This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
Chenoa fund-resources-sample closing-package-rate_advantage_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
Chenoa fund-resources-sample closing-package-rate_advantage_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor.
Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
Dodd frank act impact on seller financing for investorsRichard Roop
In this month’s Ultimate Training Webinar we will be covering “Dodd Frank Acts Impact on Seller Financing for Investors” and when you attend you will learn:
•How the Safe Act and Dodd-Frank will affect seller financing going forward
•Who is the Consumer Financial Protection Bureau (CFPB) and what is the Dodd-Frank Act?
•How to safely grow your business in spite of the new Dodd-Frank Act
•How to properly use the ultimate strategy and be in compliance with the Dodd-Frank Act
•What is the difference between the SAFE Act and the Dodd-Frank Act
•How to Thrive as a Real Estate Investor Under the SAFE Act!
•What you MUST know to use seller carry-back from here on out!
Tampa FL as a reverse mortgage consultant. Chris Beard works exclusively with senior homeowners seeking a reverse mortgage, a home financing program that allows mature homeowners to utilize the equity in their homes to supplement retirement income.
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor.
Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
Dodd frank act impact on seller financing for investorsRichard Roop
In this month’s Ultimate Training Webinar we will be covering “Dodd Frank Acts Impact on Seller Financing for Investors” and when you attend you will learn:
•How the Safe Act and Dodd-Frank will affect seller financing going forward
•Who is the Consumer Financial Protection Bureau (CFPB) and what is the Dodd-Frank Act?
•How to safely grow your business in spite of the new Dodd-Frank Act
•How to properly use the ultimate strategy and be in compliance with the Dodd-Frank Act
•What is the difference between the SAFE Act and the Dodd-Frank Act
•How to Thrive as a Real Estate Investor Under the SAFE Act!
•What you MUST know to use seller carry-back from here on out!
Tampa FL as a reverse mortgage consultant. Chris Beard works exclusively with senior homeowners seeking a reverse mortgage, a home financing program that allows mature homeowners to utilize the equity in their homes to supplement retirement income.
This slide hopefully will help homeowners who are distressed with their mortgage can find useful information. Our experienced short sale team can provide valuable information to help homeowners understand their options to avoiding foreclosure.
This is a Very Detailed Listing Presentation about the Short Selling Process and Why it is important to proceed with a knowledgeable agent when faced with a mortgage you can no longer afford. If you want to meet with us on a personal level, please contact us at American Way Real Estate 407-701-7416. Mention Facebook and we will give you a $100 gift certificate that you can redeem for cash at closing. Have a blessed day.
Delivered by Terry Geter of Lifewealth group, this financial crisis powerpoint presentation is a good resource when facing the challenge of managing debt . These principles work for anyone, however special attention has been given to Biblical reference in in determining the strategies of success
Buying Your First House? Important Steps to Take Before You Start ShoppingBuzz Marketing Pros
Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com
VA Loans for Vets NMLS#184169
5050 North 40th Street, Ste 260
Phoenix, AZ 85018
(602) 908-5849
In this special series the Russell Shaw Group shares with us their Short Sale Package. This extensive document will give you a great start to building your own package.
Budget911 Personal Finance Crash CourseSpringboard
If a budget emergency strikes, your best response is to act quickly. This course will teach you to live a more wallet-friendly lifestyle so you can weather any budget crisis. We’ll also help you find ways to save more of your income rather than spending every dime.
When the unexpected strikes such as a job loss or reduced income; many of us are left without an easy solution for our financial situation. Learn how to budget during a financial crisis, communicate with your creditors as well as tips for looking for employment.
This seminar helps couples communicate about money matters, offers money and budget saving tips, and helps couples develop a spending plan for their future goals.
A parent’s guide to providing children with the necessary basic financial skills as early as possible. It’s never too early to develop good saving and spending habits!
This informative and entertaining seminar will show you how to take control of your finances by learning to budget your paycheck - before you spend it.
Understanding Your Credit Report and ScoreSpringboard
Information about what’s on a credit report, how it gets there, how a credit score is calculated, and how to develop good financial habits. Understanding credit and knowing where you stand are vital to protecting yourself from predatory lending by unqualified or unscrupulous lenders offering costly or unstable loan products.
