CALL YOUR MORTGAGE COMPANY/SERVICER IF YOU KNOW YOU’LL BE LATE AND ALWAYS RETURN THEIR CALLS!!
What is the Collections or Loan Servicing Department?
What happens after I am 60 days late?
On the 61st day, the loan payment is 2 months past due, and if the Collections department has not been able to collect or make acceptable payment arrangements with you, your account will be turned over to the LOSS MITIGATION DEPARTMENT also know as HOME PRESERVATION or WORKOUT DEPARTMENT.
What happens after I am 90 days late?
On the 91st day (in AZ), a third party TRUSTEE takes over your delinquent account. The Trustee will send a “Notice of Trustee Sale” stating that the property will be sold 90 days from the date the Notice was filed and recorded. There will be a notice published in the newspaper once a week for four weeks. OPTIONS TO KEEP YOUR HOME
(Loss-mitigation options available in your situation depend on the investor, the type of loan you have, and what the loan servicer is able to negotiate.)
Refinance - A new mortgage on the loan with no change in ownership. The ability to refinance a loan requires that the borrower not be delinquent and that there be equity in the home.
Loan Modification - Past-due interest and escrow to the unpaid principal balance, which is then re-amortized over a new term. Rate adjustments, term extensions, and principal forgiveness may be considered. Loan modification results in permanent, contractual changes in one or more mortgage terms.
Forbearance – A temporary reduction or suspension of a borrower’s payment. The repayment plan is based upon the customer’s financial situation. Because of long-term implications, this option is used only in severe hardship cases.
THE MAKING HOME AFFORDABLE PLAN
The Making Home Affordable (MHA) plan is part of President Obama’s broad, comprehensive strategy to get the economy and the housing market back on track. The plan potentially could help up to 9 million families restructure or refinance their mortgages to avoid foreclosure.
The refinancing option is only available for conforming loans owned or securitized by Fannie Mae and Freddie Mac. Most conventional loans including prime, subprime, adjustable, loans owned by lenders and loans in securities are eligible for a Home Affordable Modification. The Administration is working with Congress to enact legislation that will allow FHA, VA and USDA to offer modifications consistent with Making Home Affordable. Currently loans insured or guaranteed by these agencies are being modified under other programs that enable borrowers to retain homeownership... Continue Reading:
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