Foreclosure Help | |
| I am in foreclosure, what I can do? I have been served a trustees sale notice on my door. I just received a notice of default via certified mail. What are my options? We have received a notice of default, but we do not have any equity in our home to pay a realtor to list. My lender mentioned a short sale. What is a short sale? I was told by a friend to throw the keys on the roof and move out. What would happen? I am thinking about taking out bankruptcy. can I still keep my home or sell anyway? I just got divorced or I am in a divorce and my spouse won't pay the mortgage. I have received a notice of default. What should I do? I want to sell my home but have judgments and other encumbrances. Can I still sell? |  |
| I am in foreclosure, what I can do? 1.Put the property up for sale prior to the sale date 2. Bring the delinquent balance current 3. Find someone to deed the property or that will pick up the payments 4. Hire a professional that will work with the lender to show the hardship and ask the balance to be forgiven less the sale proceeds. For more information: Contact Us Back to the TOP I have been served a trustees sale notice on my door. At this point in time the best thing to do is sell. the bank would rather take less than the balance than take it into their inventory. Chris says, "All fees in the short sale situation are paid by the lenders that are holding the note, they have no problem paying my fees due to the fact that they will pay the fees now on the front of the potential foreclosure. or when it becomes bank ownned, the fees are always calculated in to the banks equation of the acceptable net amount to be considered as part of the short sale itself." For more information: Contact Us Back to the TOP I just received a notice of default via certified mail. what are my options? *Several options are available to you. The best solution at this time is to evaluate your value on your home, then decide if it is feasible to bring the payments current, or if paying even more money is just a band aid. Call or e-mail for more definitive answers to your specific situation. Chris says, "Remember, lenders would rather the party in foreclosure sell prior to the trustees sale and plan on paying the realtor fees. no funds what-so- ever will be asked for. The party in foreclosure will be zeroed out at the table. " Back to the TOP We have received a notice of default, but we do not have any equity in our home to pay a realtor to list. This situation is typical of most property in default status. The best and most financially advantageous way to solve this is to list the home for fair market value, even if you owe more than the list price and start working on a hardship package to sell the home short of the principal balance. You do need a realtor to orchestrate this process. The Results Guy can help! Back to the TOP My lender mentioned a short sale. What is a short sale? A short sale is a way for you the homeowner to sell the home short of the principal balance prior to trustees sale. there is usually a initial property value assessed by a third party appraiser or broker. Once that is completed, we initiate a hardship package from the seller to convey to the lender that there is no way that the seller can conform to the underlying obligation. For more information: Contact Us Back to the TOP I was told by a friend to throw the keys on the roof and move out. what will happen? This would not be a very good decision at all. the lender would foreclose completely on the property, and whatever loses were taken would be a collectible debt via garnishments, judgments etc. selling would be a much better scenario. For more information: Contact Us Back to the TOP I am thinking about taking out bankruptcy. can I still keep my home or sell anyway? This is a case by case evaluation. it also depends on what form of bankruptcy is best for your specific needs. if you are taking out a chapter or 13 we will need permission from the bankruptcy trustee to keep or sell the home. You should probably keep the home out of the bankruptcy. Back to the TOP I just got divorced or I am in a divorce and my spouse wont pay the mortgage. I have received a notice of default. What should I do? This situation has alot of variables. The home in default usually has about a 90 day wait from the notice of default. both parties can either agree to sell or fight it out prior to the trustees sale. More information will be needed. Back to the TOP I want to sell my home but have judgments and other encumbrances. Can I still sell? In most cases we can try to negotiate those liens and judgments and ask for a release. It depends on the creditor. Back to the TOP | |
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