Rams Garden Bahcelievler - Istanbul - ListingTurkeyListing Turkey
Implemented by Rams Global in Bahcelievler, the Rams Garden Bahcelievler Apartments includes 796 residences of different types from 2+1 to 5+1.
Next to the project, which will have 33 thousand square meters of green area, there will be 42 thousand 300 square meters of woodland. There will also be a 210-meter-long pond in the landscape of the project. There are 94.5 square meters of green space per flat.
Rams Garden Bahcelievler Apartments, which has 8 times more green space than the average of Istanbul with its 33 thousand square meters of green area located within a total of 75 thousand square meters, offers various housing options from 2+1 to 5+1.RAMS Garden has brought a lifeline to the construction industry.
Rams Global, which has signed projects in many places from Dubai to Phuket and delivered more than 20 thousand residences, is now starting new projects in Istanbul.
Rams Garden Bahcelievler is located 9 minutes from Metroport AVM, 5 minutes from Marmara Forum AVM, 12 minutes from Kazlıçeşme beach, 9 minutes from Yıldız Technical University, 7 minutes from Istinye University, 9 minutes from Ramada Hotel and Medicana Hospital.
https://listingturkey.com/property/rams-garden-bahcelievler-apartments/
Omaxe Sports City Dwarka stands out as a premier residential and recreational destination, offering a blend of luxury and sports-centric living. Located in the thriving area of Dwarka, this project by Omaxe Limited is designed to cater to modern lifestyle needs while promoting a healthy, active living environment.
Elegant Evergreen Homes - Luxury Apartments Redefining Comfort in Yelahanka, ...JagadishKR1
Experience unmatched luxury at Elegant Evergreen Homes, offering exquisite 2, 3, and 4 BHK apartments in the serene locality of Yelahanka, Bangalore. These meticulously crafted homes blend modern design with timeless elegance, providing a harmonious living environment. Enjoy top-tier amenities and a prime location, making Elegant Evergreen Homes the ideal choice for discerning homeowners.
Simpolo Tiles & Bathware
Tile ho,
toh Simpolo.
Since the first steps were taken in 1977, Simpolo Ceramics has carved its niche as a consistently growing organisation with unparalleled innovation and passion rooted in simplicity.
We endure gratification for every experience we offer, created to share something meaningful. It may not resonate with the majority, but that makes us a class apart. If only a handful were to understand the purpose of our existence, we would be proud to have found our believers. Rather, people with whom we can share our beliefs.
VISUALIZER
Design your space in your style with our very own Visualizer. Now, you can choose the tiles of your liking from our wide selection and see how they would look in a space. Select the tile from the multiple options and the visualiser will replace the surfaces in the image with the selected tiles. This way, instead of just your imagination, you can choose the tiles for your place by getting an actual picture of how they would look in a space. So, design your space the way you desire digitally and implement it in real life to get the best results!
You can also share this visualiser with others to help them design their space.
Committed to delighting customers with world-class ceramic products and services. Make Simpolo synonymous with the best quality and set new benchmarks of excellence for all stakeholders. Pursue best business practices with utmost integrity to make Simpolo an exciting organisation to work with, for vendors, channel partners, investors and employees alike.
Gain worldwide recognition in the field of ceramic building products through Research and Innovation and bring an enhanced lifestyle within reach for every household.
Keep Your Home Naturally Cool and Warm Out Change in Seasons
Vinra Construction is a private limited company registered under the ROC. The management has an experience of over 15 years of understanding the needs and delivering apt solutions to the end users We are providing turnkey solutions in construction fields. like Construction, Interior Designing Facility Management, Plantation Management, etc..
Vinra Construction Tech Enabled Company for Eco-Friendly Home Construction
Contact With Vinra for a Greener Future >>> Call us @ 888 4898 765
Dynamics 365 Bid Management for Construction ProjectsDynamic Netsoft
This PDF provides a straightforward guide to using Dynamics 365 for efficient bid management in construction projects. Learn how to streamline processes, improve accuracy, and enhance productivity with practical tips and step-by-step instructions.
https://dnetsoft.com/dynamics-365-bid-management-software
The KA Housing - Catalogue - Listing TurkeyListing Turkey
Welcome to KA Housing, a distinguished real estate development nestled in the heart of Eyüpsultan, one of Istanbul’s most promising districts.
Just 10 minutes from the bustling city center, Eyüpsultan offers a serene escape with the convenience of urban living. The direct metro line ensures seamless connectivity to all parts of Istanbul, making it an ideal location for residents who seek both tranquility and vibrancy.
KA Housing boasts unparalleled accessibility, with proximity to Istanbul Airport only 30 minutes away, facilitating easy international travel. Effortless city access is guaranteed by direct metro and transportation links to Istanbul’s cultural and commercial hubs. Quick access to key metro lines connects you to every corner of the city within minutes, making commuting and exploring the city hassle-free.
The development offers luxurious living spaces with a range of unit layouts from 1+1 to 4+1, designed with meticulous attention to detail. Each unit features balconies or terraces, providing stunning vistas of Istanbul and enhancing the living experience. High-quality materials and superior craftsmanship ensure durability and elegance, while sound-proof insulation and high ceilings (2.95 m) offer comfort and sophistication.
Residents of KA Housing enjoy exclusive on-site amenities, including a state-of-the-art gym, outdoor swimming pool, yoga area, and walking paths. Entertainment options abound with a private cinema, children’s playground, and a variety of dining options including a café and restaurant. Security and convenience are paramount with 24/7 security, a dedicated carpark garage, and an IP intercom system.
KA Housing represents a prime investment opportunity with limited availability in a high-demand area, ensuring enduring value and potential for lucrative returns. Homes in this development provide exceptional value without compromising on quality, offering affordable luxury for discerning buyers. The construction is of the highest quality, built to the latest seismic and disaster resistance standards, ensuring safety and resilience.
The community and surroundings of KA Housing are enriched by close proximity to prestigious universities such as Haliç University, Bilgi University, and Istanbul Ticaret University, making it an ideal location for students and academics. The development is adjacent to the Alibeyköy stream leading into the Halic waters, offering serene natural escapes amidst lush greenery. Residents can enjoy the cultural richness of the area, surrounded by historical and cultural landmarks that blend leisure, nature, and culture seamlessly.
https://listingturkey.com/property/the-ka-housing/
500 acres of brilliance await you here at Riverview City which offers modern living, effortless convenience, and a beautiful natural setting. It is a mega township by Magarpatta City in Loni Kalbhor, Pune. Enjoy easy access to work, schools, and fun while experiencing a perfect work-life balance.
Visit - magarpattacity.developerprojects.in
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
Brigade Insignia offers meticulously designed apartments with modern architecture and premium finishes. The project features spacious 3,3.5,4 and 5 BHK units, each thoughtfully planned to provide maximum comfort, natural light, and ventilation.
https://www.newprojectbangalore.com/brigade-insignia-yelahanka-bangalore.html
Rixos Tersane Istanbul Residences Brochure_May2024_ENG.pdfListing Turkey
Tersane Suites Residences is a luxurious real estate project located in the heart of Istanbul, next to the beautiful Golden Horn. This unique development offers hotel concept residences with Rixos management, making it the perfect choice for both homeowners and investors.
The Tersane Suites Residences offers a wide range of options, from studio apartments to spacious four-bedroom units, all designed to the highest standard. The suites are finished with high-quality materials and feature modern, open-plan living spaces, fully-equipped kitchens, and large balconies with stunning views of the city and sea.
One of the standout features of Tersane Suites Residences is the Rixos management, which provides a truly exclusive and upscale living experience. Residents will have access to a range of luxury amenities, including a fitness center, spa, and indoor and outdoor swimming pools. Plus, the on-site restaurants and cafes provide a taste of the local and international cuisine.
The Tersane Suites Residences also offers a great opportunity for investors, as it provides a rental guarantee program. This means that investors can enjoy a steady income stream, with the peace of mind that their property is being managed by a reputable and experienced team.
The location of Tersane Suites Residences is also unbeatable, with easy access to the city’s main transportation links and within close proximity to the historic center, making it the perfect base for exploring all that Istanbul has to offer.
