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HOW SHORT SALES KEEP YOU IN CONTROL A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org
The Purpose and Goals of this Information <ul><li>To educate you about the options available to you during these challengi...
The Fed Moves to Standardize Modifications <ul><li>Fed adopts FDIC qualification criteria  </li></ul><ul><ul><li>Encourage...
The Real Challenge for Families in Trouble <ul><li>Who determines if your payments are intentionally unpaid and what is th...
Taking Control of Not Being in Control <ul><li>Once you fall behind 60 days your options narrow </li></ul><ul><ul><li>Lend...
How a Short Sale Puts You in Control <ul><ul><li>Choosing to do a Short Sale gives you control of the process </li></ul></...
When is A Short Sale The Right Decision? <ul><ul><li>This is a very important decision that is usually made as a last reso...
The First And Most Important Steps <ul><ul><li>Determine if you have exhausted all of your other options </li></ul></ul><u...
CALL OR VISIT TODAY FOR MORE INFORMATION A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org www.helpUmod...
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Short Sales Keep You In Control

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As the FDIC and the Fed continue to push for a uniform standard for loan modification eligibility, it is becoming more difficult to qualify.

if modification efforts are being declined over and over again and it seems that foreclosure is imminent, doing a short sale is an option that keep you, the homeowner, in control of the process.

A short sale will make the time line for moving much more manageable and may even allow you to stay in the home for many months more.

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  • 1st Foreclosure Prevention staff are good, but even they can't work miracles. I was out of options and it was either foreclosure or a short sale. I opted for the short sale. I still lost out, but it could have cost me a bundle more with the foreclosure.
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  • Who knew that something called a short sale was capable of saving my home from foreclosure? Certainly not me, at least not back then. Now, I know better. 1st Foreclosure Prevention schooled me and then we went to work. Thanks to them I'm still in my home.
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  • By the time I realized I needed professional help with a foreclosure it was almost too late. Thanks to the quick response I got at 1st Foreclosure Prevention, I was able to save my home. If this ever happens to you, don't make the mistake of thinking you can do it, get their help immediately.
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  • With the help of 1st Foreclosure Prevention I was able to save my home. Don't think for one minute that you can't fight something like this. You can. And they are the company who can help you pull it off.
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  • You can't fight foreclosure on your own. You need someone who knows what they are doing. That someone for me was 1st foreclosure Prevention. They helped me in the fight to save my home and it worked. They can help you too, you just have to make the call.
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Transcript of "Short Sales Keep You In Control"

