The Experts In Real Estate And Mortgages

Are you or do you know someone that is behind on a mortgage payment by 2, 3 or even more months?

Have you been getting those nasty letters from your mortgage holder requesting immediate payment of the amounts you are behind?

What about a letter from the banks lawyer stating that you are in foreclosure?

You are not alone since nationwide, some 233,001 homes received at least one notice from lenders last month related to overdue payments, compared with 148,425 a year earlier.

I am a Realtor and Mortgage Broker in Florida and in the last 12 months I have been asked so many times by clients and friends :What can I do to save my house from foreclosure?

What can you do to avoid, delay or stop a foreclosure?

I am here to give you some tips that will help the situation that you may not have been aware of

What is the reason you got behind on your mortgage payments?

Financial Setback:

If you are recovering from a temporary financial setback; you will need to prove to the lender that you will be able to come back to your previous standard. The process to prove recovery to the lender will take time and effort on your part but is free.

Assemble a complete documentation package to prove income, assets and debts along with letters of support proving your employment and income will continue.

Submit this package to the lender. It will go to their under writing department. The lender will review this package and determine if they will approve a workout program for the homeowner or decline them.

How can I make payment arrangements with my lender?

Current Lender Workout:

1. Can you make up the outstanding balances (payments) over a period of time?

2. Ask the lender to re-write the note that includes all of the defaulted amount including all fees. However; the lender may not allow this if you have had a poor payment history in the past. The best candidates for negotiations are the homeowners that can prove they have recovered from a temporary setback. Lenders will not consider negotiations if they think they may have to go forward with a foreclosure in 4-6 months.

3. You may offer the lender a “Deed in Lieu of Foreclosure”. This is giving all ownership of the property back to the lender instead of going into foreclosure.

This will preserve your credit.

More tips in future post.

Can I refinance?

What about bankruptcy?

Posted under Find a Great Mortgage Broker & Foreclosure & Real Estate |