Help Stop My Foreclosure

There are alternatives to foreclosures and it all starts with a plan

Many of our clients experience temporary reductions in income or financial hardships. When this happens you may not be able to make the mortgage payment for a temporary period of time. If we have a plan in place most lenders will work with us to make a resolution to help our clients keep their homes. Our representatives provide our customers with years of collective expertise to assist you with your best available options during this difficult time. The typical options for assistance are:

• Loan Modifications (credit and income not an issue)
• Forbearance Plan (to suspend payments for a specific period of time)
• Refinance Programs (fast lender solutions with direct lenders)
• Loan Assumptions (transfer a house to a new buyer)
• Short Sale Programs (for sellers who owe more than property is worth)
• Quick Sale Programs (for sellers who have equity and need a quick close)

Loan Modifications

Loan Modifications are one solution for sellers who are behind on payments and due to financial hardships cannot continue to make the payment at its current interest rate. In many cases we are able to assist clients to reduce the payment and achieve interest reductions as low as 2% for a specific period of time. This option is generally considered for homeowners whose financial problems are expected to be more long term. A loan modification involves changing one or more of the terms of a mortgage in order to help you to bring a defaulted loan current and prevent foreclosure. Lenders will first want us to consider a repayment plan without changing the mortgage, where the lender will arrange an increase in monthly payments until the loan is brought current. A repayment plan would mean that each month an additional amount of money would be added to the regular monthly payment until the amount that was overdue has been repaid. Repayment plans often contribute to the extended delinquent mortgage when a homeowner is having financial hardship. Once you have a review from our specialist we can help you start to stabilize a payment that can be afforded. If a homeowner cannot afford to make any payments then we go to one of out other alternative programs, and most often in this market it involves a short sale.

Forbearance

Forbearance is a formal, written agreement between the homeowner and the lender to reduce or suspend monthly payments for a specific period of time. This means that for a period of time, your clients would either pay only a portion of their regular mortgage payment or not make any payments at all. At the end of the agreed-upon period, your clients would be required to resume regular monthly payments as well as pay additional funds to make up for the past due amount. During the time that the payments are either suspended or reduced which give a homeowner the opportunity to resolve the financial hardship they are facing. A reinstatement occurs when your lender is paid back the total amount you are behind, in a lump sum, by a specific date which is often combined with a forbearance.

Refinancing

Refinancing a loan is always the best solution if your credit and income are not an option. Many properties are upside down where there is more owed than the property is worth or just not enough equity to obtain the loan. We have direct lenders standing by that are experts in this field to help our clients with a fast response.

Loan Assumptions

Loan Assumptions are a method of transferring a house to a new buyer who agrees to take responsibility for (assumes) the existing mortgage. FHA loans are assumable but the borrower must qualify to assume the mortgage. Not all mortgages are assumable, so this option must first be discussed with the lender. Most real estate agents make the mistake of not offering this as an alternative for buyers, our agents will ensure that you are knowledgeable of all alternative options to provide you with total coverage.

Short Sales

Short Sales happen when a lender agrees to accept less than the amount owed against the home because there is not enough equity to sell and pay all costs associated with the sell. Not all lenders are willing to negotiate with the homeowner on a short sale. This is why a professional loss mitigation specialist, like Summit Short Sales, can be a tremendous help. A short sale can be a difficult process for individuals who do not have expertise in dealing with lenders. An individual cannot simply decide one day that they want to do a short sale. Many things are considered by the lender in order to approve a short sale. Our representatives will work with the lender’s loss mitigation department and walk you through the entire process. Our goal is to prevent foreclosures and use our numerous relationships with lenders to create an approved short sale so you can sell your home quickly.

Quick Sell Programs

Quick Sell Programs include full exposure to the MLS along with optional no cost on-line real estate auctions that send out your property exposed to hundreds and or thousands of available buyers. Through our marketing portal your property will be advertised across multiple home search sites to ensure you with full exposure to the market. That is in addition to the hundreds of investors and ready home buyers who are signed up to purchase properties when a seller is ready for a quick sell. Here is a brief list of our search sites that we market through: