If you are like the thousands of homeowners being bombarded by the banks I can help you navigate your way through the process.
Often a simple loan modification can keep you in your home. Or you could call the bank and if you have owned the home for a number of years simply ask for a loan RECAST. A simple and quick way to reduce payments.
Dealing with the banks and getting the calls ” this is an attempt to collect a debt” and asking you a hundred times “why” is frustrating.
If you are one of the many homeowners facing tough choices in today’s economy, I understand. I know that looking for assistance with your mortgage and deciding where to go for help can be confusing and frustrating. And I’m here to help.
Whether your financial hardship or current situation is temporary or more permanent, options are available. Even if you have decided you want relief from the responsibility and the burden of your mortgage payments, now’s the time to take action before it’s too late.
Know Your Options.
Refinance
A new loan — with new terms, interest rates and monthly payments — that completely replaces your current mortgage. Even if your home value has decreased, you may be able to refinance your loan as part of the government’s Home Affordable Refinance Program (HARP). Refinance benefits:
- Make your payment more affordable by lowering your interest rate or adjusting the terms of your loan
- No negative impact to credit score
- Stay in your home and avoid foreclosure
Repayment Plan
An agreement between you and your mortgage company that lets you pay the past due amount on your mortgage payments over a specified time period in order to bring your mortgage up to date. Repayment plan benefits:
- Catch up on your past due payments over an extended period of time
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
Forbearance
An offer by your mortgage company to temporarily suspend or reduce your monthly mortgage payments for a specified period of time. Forbearance benefits:
- Have time to improve your financial situation and get back on your feet
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
Modification
An agreement between you and your mortgage company to change the original terms of your mortgage—such as payment amount, length of loan, etc. You may be eligible for the government’s Home Affordable Modification Program (HAMP) created to help struggling homeowners. Modification benefits:
- May reduce your monthly mortgage payments to a more affordable amount
- Less damaging to your credit score than a foreclosure
- Stay in your home and avoid foreclosure
Short Sale- This is where you call Rob the Realtor!
A short sale is the sale of a home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off your mortgage balance with the proceeds. Short sale benefits:
- Eliminate or reduce your mortgage debt
- Assistance for relocation may be available
- May be able to recover your credit score—and get another mortgage—faster than if you went through foreclosure
Deed-for-Lease™
A new program that allows you to temporarily lease your home. You first transfer the ownership of your home to the mortgage company (called a Deed-in-Lieu of Foreclosure, see below) in exchange for release from your mortgage loan and payments. You can then rent the property back—at an affordable rate—and remain in the home as a tenant. Deed-for-Lease benefits:
- Stay in your home and neighborhood—no need to move or relocate
- May be able to recover your credit score faster than if you went through foreclosure
- Assistance for relocation may be available at the end of your lease
- Avoid foreclosure
Deed-in-Lieu of Foreclosure
With a Deed-in-Lieu of Foreclosure (DIL), transfer the ownership of your property to your mortgage company in exchange for a release from your mortgage loan and payments. DIL benefits:
- Eliminate or reduce your mortgage debt
- May be eligible for relocation assistance
- May be able to recover your credit score—and get another mortgage—faster than if you went through foreclosure
Get the Help You Need
1. Gather Your Information
Gather the information you will need to present to your mortgage company—income information for all borrowers, other debts or monthly payments you have, and the reasons and status of your financial hardship.
2. Contact Your Mortgage Company
Call your mortgage company (this is your servicer) for assistance as soon you can—even if you are just beginning to have difficulty with your payments.
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