Free Foreclosure Prevention
Remember, Don't pay a Fee for a Modification. These are not all options that may be available.
We specialize in obtaining Relocation Cash for Homeowners.
Options
Here are some options other than foreclosure
Forbearance & Covid-19
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Federally Backed Loans were included in the 60-day Foreclosure Suspension.
Borrowers were instructed to contact their Mortgage Company or Loan Servicer to remain in good standing during any Forbearance Period (Payment Pause) due to the Covid-19 Pandemic.
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TIP: The Cares Act does not apply to defaulted loans or loans in Foreclosure prior to Covid-19.
The Cares Act prohibits your lender from charging any late fees and penalties while in the Forbearance period.
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Borrowers were also instructed to keep making payments if possible.
Cash Relocation Incentive
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The incentive is only issued to the Borrower on specific terms approved by your Mortgage company.
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This is typically given when the Borrower can't keep the property.
Once approved, the Mortgage Company approves an amount in writing.
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Both Borrower and Mortgage Company execute the terms, and Cash is issued the the Borrower.
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There are no guidelines or laws that require your Mortgage Company to offer a Borrower Cash to Relocate.
Obtaining this incentive usually takes a licensed professional experienced in negotiating Relocation Incentives.
Obtain a Debt Waiver
The Borrower may be able to receive a Debt Waiver on portions of a Mortgage loan.
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Usually the Borrower must apply and receive approval by the investor of the note and issued by the Mortgage Company.
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*Certain restrictions apply, which may include but not limited to:
The home is the Borrower's primary residence, and financially, the Borrower is insolvent.
* Always check with your CPA, or Financial Advisor to verify one's tax liability and insolvency.
This option is usually a great path to save credit and avoid huge debt, Bankruptcy or Foreclosure.
Obtain a Loan Modification
You may be able to reduce your payment, interest rate, or extend your loan term with a lender approved Loan Modification if:
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You are ineligible to refinance
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You're facing a long-term hardship - over 6 months
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You have missed mortgage payments, or are likely to fall behind very soon
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Your home is worth less than what is owed on the property​
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TIP: Your lender must offer you the ability to apply for a loan modification, however approval is never guaranteed.
* Most modifications are declined due to incomplete or improper paperwork, or missing documents.
Call Now for Free Tips or Assistance
1-800-469-2808
Types of Modifications
There are new modification programs by government-backed enterprises.
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Flex Modification - Fannie Mae and Freddie Mac
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In-house Modification - Your lender modifies terms and new payment.
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There are certain qualifications and criteria that you will need to meet. Not always will these options work for the Homeowner due to their financial situation, how delinquent the loan is.
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TIP: If you aren't behind on your payments but may be soon, you should contact your lender about a Streamline Refinance for FHA and VA loans.
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TIP: Beware of Scams, such as paying any money upfront for a loan modification or door-knocking "Investors" that claim they are offering you the best deal to purchase your home.
Equity Sale or Short Sale
Every home has a value. You need to know what your approximate value is, in today's market.
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TIP: The homeowner has the right to sell the property prior to the foreclosure date.
An Equity Sale is where the Homeowner has money left over after paying the motgage company and Real Estate closing costs.
A Short Sale is a sale where the balance of the loan is greater than the value of the home, also known as being 'Underwater.'
If you cannot afford to keep the home, you may be able to obtain a special cash incentive.
* Always use a Real Estate Agent experienced in pre-foreclosures.
It may be hard to find an agent that can obtain this kind of incentive for you. We can assist you with locating an agent in your area or tell you how to find the best fit.
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Why should you take action?
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You could be liable for a lot of money to your mortgage company after foreclosure
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You could obtain a more affordable payment
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Change your mortgage terms to be more affordable for your situation
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Your credit score is hugely affected with a foreclosure
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Sell your home and keep your money
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You may likely be able to receive Cash Relocation Assistance if you can't keep your home
Call 1-800-469-2808 Speak with a specialist.
We have a network of foreclosure prevention experts ready to help.
To determine if you are a possible victim of a scam, ask yourself these three questions:
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Were you told you had to pay a fee to obtain counseling services?
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Did someone offer to buy your home without a Real Estate Agent?
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Were you guaranteed a loan modification or asked to do any of the following:
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Sign over title to your property
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Redirect mortgage payments
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Stop making loan payments
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" Do yourself a favor and make the call. There are options available, you just have to try. We are so glad we did." ~ Charles and Andrea G.
The Cares Act - Section 4022
Read the posting from HUD.GOV regarding the Foreclosure & Eviction Moratorium
THE FOLLOWING PUBLICATION WAS POSTED ON HUD.GOV 3/18/2020:
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HUD No. 20-042
HUD Public Affairs
Ph: (202) 708-0685
FOR RELEASE
Wednesday March 18, 2020
HUD PROVIDES IMMEDIATE RELIEF FOR HOMEOWNERS AMID
NATIONWIDE CORONAVIRUS RESPONSE
Suspends all foreclosure and evictions for the next 60 days
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WASHINGTON - U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson, in consultation with the Trump Administration and the Coronavirus Task Force, today authorized the Federal Housing Administration (FHA) to implement an immediate foreclosure and eviction moratorium for single family homeowners with FHA-insured mortgages for the next 60 days. These moratoriums are part of the continued effort by President Trump to address impacts to the financial well-being of America’s individuals, families, and businesses caused by Coronavirus (COVID-19).
“Today’s actions will allow households who have an FHA-insured mortgage to meet the challenges of COVID-19 without fear of losing their homes, and help steady market concerns,” said HUD Secretary Ben Carson. “The health and safety of the American people is of the utmost importance to the Department, and the halting of all foreclosure actions and evictions for the next 60 days will provide homeowners with some peace of mind during these trying times.”
The guidance issued today applies to homeowners with FHA-insured Title II Single Family forward and Home Equity Conversion (reverse) mortgages, and directs mortgage servicers to:
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Halt all new foreclosure actions and suspend all foreclosure actions currently in process; and
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Cease all evictions of persons from FHA-insured single-family properties.
“This is an uncertain time for many Americans, particularly those who could experience a loss of income. As such, we want to provide FHA borrower households with some immediate relief given the current circumstances,” said Federal Housing Commissioner Brian Montgomery. “Our actions today make it clear where the priority needs to be.”
FHA continues to encourage servicers to offer its suite of loss mitigation options to distressed borrowers – including those that could be impacted by the Coronavirus – to help prevent them from going into foreclosure. These include short and long-term forbearance options, mortgage modifications, and other mortgage payment relief options available based on the borrower’s individual circumstances.
HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
More information about HUD and its programs is available at www.hud.gov and https://espanol.hud.gov.
For information about Opportunity Zones visit: https://opportunityzones.hud.gov/
You can also connect with HUD on social media and follow Secretary Carson on Twitter and Facebook or sign up for news alerts on HUD's Email List.
See the link here:
https://www.hud.gov/press/press_releases_media_advisories/HUD_No_20_042