What are my Options if I am behind on my mortgage payments or I owe more than my home is worth?
Normal Sale
Realtors act as agents between sellers and buyers of real estate and attempt to find sellers who wish to sell and buyers who wish to buy.
Short Sale
A short sale is when an experienced Real Estate Agent negotiates with a lender to allow a homeowner to sell their home for less than what they owe the lender. A successful short sale is typically negotiated to prevent foreclosure. A bank will allow a short sale if they believe it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoiding a foreclosure on their credit history, avoiding Sheriff Sale, and avoiding an embarrassing eviction.
Loan Modification
A process whereby a homeowner' mortgage is modified and both lender and homeowner are bound by the new terms. The most common modifications are lowering the interest rate, reducing the principal balance, 'fixing' adjustable interest rates, increasing the loan term, forgiveness of payment defaults & fees, or any combination of these.
Do nothing and lose home
No explanation needed…
What is a Short Sale?
A short sale is when an experienced Real Estate Agent negotiates with a lender to allow a homeowner to sell their home for less than what they owe the lender. A successful short sale is typically negotiated to prevent a home foreclosure. Often a bank will allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, advantages include avoidance of a foreclosure on their credit history, avoid Sheriff Sale, and avoiding an embarrassing eviction.
What is a foreclosure? A foreclosure is a legal proceeding by which a homeowner’s rights to a mortgaged property may be taken away if the homeowner fails to live up to the obligations agreed to in the loan contract. In most instances, this occurs when a homeowner is unable to make the payments agreed to in the mortgage contract. The lender may declare the entire debt due and seek to satisfy the debt by foreclosing. In most cases, the property is then placed up for public auction.
My house is scheduled for foreclosure auction. Can you help me? If you have a Foreclosure Sale Date set, we will ask your lender to request an extension of the Sale Date. If your existing lender grants a sufficient extension, then will complete your application process. AHP’s entire process takes between two and four months to complete. If your lender does not consent, please contact a lawyer to seek alternatives.
How long does the foreclosure process take? The total process typically takes between two to four months from the time we contact your lender until closing. This varies according to time it takes to find a qualified buyer and lender response time.
Can I stay in my home during the short sale process? Yes, you will be able to remain in your home during the short sale process.
What if my lender will not cooperate? In the event that a buyer and your lender are unable to agree on an acceptable payoff amount, we will continue to market your home until we find a willing and able buyer. If this problem persists we advise legal council be contacted and alternatives explored.
How often do you have seminars?
Twice a month. The 1st and 3rd Wednesday of each month.
