Options for Distressed Homeowners

Help for Distressed Homeowners! Are you behind on your mortgage payments due to: Job loss, Business failure, Payment increase or mortgage adjustment, Divorce or death of spouse, Illness, Relocation or Reduced income? There may be help available for you! Do not just give up and do nothing. Visit the governments website at MakingHomeAffordable.gov to see if you qualify for a refinance or loan modification. Also consult with your attorney and tax account so you aware of your choices and consequences. If you have done all of the above and have decided that a short sale is the best option for you please complete and submit the following Short Sale Request Form. My services are free to you. There are no upfront fees of any kind. As part of a successful short sale your lender will pay the real estate commissions. Please don’t wait to see if help is available. Do something now before it is too late!

Refinance
Homeowners who are current with their mortgage payments may be able to take advantage of today’s mortgage rates and keep their homes by refinancing to a 30 or 15 year fixed rate loan via Home Affordable Refinance, a component of the Making Home Affordable initiative launched in early 2009. Click here for more details. MakingHomeAffordable.gov

Sell and Bring Cash to Closing 
Although many homeowners today may not have the necessary cash to cure deficiencies at closing, they may have to liquidate assets to do so. By curing deficiencies at closing, homeowners can avoid the credit damage that a short sale or foreclosure can cause. However, homeowners are strongly encouraged to consult with their tax professionals before bringing liquid assets to closing. Contact Mark Roncone to list your home for sale.

Lender Workout
Lenders often will work with distressed homeowners to help them keep their homes by reducing or rolling back interest rates, forgiving back payments, adding them to the loan amount, or possibly recasting the entire loan and wrapping all fees into a fixed rate mortgage. Contact your lender. MakingHomeAffordable.gov

Short Sale
A short Sale is a situation in which the seller owes more money on the loan than the sale of the property will likely produce on the market and the seller is unable or unwilling to bring money to closing. In a short sale, the lender has not foreclosed on the property, which provides a window of opportunity for the owner to sell the property in order to at least partially satisfy the amount owed to the lender.

As a general rule, successful short sales reflect the following:

The property is worth less than is owed.

The seller has some hardship that makes it impossible or extremely impractical for the seller to keep the property.

The seller is cooperative and willing to work with a real estate professional to package the short sale.

Contact Mark Roncone to list your home for sale.

Deed in Lieu of Foreclosure
A deed in lieu of foreclosure occurs when the borrower agrees to trade the property to the lender in exchange for the cancellation on the note. This foreclosure alternative is more likely to work in states where there is a long foreclosure timeline. The lender will be able to get the property much sooner than going through the foreclosure process, which lessens the probability of the property being in disrepair as well as eliminates the lenders cost to foreclose. Like the mortgage workout, sellers who are interested in deed in lieu of foreclosure should consult their attorney or contact the lender directly.

Foreclosure
If the homeowner is only weeks away from a foreclosure sale taking place, the homeowner may not be able to pursue any of the previous options, including a short sale. Contact your attorney for advice.