PLEASE NOTE, THAT WE SELL HOMES IN THE LOS ANGELES, SAN BERNARDINO, ORANGE AND RIVERSIDE COUNTIES OF THE STATE OF CALIFORNIA, ONLY. PLEASE ALSO NOTE THAT WE MAKE LOANS IN THE STATE OF CALIFORNIA, ONLY. LICENSED BY DE DEPT. OF REAL ESTATE OF CA. BROKER # 01133705 PLEASE, LEARN ABOUT US. WE ARE PROUD OF OUR SERVICES. READ THE SECTION 'ABOUT US'.
PLEASE TAKE NOTE THAT WE DO NOT SELL THIS INFORMATION TO ANYONE! OUR COMPANY ADHERE TO OUR STRICT PRIVACY POLICIES. (PRIVACY POLICY) ONE OF OUR REALTORS WILL CONTACT YOU, INITIALLY BY PHONE, IN A NEAR FUTURE. SUBMITTING THIS REQUEST CONSTITUTE YOUR FULL AUTHORIZATION TO CONTACT YOU! WE HONOR ONLY REQUESTS FILLED OUT IN FULL!
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| Behind Payments? - Want to Know the Value of your Home...? |
Dear Home Owner(s),
When you receive a Notice of Default, means, unfortunately, that the bank has begun the process of foreclosure in which, at the end, you will lose your home.
If you are in this situation, then the intention of this letter is to guide you and help you to assess this situation. The have found that the best way to guide and to help you is to outline the options that you have in front of you, which are:
- Assess your current financial situation and see your options:
- Can you solve the problem by yourself, your spouse and other family members? If the answer is yes, please go for it.
- If the answer is no, then:
- Work with the lender to see if you can manage with them the loan. (See Below, Alternative 1: LOAN RELIEF ALTERNATIVES.)
- If the lender does not agree to any of the Loan Relief Alternatives, then:
- You may be able to refinance your loan. (See Below, Alternative 2. Refinance Your Home.)
- Alternative 3. Preforeclosure Sell of your Home.
- If you have equity, you will obtain your equity!
- Or if the home does not have equity, sell your home under a 'Short Sale' procedure. (See Below, SHORT SALE.)
- Work out with your lender a Deed in lieu of Foreclosure.
- Ignore the problem, or do nothing because situation can not be solved!!!
If in the near future you need to review with us the options available to you, please do not hesitate to call.
Sincerely,
Oscar Alfred Barker - Real Estate Broker
626.290.6560
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| Alternatives You May Want to Consider: |
(Please note that we are no lawyers. We provide this information to help you with an initial idea. When ready to make a decision, please consult with your CPA, Accountant or Lawyer to review all future implications.)
ALTERNATIVE 1: LOAN RELIEF
(Temporary) Loan Alternatives:
- A Reinstatement Plan:
occurs when you pay your mortgage company the total amount you are
behind, in a lump sum, by a specific date. This is often combined with
forbearance.
- Forbearance: It is an agreement to temporarily let you pay less than the full amount of your mortgage payment, or pay nothing at all, during the forbearance period. Lenders may consider forbearance when you can show that funds from a bonus, tax refund, or other source will let you bring the mortgage current at a specific time in the future.
- Repayment Plan: A repayment plan is an agreement that gives you a fix amount of time to repay the amount you are behind by combining a portion of what is past due with your regular monthly payment. At the end of the repayment period you have gradually paid back the amount of your mortgage that was delinquent.
- Loan Modification: A loan modification is a written agreement between you and your mortgage company that permanently changes one or more of the original terms of your note to make the payments more affordable. Common loan modification include:
- Adding missed payments to the existing loan balance.
- Making an Adjustable-rate mortgage into a fixed-rate mortgage.
- Extending the number of years you have to repay.
(Permanent) Loan Relief Alternatives:
- An assumption permits a qualified buyer to take over the mortgage debt and pay the mortgage payments. Please note that your current lender must agree. As a Result, you may be able to sell your property and avoid foreclosure.
- If you can sell your house but the sale proceeds are less that the total amount you owe on your mortgage, your mortgage company may agree to a short payoff and write off the portion of your mortgage that exceeds the net proceeds from the sale.
ALTERNATIVE 2: REFINANCE YOUR HOME
Yes, it is possible to refinance your home, provided you have equity. There is a new loan program, insured by the Federal Goverment that will allow it even if you have a Notice of Default! Please note that you need to show income to qualify.
There are in the market also what is called "Hard Money Loans"..You need to be aware that the loan you will obtain is one with hard terms, meaning high interest and high cost and pre-pays. We do not do these type of loans. You need to find other sources.
ALTERNATIVE 3: SELL YOUR HOME
Congratulations! You chose to sell your home, after analyzing your alternatives. We offer ourselves for the job to sell your home!
WHAT IS A SHORT SALE:
A Short Sale is possible when the Market Value of the Property is lower than the total of the loans against the same property. It can be an owner occupant or an investment.
There are, however, some conditions in which the lender may agree to lose money under a short sale process. In other words, the lender has the right to accept or not this special process.
ALTERNATIVE 4: DEED IN LIEU OF FORECLOSURE:
Your
mortgage company may agree to a deed-in-lieu of foreclosure if you
agree to voluntary transfer title of your property to your mortgage
company in exchange for cancellation of your mortgage debt. In most
cases you must attempt to sell your home for its fair market value for
at least 90 days before a mortgage company will consider this option.
This option may be unavailable if there are other liens on your home,
such as judgments from other creditors, second mortgages, or tax liens.
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