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Avoid Foreclosure…behind on house Payments We work with the Banks We KNOW how to Help get it done…. Perhaps you've heard the latest buzz words: "loan modification," "short sale," "Obama's plan," and you want to know if they apply to you. Making Home Affordable 1.Available on existing Fannie Mae & Freddie Mac loans.
2.Eligibility Obtained loan prior to 1/1/09. Owner occupied. Must be delinquent or expected to default soon. Fully document income. Financial hardship. Modification must occur before 12/31/12. Only one modification may occur. 3. Monthly payment must be 31% or less of gross monthly income. 4. Lender incentives for loan modifications. Making Home Affordable - Refinance Under the Making Home Affordable program requires the following to be eligible: Existing mortgage must be Fannie Mae or Freddie Mac. Maximum loan to value can be no more than 125% of the current value of the home. (ie. if you owe $125,000, the house must be worth at least $100,000). Mortgage must be current. No minimum FICO/credit score required. Refinance is rate and term only. Mortgage insurance may be required. Income and employment verification are required. SHORT SALES A short sale occurs when the bank who currently holds the mortgage on a property agrees to accept less than it's owed when the house is sold. This is known as "shorting" the bank; thus, the term "short sale". Many homes currently selling in Atlanta homes are short sales because of a 40% drop in median values in the last couple of years. HOW DO YOU QUALIFY FOR A SHORT SALE? 1.Hardship 2.Monthly shortfall 3.Insolvency WHY WOULD A BANK AGREE TO SHORT SALE ? 1.The bank may net more money from a short sale than a foreclosure. 2.If the short sale is completed, the bank may not have a non-performing asset on its books for as long. 3.The property is likely to be in better condition than if it were a foreclosure because the seller is more likely to take care of the property while attempting to sell it as a short sale. FORECLOSURE on homes Georgia is a non-judicial foreclosure state, meaning a lender does not have to file a lawsuit in order to foreclosure on a home. Steps to non-judicial foreclosure on home: 1.Lender files Notice of Default Usually when borrower is at least 3 months behind on the mortgage. 2. Lender files Notice of Trustee Sale A Notice of Trustee Sale filed 90 days after the Notice of Default. Once a Notice of Trustee Sale has been posted, the bank can sell the house in 21 days. In Georgia, a lender can foreclose on a home in 111 days, including the 90 day time period for the Notice of Default and the 21 days for Notice of Trustee Sale. If you have received a Notice of Default on your home, do not delay! It is time to look at your options and attempt to avoid foreclosure on your home. DEED IN LIEU OF FORECLOSURE Also known as a "friendly foreclosure." Sometimes results in "cash for keys." Borrower give the home back to the lender without forcing the lender to go through an official foreclosure. May not be available where there is more than one lender unless the junior lenders will agree to the deed in lieu. SHORT Sales Lender forgives some portion of the debt owed when it is paid off. Instead of selling the house to a new buyer, the owner actually keeps the house. EFFECT OF SHORT SALES and FORECLOSURES on CREDIT and YOUR FUTURE Fannie Mae will allow you to obtain a new home loan in as little as 2 years with a short sale, instead of 5 to 7 years with a foreclosure. Effect on credit for short sales is at least partially dependent on how the bank reports the payoff and is greatly effected by the number of late mortgage payments. There may be tax consequences to the forgiveness of debt. It is strongly recommended that this be discussed with a tax specialist before a decision is made. If you would like to receive my e-book with more information on short sales and foreclosures http://www.GaShortSaleTEAM.com 24/7 Free Recorded Message 770-362-3055 Roland Lorans Better Homes and Gardens Real Estate Metrobrokers 678-406-8451 404-843-2500 Equal Housing Opportunity
Price: 1000 Free, Licensed.