Need MCA leads? No sweat! MCAs are great for small biz funding. Learn how to snag top-notch leads: businesses needing cash, with repayment ability, decision-makers, and accurate contacts. Use content, social ads, lead platforms, partnerships, and capture processes for quality leads.
https://www.leadgeneration.media/blog/b/streamline-your-mca-sales-process-with-pre-qualified-leads
Sense Levent Kagithane Catalog - Listing TurkeyListing Turkey
Sense Levent offers a luxurious living experience in the heart of Istanbul’s vibrant Levent district.
This cutting-edge development seamlessly integrates modern design with natural elements, featuring live evergreen plants maintained by an advanced irrigation system, ensuring lush greenery year-round.
The building’s elegant ceramic balconies are both stylish and durable, enhancing the overall aesthetic and functionality. Residents can enjoy the 700m Sky Lounge, which provides breathtaking views of Istanbul and a perfect space to relax and unwind.
Sense Levent promotes a healthy and active lifestyle with a full gym, swimming pool, sauna, and steam room, all available in the building. The interiors are crafted with high-quality materials, ensuring a luxurious and inviting living space.
Designed with young professionals in mind, Sense Levent features 1+1 and 2+1 units with smart floor plans and balconies. The project promises high investment returns, with an expected annual return of 6.5-7%, significantly above Istanbul’s average ROI.
Located in the rapidly growing and highly desirable Levent area, the development benefits from ongoing urban regeneration projects. Its prime location offers proximity to shopping malls, municipal buildings, universities, and public transportation, adding immense value to your investment.
Early investors can take advantage of discounted units during the construction phase, with an expected capital appreciation of +45% USD upon completion. Property Turkey provides comprehensive rental management services, ensuring a seamless and profitable investment experience.
Additionally, robust legal support and significant tax advantages are available through Property Turkey’s licensed Real Estate Investment Fund. Levent is a dynamic urban hub, ideal for young professionals with its numerous corporate headquarters and shopping malls.
Sense Levent is more than just a residence; it’s a place where dreams and opportunities come to life. Contact us today to secure your place in this exclusive development and experience the best of Istanbul living. Sense Levent: Sense the Opportunity. Live the Dream.
https://listingturkey.com/property/sense-levent/
Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szet...Volition Properties
=== Investing In The US As A Canadian… And How To Do It RIGHT!! (feat. Erwin Szeto) ===
Ever been curious about Real Estate Investing in the US?? At Volition, for the past 14 years, we have been focused on helping investors invest in over $250M of real estate and generate $100M of wealth in the Toronto market, but we are always open to learning more about other business models and learning from other investors.
The US has always been an intriguing market to invest in. But the US is a big place… if you’re interested in investing in the US, you probably have a lot of questions, like:
☑️ Specifically WHERE should you invest?
☑️ What are the best markets to invest in and why?
☑️ How much are property prices there?
☑️ What are the returns like?
☑️ What is cashflow like?
☑️ Compared to investing in Toronto or other cities in Ontario, what are the benefits / tradeoffs?
☑️ What ownership structure should I use?
☑️ What are the tax implications?
☑️ Can I get financing?
☑️ What are tenants like?
Enter Erwin Szeto, a longtime friend of Volition. Since 2005, Erwin Szeto and his team have navigated the challenging landscape of being landlords in Ontario. Now, they are shifting their focus and guiding their clients' investments toward the more landlord-friendly environment of the USA. This decision comes after assisting Canadian clients in transacting over $440,000,000 in income properties. Faced with issues like affordability constraints, tenant-friendly laws, rent control, and rental licensing in Canada, Erwin sees a clear opportunity in the U.S. Here, there is a significant influx of investments leading to the creation of high-paying manufacturing jobs. Erwin and his clients are poised to capitalize on these opportunities where landlord rights are stronger and there is no rent control.
To facilitate this transition, Erwin has partnered with and become a client of SHARE, a one-stop-shop U.S. Asset Manager. Founded by Canadians for Canadians, SHARE enables as passive an ownership experience as possible for landlords in the U.S., while still maintaining direct, 100% ownership.
Erwin is “Making Real Estate Investing Great Again”!!
