What is a
Short Sale?
Your mortgage company will consider
several factors before approving
a short sale. And, ultimately, the
decision to approve the sale is
completely up to them, so you and
your realtor will want to be as
cooperative as possible. Short sales
often take longer to implement than
a standard home purchase, so you’ll
also need to be patient.
The mortgage lender will want to
know the circumstances that caused
you to fall behind on your mortgage
payments and what your future financial
prospects for repayment may be.
They will also do their own assessment
of whether it is more profitable
to approve the short sale or repossess
the property and put it on the market
themselves. Although most mortgage
companies are helpful, their goal
is to make money so they can ultimately
decide to proceed with foreclosure.
If you are interesting in a short
sale please contact us at 602 288
8364
WHAT
IS A FORECLOSURE?
I can’t make my payment- what
should I do first?
A: Don’t
hide or ignore the situation! Contact
your lender or mortgage company
immediately if you believe that
you are going to miss a payment
or can no longer afford your monthly
payments. In most cases, foreclosures
occur because the borrower has ignored
their mortgage company’s calls
or written invitations to discuss
other payment options.
Q: What is Foreclosure?
A: A legal process
by which the lender or the seller
of a property forces sale of a mortgaged
property because the borrower has
not made payments or met the terms
of the mortgage. A foreclosure can
also be described as a repossession
of property by the lender.
Q: What happens if I don’t
pay my mortgage?
A: If you do not
pay your monthly mortgage payments
over a period of time you are in
default, the mortgage company or
bank may begin foreclosure proceedings,
foreclosure is a legal process.
This means that you may lose title
(ownership) of your property and
be evicted from your home.
Q: What are my options?
A: Depending on
your situation, your bank or mortgage
company may be able to work with
you in getting back up to date on
your mortgage payments.
Here are some options you may want
to discuss with your mortgage company;
Forbearance- If
you can show that in the near future
you will be able to pay your mortgage
payment and all past due payments
(for example, by using funds from
a tax refund, salary bonus, or new
income source) then your mortgage
company may agree to let you pay
less than the full amount of your
mortgage payment, or nothing at
all, during the forbearance period.
Reinstatement- Paying
your mortgage company the total
amount that you are behind, in a
lump sum, by a specific date. This
option is often combined with a
Forbearance period.
Repayment Plan-
Combining a portion of your past
due balance with your current monthly
payment. Gradually, the amount that
was past due will be repaid completely.
Modify Your Loan-
An agreement between you and your
mortgage company that will make
the payments on your loan more affordable.
This may be done by incorporating
past due payments into your current
payments, making an adjustable-rate
mortgage into a fixed rate, or simply
extending the years that you have
to repay your loan mortgage.
Q: Who should I talk to
regarding foreclosure on my home?
A: Contact your
mortgage company as soon as possible!
If there is no way you can afford
to keep your home, there are still
options such as assumption of your
mortgage by another buyer, or sale
of your home that can keep you from
damaging your credit with a foreclosure.
