Increased Mortgage Payments Weighing You Down?

Foreclosure is bad for everyone - the homeowner and his family as well as the lender. I have taken courses in forclosure prevention and have been Certified as Forclosure Prevention Counselor, and I am dedicated to helping distressed homeowners keep their homes. There is no charge for my services to the homeowner, my compensation always come from the lenders who hold the mortgages on the homes in question.

Throughout Florida, the number of sellers facing financial difficulties is clearly on the rise in all price brackets. Many owners holding adjustable rate mortgages (ARMs) or interest-only loans are finding it tough to keep up with today´s higher monthly payments. Rising foreclosure rates throughout Florida and the rest of the country signal the seriousness of the problem. There are alternatives to foreclosure while preserving your credit rating!

Florida law requires the foreclosure process to take at least 5 months. That is not a lot of time. If you are having trouble keeping up with your mortgage payments, you must act quickly if you want to keep your home. So call me immediately if you are in this situation and I will discuss your options with you. I also work with a Loss Mitigation Specialist who can help us determine the options available to you, if you do not qualify for loss mitigation, then your next best choice is usually  a short sale. This will minimize damage to your credit rating, and help you prevent a foreclosure on your credit report.

What is a Short Sale? 

At the same time, a decline in sales prices over the past two years has left some sellers with little or no equity in their homes-sometimes called an "upside-down" sales situation.

For instance, an owner who paid $300,000 for a Florida home in 2005 using a $30,000 downpayment would have little to no equity if the current market value were $270,000. So, it´s not just those having trouble making mortgage payments that are affected by today´s market. For example, you may have a couple who bought using 100 percent financing when the market was high. Because of a job transfer, they´re forced to sell and they find themselves owing more than the home is worth.

So, if this sounds like you?  Now What?

Your Options:

Forebearance

The lender may negotiate with the borrower to increase monthly payments to distribute
the delinquent payments over the remaining term of the loan to bring the account current.
This option gives the borrower time to sell the home.


Short sale

This type of sale involves direct negotiation with the lender to allow the sale of the home
 for less than the balance owed.  In some cases the seller may be held liable for the shortage
 amount.  In this process, the seller of the home cannot profit in any way from the sale of the
 home, but, can avoid foreclosure and save their credit rating.  When considering a short sale
 on your home you will need the help of an experienced Realtor to work on your behalf with
the lender & potential buyers. 
Many Realtors are not educated on successfully completing these challenging transactions.

I want to help you, whether you need assistance speaking with your lender to investigate
 viable options such as forebearance, refinance, or short sale. Or you are just interested
 in finding out what your home is really worth in today's market.  I am here to help!

I feel that the lenders have created the current increased default situation by taking
 advantage of the lax lending guidelines in the years past and now they need to help the
 borrowers find a way out with their dignity and precious credit rating intact.


Call or email me today for a free, no obligation consultation!
813-781-9487