Website: https://www.infinitywealth.ca/
Facebook: https://www.facebook.com/iwinrealestate and https://www.facebook.com/ErwinSzetoOfficial
Podcast: https://www.truthaboutrealestateinvesting.ca/
Instagram: https://www.instagram.com/iwinrealestate/ and https://www.instagram.com/erwinszeto/
Total Environment Tangled Up In The Green - Residential Plots Where Nature an...JagadishKR1
Embark on a journey where lush landscapes and contemporary living converge at Total Environment's Tangled Up In The Green Residential Plots in Devanahalli, Bangalore. Surrounded by verdant expanses, these plots offer an idyllic setting for your dream home. Immerse yourself in the serenity of nature while enjoying the finest amenities and design, where every moment is a harmonious blend of luxury and tranquility.
Lixin Azarmehr, a Los Angeles-based real estate development trailblazer, co-founded JL Real Estate Development (JL RED) in 2015 and serves as its CEO. Her expertise has propelled the firm to specialize in luxury residential and mixed-use commercial projects, with a portfolio that features upscale retail spaces and sophisticated care facilities.
43. Homeowners who are experiencing long-term delinquency may need to consider the following: Not Keeping Your Home What Options Do You Have? Acknowledgment: Adapted from HOPENOW Alliance
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Editor's Notes
This course is designed to help you avoid foreclosure and keep your home if you run into trouble. If it is your intention to stay in your home, this is the right course for you.
Please be aware that Springboard does not provide legal or tax advice. This program does not provide legal , tax or accounting advice . Consult a qualified attorney or certified accounting professional if you need legal or tax advice.
Springboard is a 501(c)3 nonprofit organization that has helped thousands of consumers pay off their debts, achieve and preserve homeownership, and become better educated about their personal finances.
Our housing counseling services are approved by the US Department of Housing and Urban Development, and we are a proud partner in the Homeownership Preservation Foundation.
This course will teach you about the options available to you if you are delinquent in your mortgage. We ’ll show you how to take action to avoid foreclosure and keep your home.
Unfortunately, many homeowners still don ’t know that they can contact their lender or a certified housing counselor for help if they are facing foreclosure. The sooner one reaches out for help the easier it is for a housing counselor to help find a workable solution to avoid losing their home.
Some people don ’t reach out for help because they are ashamed or don’t understand how serious the problem is. These days, with millions of people facing financial difficulties and foreclosure on the rise, there is no shame in asking for help. Know that you are not alone if you are facing a financial hardship that threaten your home. We’re doing our part to spread awareness of the options available to help individuals and families facing foreclosure. The government has also responded by creating programs to address the housing crisis.
There are many reasons for foreclosure, including sudden illness, unemployment, or divorce. Whatever the reasons for a homeowner ’s financial difficulties, housing counselors never pass judgment or assess blame; they only want to help, and the earlier a homeowner seeks their assistance, the better.
Foreclosure prevention counseling from a HUD-certified housing counselor is free of charge, so there ’s no reason to wait. Act right away if you think you might have problems paying your mortgage now or in the future.
Before you start to find a workable solution to your problem, you have to understand your situation. We ’ll talk about some of the terminology involved in the foreclosure process; remember, a housing counselor is available to you free of charge if you have any confusion.
Foreclosure means your home will be repossessed by your lender. The lender will then be able to auction off the house to pay for the mortgage. Before they can foreclose, your lender must send letters notifying you of your default, and of their intent to foreclose. A notice of sale establishes the date that the foreclosure sale will take place.
Some of the parties involved in the foreclosure process include the servicer, investor, and insurer. The lender ’s loss mitigation department will work to avoid financial losses on behalf of the lender, and this may include avoiding foreclosure if another solution can be found.
A housing counselor can help you understand all of the relevant terminology as they prepare to negotiate with you and your mortgage lender. Other terms you should familiarize yourself with are collections, delinquency, and hardships.
The timeline for foreclosure proceedings varies by state, but generally, if you go 90 days without making a payment or seeking counseling, your loan will be referred to foreclosure. A housing counselor can tell you more specifically what your timeline would be, depending on local laws. Get help as soon as possible and you ’ll have more options to remedy your situation.
Start by doing some quick budgeting. Figure out how much money you ’d need to be able to make your mortgage payment successfully. Make sure your calculations are accurate, because you’ll be using these numbers to propose a future payment plan or other workout with your lender.
You won ’t be able to come up with a solution to your situation if you cannot create a budget that allows you to meet all of your financial obligations going forward. Consider increasing your income with a second job, part-time employment, adding work hours, or have a family member contribute to the income pool. Be realistic with what you can and can ’ t do.
