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Mortgage Alternative Presentation - Avoid Foreclosure

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This is a mortgage alternative presentation that will highlight who people in financial difficulty can avoid foreclosure.

This is a mortgage alternative presentation that will highlight who people in financial difficulty can avoid foreclosure.

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Mortgage Alternative Presentation - Avoid Foreclosure Presentation Transcript

  • 1. Mortgage Alternatives - How to Avoid Foreclosure Presented by your friends and neighbors at sdhrehomes.com
  • 2. Forbearance • Typically 3-6 months • Then you have to repay
  • 3. Reinstatement • Pay everything you owe right now! • Chances are slim that this is a viable alternative.
  • 4. Repayment Plan • They will roll your deficiency into future payments.
  • 5. Short Refinances • If you have a Fannie or Freddie note you can refi up to 115% LTV, but you are still underwater! • FANNIE OR FREDDIE OWNED LINK*
  • 6. Principal Reduction • Lowers your principal balance on your note • This hardly happens • Boa has instituted a pilot program o We will send you an article on this after the webinar
  • 7. Modify loan • HAMP o By May a total of 70,000 BoA loan mods have been made permanent o 90% failure rate for applicants from original expectation o Still underwater • Traditional o Call the bank o This rarely happens
  • 8. Bankruptcy? • Does not stop foreclosure, will delay • Lenders will almost immediately file relief from the stay and, by law, their motion must be heard within 35 days from the time it was filed • 7 years from time of filing • Consult an attorney • This is not legal advice
  • 9. Deed in Lieu • Give up your house so that the bank wont go after your deficient amount • “Giving the bank the keys to the farm” • Rare (old fashioned)
  • 10. Foreclosure • Terrible for credit • Deficiency ramifications if you have a recourse note (refinance). • You will be liable for debt forgiveness • Cannot buy a home for 5-7 years • Cost local government $8,000 • Lowers value of houses in neighborhood
  • 11. Short Sale • Will negotiate out of deficiency • Lenders prefer this method because they get a higher value for the property • Less debt forgiveness for the seller • When can you buy another home? o Short sale with late pays - 4 years o No late pays - 2 years o HUD - 3 years
  • 12. HAFA • 1st lien • Default is foreseeable • Principal residence • Current unpaid principal balance is $729,750 or less • Borrower’s total monthly mortgage payment exceeds 31% of the borrower’s GI • Hardly ever gets approved
  • 13. Questions? • Sdrehomes.com