We cannot stress enough the importance of hiring the right person for the job at this crucial time! Hiring an in-experienced agent will not only take you to an unsuccessful closing and experiencing a foreclosure, but they might unintentionally cause you additional fees, deficiency judgments, and you could even end up owing money after closing. You may even end up having to file bankruptcy after closing as a result of the problems created by an inexperienced agent.

DOING NOTHING OR WAITING TOO LONG! Doing nothing guarantees you will lose your home and ruin your credit!

In a market that is challenging experience matters. Most people or companies doing short sales are capable of gathering the correct information and submitting proposals and getting short sales approved.

We are not just about getting short sales approved. From the start, our main purpose is to find out the needs of our client, providing options, and helping guide them down the path that will be most beneficial to them in the long run.

We have been well educated, by working with several attorney’s, in working with our clients through a bankruptcy, if necessary, and still getting a short sale accomplished. We also will help people understand the benefits of credit repair so they are able to get down the road of recovery quicker and more efficiently. Short sales do affect a persons’ credit and we really do have a good grasp of how their credit is affected and truly CARE about what happens to our clients AFTER the short sale is approved. We pay attention to the BANKS TERMS and how this will affect the outcome of the sale of the property along with your credit challenges one may incur. We look out for our clients’ best interest now and in the future. Experience matters in times like this and that is something the Home Rescue Team is not lacking in.

Knowing your options and quickly deciding on the best course of action is critical to resolving your situation in a way that is most advantageous to you. There are many foreclosure solutions, including loan modification, short sale, and filing for bankruptcy, but every situation is different. Is your situation temporary or long term? Do you have equity or not? In our free consultation we will discuss your options so you can make informed decisions about the best course of action for you and your family.

In a loan modification, the lender agrees to modify the terms of the loan in a way that keeps the homeowner from defaulting. If done correctly, a loan modification will help you keep your home, reduce your monthly payments and preserve your credit.

In a short sale, the lender agrees to accept less than the total owed and forgives the remaining outstanding balance. In addition, all costs associated with the sale of the home, including commissions, escrow and title fees, and any necessary repair expenses, are absorbed by the lender. Credit damage can also be minimized in several ways through the short sale process. There’s also the possibility that a homeowner will be allowed to remain in their home, with no expectation of monthly payment, until a sale is finalized.

Foreclosure is a legal process which allows a bank to repossess a home. A foreclosure remains on a credit report for seven years and causes a drop of 50 to 250 in one’s credit score.

Since we are not attorneys, we cannot provide you with legal advice on this matter. However, because of our close work with bankruptcy attorneys, we have educated ourselves to know, by listening to each client’s circumstances, whether or not an attorney’s advice would be warranted. Generally speaking, bankruptcy should be considered only if all other options have been exhausted. Since a bankruptcy remains on your credit report for seven to ten years and results in a loss of between 100 and 350 points on your credit score, it will have serious repercussions on your ability to borrow money or obtain a line of credit. Also, since a bankruptcy is of public record, it could affect your ability to get a job or rent a home. In addition, the new bankruptcy filing requirements have become more difficult and more costly.

Until the auction occurs, there is always a chance that a foreclosure can be stopped. However, time is of the essence. The longer you delay in addressing the problem, the fewer options will remain.

You just described most of our short sales. The answer is YES!

Yes! Bad credit will not prevent a homeowner from moving forward with a short sale or loan modification.

The consultation is free and you have no obligations. Further, should you decide a short sale is your best option, the lender will pick up all seller costs, including commissions, escrow and title fees, taxes, and even expenses for necessary repairs to the home. Lenders agree to pay these additional expenses as part of the short sale process in an effort to avoid the larger losses that are incurred when they foreclose on a property.

Call us toll free at 1.800.995.7020 for a free, no obligation consultation. We’ll discuss the options available to you based on your personal circumstances and can implement a plan of action immediately. Should you decide not to work with us, knowing your options will empower you to take control of the situation and move forward with a solution that’s right for you.

When a hardship arises; job loss, death in the family, large medical expenses, or large increase in financial obligations that is not temporary you should contact your lien holder(s) immediately. The process for modifying a mortgage is typically a long process; usually between 3-5 months. Some lien holders are faster than others. This is something that you can do for yourself and do not need to pay an attorney to do it for you. Be sure to provide all of the documentation that your lien holder(s) have requested immediately, confirm that they have received all of the documentation that you sent to them, call them on a weekly basis to receive updates on your file, and note every conversation that takes place. This will be helpful if ever there are any errors in the notes on the lien holder’s side.

Some of the options that may be available are;
• Forbearance – Reduction of payment for a specific period of time to get caught up on missed payments
• Temporary modification – Reduction of interest on the loan for a specific period of time
• Permanent modification – Reduction of interest rate for the remainder of the loan and/or extension of the life of the loan
• Principle forbearance – Reduction of the principle balance of the loan(s); typically added as a lien on the home that does not incur interest nor are payments made on it. It is settled when the home is sold in the future.

If you don’t have any income or enough income to support a mortgage payment, your lien holder(s) may offer the following options;
• Deed in lieu of foreclosure – voluntary foreclosure, still a public record
• Short sale – selling the house for less than what is owed – not a public record

As you can see, there are many options available and it is so important to know which options is the best for you and your situation. There are pro’s and con’s for each and it is vital that you speak with a qualified and experienced professional to explain how each option can potentially affect you.