Talk to your lender and be honest with them. They might be able to make an adjustment to your mortgage agreement that allows you to make your payments going forward. Remember when communicating with your lender to never make promises you cannot keep.
Consider the full range of options available to you; these options will vary depending on how early you seek help, how much you owe on your mortgage, and your specific financial situation.
Commit to the course of action you take to save your home. If the situation changes, react quickly to come up with a different plan for success. It ’s important to keep your homeowners’ insurance policy paid up, and if it’s clear that you won’t be able to save your home, act quickly to sell it or surrender it to your lender before it enters foreclosure.
Always respond when your lender reaches out to you. The best people to talk to are in the Loss Mitigation Department. They ’re used to dealing with borrowers in your situation. Keep detailed records of every communication you have with your mortgage lender, whether that communication is in writing or over the phone..
Be prepared to explain your situation and provide your lender with your financial information, such as your monthly income and expenses. Without this information, they may not be able to help. Stay in your home during the process -- you may not qualify for assistance if you “ walk-away ” from your property. If you choose to rent out your home, it will change it from a primary residence to an investment property. This will most likely disqualify you for any additional “ workout ” assistance from the lender, so be sure that the rental income is enough to help you get your loan current and keep it that way.
Sadly, there are scam artists who take advantage of homeowners facing foreclosure.
A first step toward avoiding scams is to “opt out” of unwanted credit offers and put your phone number on the national Do Not Call list.
HUD-certified housing counselors help you when you reach out to them . Beware of anyone who comes to you offering to help; they could be a scam artist who found out about your foreclosure from public records. Never surrender the title to your home to a third party; always talk to a HUD-certified counselor from a HUD-approved housing counseling agency before agreeing to any plan to avoid foreclosure.
Any documents you are asked to sign should be thoroughly read and fully understood. Ask to show the documents to your housing counselor before you sign. Sometimes a scammer will appear to lend you the money you ’re delinquent, but they’re really purchasing the home for that amount. If you are careless, you might end up signing away your property to a scam artist.
To protect yourself from scams, consult your lender and a housing counselor. They won ’t let you sign away your rights if you involve them in your mortgage workout.
Don ’t assume that your lender is against you; they want to avoid foreclosure as much as you do, because they lose an average of forty to fifty thousand dollars when they foreclose. Contact them as early as possible—even before you miss a mortgage payment—and they will be grateful that you let them help you avoid foreclosure.
Some shady negotiators tell borrowers to deliberately miss payments to make the mortgage negotiation easier. The fact is, you hurt your negotiating position if you make yourself appear to be worse off than you are. If you can set aside some money to put toward your delinquent mortgage, your lender will understand that you are serious about finding a solution to your situation, and they ’ll be more likely to help you.
When you contact a HUD-approved housing counseling agency, you ’ll be able to speak to a qualified counselor who will work directly with you. They will help you review your budget and create an action plan to keep your home, and will even work with you and your lender if necessary. Beware of any housing counselor who tries to charge you a fee for foreclosure prevention assistance. HUD-approved housing counseling of this type should always be available to you free of charge.
Your housing counselor can talk with you about what kind of mortgage you have, and help you document the reasons you fell behind on your mortgage. This information will be needed by your lender before you can come up with a solution.
Talk with a counselor about the causes of your situation, and be honest. The solutions your counselor will propose will change depending on what your situation is. Remember, this process isn ’t about assessing blame or passing judgment. Your counselor needs to know this information so they can help you come up with the best possible solution for you.
While there are many different reasons a borrower defaults on mortgage payments, the important thing is that you made a commitment to saving your home when you reached out for counseling.
Welcome to lesson 2 of our Foreclosure Prevention and Preserving Homeownership course. In the first course, we talked about different causes for loan defaults and the importance of reaching out for help as soon as possible. In this second part, we ’re going to talk about some of the solutions available to you. There are many solutions that may help you avoid foreclosure, and this course is not all-inclusive. Programs may change over time, and new programs are offered throughout the year. We recommend contacting a HUD-approved housing counseling agency such as Springboard for more information on current government and lender sponsored programs.
