Step 1. Take Action
Congratulations…you’ve already succeeded in taking your first stop by visiting this page. You are proactive about finding a solution, and the answers to many of your questions are right here.
Step 2. Contact an Educated Agent
Be wary of any rescue scams or mediators that promise a quick resolution to a pending foreclosure in exchange for upfront fees. A reputable counselor will not guarantee to stop the foreclosure process, no matter the circumstances. Our CDPE certified agents are a great option.
Step 3. Organize Your Personal Documents & Information
Prepare by gathering your personal information in an organized fashion. No matter which option you choose, the process can be expedited significantly if these materials are assembled before hand:
Checking Account Statements
Recent Mortgage Statements
Saving Account Statements
Your Last Two Paycheck Stubs
Your Past Two Tax Returns
A Letter of Hardship
I can assist you in organizing and understanding this process and ensure you have all the necessary information.
Step 4. Contact Your Lender
Contact your lender as soon as possible to discuss the appropriate solutions to your circumstances. Lender want to avoid the foreclosure process just as much as homeowners. They are not in the real estate business, do not wish to take ownership of a home, and do not want a house to sit idle on the market. Recently, some have even instituted further options to help homeowners avoid foreclosure.
Remember to keep your agent, or me if you choose to contact me, informed on any decision you make so they can take action after talks with your lender. Make sure and write who you spoke with at the bank, their ID # if they have one, day and time of conversation.
Step 5. Understand All Your Options
Following are a few foreclosure avoidance options that may be the best solution for your particular situation.
A short sale is a dignified alternative to foreclosure, allowing a homeowner who owes more on their property than it is currently worth, to sell their property at a price lower than what is owed.
A deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process.
A forbearance or repayment plan involves the homeowner negotiating with the mortgage company to allow them to repay back-payments over a period of time.
A mortage modificatioin involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, term of the loan, or any combination of these, for a more affordable mortgage.
Bankruptcy is only a "foreclosure solution" in some states and situation, but still remains a challenging financial decision
The Servicemembers Civil Relief Act was implemented to help members of the military experiencing financial distress due to deployment.
The sale of a property can be accomplished if a homeowner has sufficient equity and a qualified agent who understand the current market. If you don’t have equity, a short sale may be a good option.
While this represent only a summary of some of the options available, it is important for you to understand all of them to find the best solution for you.
Step 6. Action!
Congratulations again! You’ve already gotten started by reading this report. Contact me today and let’s get you back on the path to financial security.
Stephanie Woods, Realtor
NRBA, RDCPro, CDPE, NFSTI Certified REO Specialist
Stephanie Woods Team
Keller Williams Check Realty
Cell: (928) 308-8565