HUD offers help!
I just found this interesting information and thought I’d pass it along.
Check this out if you live in Wisconsin!
Facing Foreclosure?
With the unfortunate events over the past few years, many home owners find themselves having finacial problems. Perhaps one of the owners has lost their employment, or is currently under-employed, or squeaking by on unemployment benefits which will be coming to an end.
Yet others have tried to sell their home, only to find out they owe more than it’s worth in today’s real estate market.
No matter what the reason, help is available. In fact, there is a billboard right across from my office here in Menominee with a help-line phone number.
This help comes in many different options. Perhaps you qualify for a loan modification. Contact your lender and ask! If you are behind in your payments there are several ways a modification can help. The amount owed in arrears can be put on the end of your mortgage term, you are now caught up with payments and can get back on your feet. Or maybe your current payment amount is just more than you can afford. Some homeowners will qualify for a modification in the interest rate, or modification in the length of the loan. In any case, call your lender and ASK!
Another option is deed in lieu of foreclosure. In this instance, the homeowner signs a deed granting ownership to the lender. No foreclosure process, just sign the house over and walk away. Some lenders will allow this, others will not. One lender that I spoke with suggested that we bring an offer for a short sale. They were very cooperative and we did get the home sold.
Selling your property is yet another option. If you have enough equity in your property and can afford to loose some or all of it, you may want to sell your home at a fair market price.
What happens to your credit report after a foreclosure? Well, it’s not pretty. Your credit report will show the foreclosure for about 7 years. If you sell your home via a short sale, your credit report will show “settled for less than owed” for which your credit score will still drop, but not as badly as the foreclosure scenario.
THE WORST THING YOU CAN DO? ABSOLUTELY NOTHING!
Send me an email, or pick up the phone and talk with me about how I might be able to help. I’m willing to diligently work on short sales to see them through, and I’m also willing to help you obtain information on loan modifications. There is no cost to you up front. The only payment I receive is the commission when your home is sold.
Enough procrastinating – contact me today!
Short Sales
What is a short sale you ask? A short sale occurs when a property is sold and the proceeds from that sale are insufficient to pay off the mortgage on the property.
In order to sell with a short sale, the mortgage holder must agree to accept less than what is owed. Are there benefits to the seller? Yes. The homeowner can continue to live in the home until the home is sold. It may also help the seller avoid bankruptcy and/or foreclosure. No upfront fees are required.
I have had several successful short sales, and also some very frustrating ones. If you would like more information, or to see if you might qualify for a short sale, please call or email. Or if you have questions you may post them here and I will provide answers.
A short sale can be a good alternative to foreclosure and/or filing bankruptcy. My next post will include some other alternatives.