Some options for saving your home include loan modification, forbearance plans, and other programs that may be offered by your lender or government agencies.
Before you can figure out which possible solution would be best for you, you should begin to create a hardship statement. This statement explains your financial circumstances. A housing counselor can help you write an effective statement or letter. You’ll need to be prepared to share all of your personal financial information with your lender if you expect them to help you. The point of the hardship letter isn’t to point the finger or be defensive. Simply be honest about your situation, how you fell behind, and how you expect to be able to catch up, possibly with the lender’s assistance. Keep the letter itself brief and to the point; lenders are dealing with thousands of homeowners in similar situations, so an overly long hardship letter is not necessary and may hurt your chances of achieving a successful workout. Other documentation to have ready are paystubs, tax returns, bank statements, a breakdown of your debts and obligations, and a list of your assets.
One possible solution to foreclosure is a loan modification. Your lender will agree to change the terms of the original mortgage, which may include reducing your interest rate or principal owed, extending the length of your payment period, and adjusting the amount you owe to include any missed payments. You might find the assistance of a housing counselor helpful when going through the loan modification process, and a good counselor will be able to give you a idea in advance if you are a good candidate for a loan modification.
Your hardship letter should not only include an explanation of your circumstances, but also discuss how you plan to remedy the situation going forward. You need to demonstrate that you understand your situation and are prepared to avoid falling into similar circumstances in the future. Talk about changes you ’ve made to your finances that will make it possible for you to make your new loan payments.
A different option is a Special forbearance, where your lender will agree to suspend or reduce your payments for a set amount of time, after which you ’ll resume regular monthly payments. You may have to make extra payments to make up for the ones you missed, or your loan term may be extended. The specific terms of the forbearance will be made clear to you.
When creating a repayment plan with your lender, you will most likely have to make extra payments in order to make up any delinquent amounts you still owe. Different lenders offer different solutions, so work with a nonprofit housing counselor to find out what options are available to you.
If you are able to refinance your mortgage, you may be able to pay off your delinquent amount and even get lower monthly payments with a lower interest rate. There may be fees and closing costs associated with a mortgage refinance, and if your home ’s value has declined, you may lose some equity. Before agreeing to any refi that is designed to help you avoid foreclosure, be sure to discuss the situation fully with someone at a HUD-approved housing counseling agency.
Private lenders may also have a solution for you. For loans or homeowners not eligible for HASP/HAMP there may be in-house proprietary modifications. These modifications often reflect standards developed in the HASP/HAMP program.
The government offers various mortgage recovery and homeownership programs, but these change frequently and have very specific conditions for eligibility. Mortgage lenders also have their own plans and programs, and these vary from lender to lender. A housing counselor can help you determine which programs you qualify for. Visit Homeownership.org to learn more about the programs that are currently available.
In some cases, saving the home may not be possible. A housing counselor can still help you in this situation, though, since there are ways to give up your property that are less damaging to your personal finances and your credit.
A pre-foreclosure or short sale might help you divest yourself of the property before the foreclosure happens. A short sale involves selling your house for less than what it is worth, so your lender must approve of any short sale in advance. There may be legal or tax implications from short sales that should be discussed with your tax or legal adviser before proceeding with a short sale.
A deed-in-lieu of foreclosure is a last resort where you sign the property over to your lender before it is foreclosed on. You usually have to try to sell your home for 90 days before your lender will consider this option. This is slightly less harmful to your credit rating than a “ foreclosure ” , but it does result in a negative mark on the credit report as do any late or missed mortgage payments.
Another last resort for saving your home is a bankruptcy filing. You can exclude your home from the bankruptcy while wiping out other debts. The income you free up can then be used to make your full mortgage payments. You ’ll need to seek out qualified legal services before proceeding with bankruptcy. If all other options fail, you may find yourself evicted from your property after the foreclosure sale. If you had an FHA loan, ask about the “cash for keys” program, which could provide you with some funds that can help you get into another place to live. This type of program may also be available from private lenders, so contact your lender for more information.
We hope that you enjoyed this course, and we invite you to try our other courses. Springboard is a partner in the homeownership preservation foundation, and is a HUD-approved regional intermediary agency. Visit our Homeownership.org web site for more information.
We have housing counselors standing by to help anyone who has questions about their mortgage situation.