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  We are Short Sale Specialist Realtors who offer FREE Foreclosure Avoidance to homeowners. Call us at  
  408-930-8211  
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ALTERNATIVES TO FORECLOSURE

 

Foreclosure Definition. Foreclosure is a process for a lender to sell the property to satisfy a defaulting borrower's debt secured by that property.

Effect of Foreclosure. Two major effects:

  • Your Credit Score. Negative impact on your credit score. Most lenders will reject mortgage loan application if there is foreclosure history within 7 years.
  • Future Mortgage Debt Liability. Your lenders may be permitted to seek a deficiency judgment against you.

Solution. Two government-sponsored programs, HAMP & HAFA, may help to avoid foreclosure.

  • HAMP is a loan modification program. The typical HAMP modification results in a 40 percent drop in a monthly mortgage payment.
  • If you are not qualified for HAMP modification and you do not want to keep your property, you can request to sell your property under HAFA program and avoid foreclosure. Below is detail of these two programs
 
 
 

HAMP - Loan Modification

(Home Affordable Modification Program)

HAFA - Short Sale

(Home Affordable Foreclosure Alternatives)
HIGHLIGTHS

Reduce mortgage payment to 31% of your income.

• $3000 to the borrower for relocation help
• Fully released from mortgage debt liability
• Lenders can not require you to contribute money to the expense of the sale.
ELIGIBILITY

•Primary residence.
•Your mortgage on or before Jan 1,2009.
•Your mortgage payment is more than 31% of your monthly gross (pre-tax) income.
•You owe up to $729,750 on your home.
•You have a financial hardship and are either delinquent or in danger of falling behind.
•You have sufficient, documented income to support the modified payment.
•You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

•You applied and are not qualified for HAMP and want to sell your house to avoid foreclosure
•Primary residence.
IF NOT SUCCESSFUL
You can request for HAFA short sale to avoid foreclosure.
Transfer the title to your lender ( Deed-in-lieu). Still receive same benefits listed above.
FEE&COST Zero if not approved for modification FREE

To Start, Call 408-930-8211 or contact us ONLINE