  1. 1. HOW SHORT SALES KEEP YOU IN CONTROL A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org
  2. 2. The Purpose and Goals of this Information <ul><li>To educate you about the options available to you during these challenging times </li></ul><ul><li>To empower you with the ability to make educated decisions about your home </li></ul><ul><li>To enable you to take the steps necessary to protect your family for further or future hardship </li></ul><ul><li>To help you gain control where it seems there is none </li></ul>
  3. 3. The Fed Moves to Standardize Modifications <ul><li>Fed adopts FDIC qualification criteria </li></ul><ul><ul><li>Encourages standardization as a pre-requisite to receiving TARP funds </li></ul></ul><ul><li>The good news – you know what they are looking for </li></ul><ul><ul><li>Must be 60 days late </li></ul></ul><ul><ul><li>Must qualify with full income disclosure at 38% DTI </li></ul></ul><ul><ul><li>Must not have purposely fallen behind on mortgage payments </li></ul></ul><ul><li>The bad news – you know what they are looking for </li></ul><ul><ul><li>You either qualify or you don’t – not a lot of flexibility </li></ul></ul>
  4. 4. The Real Challenge for Families in Trouble <ul><li>Who determines if your payments are intentionally unpaid and what is the criteria? </li></ul><ul><ul><li>Do all of your credit cards have to be equally delinquent? </li></ul></ul><ul><ul><li>Does your automobile loans need to be equally delinquent? </li></ul></ul><ul><ul><li>If you paid your mortgage on-time for the past 12 months and then all of a sudden….30 days late and the next month 60? </li></ul></ul><ul><li>If you are currently upside down in your home (owe more than it’s worth) – What’s next? </li></ul><ul><ul><li>Loan modifications are typically temporary solutions – 5 years </li></ul></ul><ul><ul><li>Only the FDIC guidelines allow for principle reduction </li></ul></ul><ul><ul><li>How long will you remain upside down? </li></ul></ul>
  5. 5. Taking Control of Not Being in Control <ul><li>Once you fall behind 60 days your options narrow </li></ul><ul><ul><li>Lenders, collection companies, attorneys calling for money </li></ul></ul><ul><ul><li>Lenders may not except “partial” payments at this point </li></ul></ul><ul><ul><li>Foreclosure is threatened and possibly even started </li></ul></ul><ul><ul><ul><li>Notice of Default is filed </li></ul></ul></ul><ul><ul><li>The foreclosure process has specific timelines that you are forced to comply with </li></ul></ul><ul><ul><ul><li>Notice of Default </li></ul></ul></ul><ul><ul><ul><li>Sale date </li></ul></ul></ul><ul><ul><ul><li>Eviction </li></ul></ul></ul><ul><ul><li>Choosing to do a Short Sale gives you control of the process </li></ul></ul>
  6. 6. How a Short Sale Puts You in Control <ul><ul><li>Choosing to do a Short Sale gives you control of the process </li></ul></ul><ul><ul><ul><li>In many cases, the foreclosure process is postponed if you inform your lender that you are pursuing a short sale option </li></ul></ul></ul><ul><ul><ul><li>In most cases, the foreclosure process is postponed if you receive an offer to buy your home as a short sale </li></ul></ul></ul><ul><ul><ul><li>The short sale “approval process” by the lender typically takes 3-6 months to process </li></ul></ul></ul><ul><ul><ul><li>If the offer is accepted and escrow is opened you will have that period to secure a new place to live </li></ul></ul></ul><ul><ul><ul><ul><li>30 days is standard escrow period </li></ul></ul></ul></ul><ul><ul><li>Most importantly you have control of the process, not the bank </li></ul></ul>
  7. 7. When is A Short Sale The Right Decision? <ul><ul><li>This is a very important decision that is usually made as a last resort when all other options are exhausted </li></ul></ul><ul><ul><ul><li>Explore all of your other options first </li></ul></ul></ul><ul><ul><ul><ul><li>Do it yourself – get info on helpUmodify.org website </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Use a third party negotiator – helpUmodify.org </li></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Offer a no cost analysis of your modification options </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><li>NEVER, EVER pay anyone an upfront fee for promises of help </li></ul></ul></ul></ul><ul><ul><ul><li>If the ultimate conclusion is that you are not going to be able to qualify for a loan modification </li></ul></ul></ul><ul><ul><ul><ul><li>Can not produce income documentation </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Numbers do not meet underwriting guidelines </li></ul></ul></ul></ul><ul><ul><ul><li>If you have received a Notice of Default – You can still take control </li></ul></ul></ul>
  8. 8. The First And Most Important Steps <ul><ul><li>Determine if you have exhausted all of your other options </li></ul></ul><ul><ul><ul><li>A free consultation with helpUmodify.org is available to you </li></ul></ul></ul><ul><ul><li>Work with a Real Estate Agent that has experience listing and selling Short Sales </li></ul></ul><ul><ul><ul><li>helpUmodify.org has a Nationwide network of experienced agents that we work with and can make all the arrangements </li></ul></ul></ul><ul><ul><ul><li>We do the negotiation with the lender to keep them informed throughout the process </li></ul></ul></ul><ul><ul><ul><li>When we communicate with the lender we avoid surprises and have more control over the process </li></ul></ul></ul>
  9. 9. CALL OR VISIT TODAY FOR MORE INFORMATION A “Put-You-In-The-Driver’s-Seat” Presentation by www.helpumodify.org www.helpUmodify.org 1-888-271-9767
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