I receive calls and emails every day from homeowners facing foreclosure, they are afraid because they didn’t qualify for a loan modification and they want to know what their options are. They are frustrated and confused by all the conflicting information about foreclosure, including information gathered from, neighbors family members, friends telling you what your options are, even when they are on the same position, they don’t know what your options are! Every family situation is unique.
The homeowner usually has to suffer through months of agony, as they fax and re-fax the same documents to the lender, are given conflicting information, as a result desperate homeowners have sent payments to banks and struggle to come up entering a trial forbearance programs.
What often happens is that the homeowner is strung along for months, before finally being rejected at the last minute. A loan modification is not a guaranteed method to stop the foreclosure, and you need to be prepared for what to do, if you are turned down. Some homeowners lost all their savings, borrow money from family, friends to try to save their home just to find out at the last minute that they don’t qualify!
For most borrowers, hoping for a loan modification only delays the inevitable. If you didn’t qualify for a loan modification normally Short sale can be your best option. We are still going through to all options available to make sure that you understand which option can apply to you special circumstances. If you ever find yourself in a similar position, be sure to consider these alternatives:
Let’s start with the (HAFA the program that suppose to help millions of Distress homeowners! The Home Affordable Foreclosure Alternatives (HAFA) program that provides financial incentives for lenders and borrowers to avoid foreclosure through short sales or deeds in lieu of foreclosures. The idea is that if borrowers are eligible for the modification program but are unable to work out a plan to stay in their home, they—and their lenders—have a well-mapped route for executing a short sale or a deed in lieu of foreclosure. It is important that you understand that this program is not for everyone is only for certain homeowners with certain loans.
"Which Loans are Eligible?"
The new HAFA program applies to the large volume of so-called "risky" loans that were issued outside of Fannie Mae and Freddie Mac guidelines during the housing boom, such as zero-down loans, option ARMs, and Alt-A mortgages that didn’t require extensive income documentation.
You can receive up to $3,000 from your lender for moving expenses ( if you qualify ) at the time of closing of a HAFA short sale or a HAFA deed in lieu of foreclosure. Relocation funds are part of the incentives of HAFA, but not necessarily for other short sale or deed in lieu programs of the lenders.
Short sales in a Riverside County Home!
An agreement between you and your lender to sell your home for less than you owe. Although there’s no guarantee that your lender will let you avoid foreclosure with a short sale, new government regulations are aimed at encouraging lenders to do so.
A loan modification on an Riverside County home
It's important that you understand that you have to qualify! Loan modification may result in a change in the interest rate, the monthly payment amount, the length of time to make repayment (30 years vs. 40 years) if you qualify! Monthly payment must be 31% or less of gross monthly income fully document income. Income and employment verification are required. REINSTATEMENT
A reinstatement requires a one-time payment
of all delinquent funds in full.
The homeowner has to pay all missed payments, late fees & legal fees
that are due up to the date that the loan is reinstated. to make payments as they had before. FORBEARANCE or REPAYMENT PLAN
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back payments over a period of time
. Some mortgage companies will require a homeowner to 'qualify' for forbearance. If a homeowner misses just one payment, they can end up in the same stage of the foreclosure process they were in previously.DEED IN LIEU OF FORECLOSURE IN A RIVERSIDE COUNTY HOMES
- Also known as a "friendly foreclosure."
- Borrower give the home back to the lender without forcing the lender to go through an official foreclosure
- The property must be owner-occupied, no “walk-a ways” or investment properties.
- When it is verifiable that the need to vacate was related to the cause of default (job loss, transfer, divorce, death), and the subject property was not purchased as a rental investment, or used as a rental for more than 12 months.
- The mortgagor must be 31 days delinquent or more at the time of the Deed-in-Lieu Warranty Special Deed is
- The mortgagor must provide documentation of a reduction in income or an increase in living expense, and documentation, which verifies the borrowers need to vacate the property.
- May not be available where there is more than one lender unless the junior lenders will agree to the deed in lieu.
Please If you have been serve by foreclosure papers, please call me right away. LET ME HELP YOU! It's easy and doesn't cost you any MONEY! For more information about selling your home as a Riverside County Short sale! Just click here Ceciliarod@prudentialcaliforniarealty.com
Don't Delay! Don't Wait Until The Sheriff Is Knocking On Your Door! Pick up your phone and call me to see if you can avoid foreclosure!
Foreclosure Is NOT An Option! Call Cecilia Rodriguez today at 951-858-5797 for a confidential interview regarding your options.
Hi I'm Cecilia Rodriguez, Pre-foreclosure and Short sale Specialist who care about you. Through my English is not perfect I do have the expertise to help families avoid foreclosure. I can walk you through the process, determine your eligibility, and provide you with the best solutions available for your particular circumstances.
Cecilia Rodriguez. Specializing in Residential Real Estate, Pre-foreclosures, Realtor, Distress property expert, Certified Action Specialist.
Lic # 01505884
Prudential California Realty