Maybe as a HOMEOWNERS - you (or someone you know) are upside down on the mortgage (worth less than you owe) or have suffer a catastrophic life event and now are receiving rude collection calls referencing or threatening you with a FORECLOSURE! As long as you (they) haven't received the certified NOTICE OF DEFAULT letter from the lender ~ you (they) still have BETTER OPTIONS. The step by step evaluation outlined by the Consumer Financial Protection Bureau - is calls "The Waterfall Effect." Ultimately,..staying in your (their) home from a loan modification, recast their loan, or forbearance are exponentially better options than the next three options.
If staying in your (their) house is no longer an options that the Servicer will considered,..DEED-IN-LIEU is your (their) NEXT BEST option however it will be reported to the credit reporting agencies as a Foreclosure with a ZERO balance. The very last option to stop a FORECLOSURE is a Short Sale. This too is reported to the credit bureaus as a foreclosure but this time the dollar amount from the Short Sale proceeds minus the principle balance/late payment charges/lawyer fees will be reported. Since the bubble burst in '08/'09 - often the Short Sale balance and the full amount from the Foreclosure can create tax liabilities through the issuance of a 1099 for the shortage.
The last thing I want is for you (them) run out of time and me not have enough time to get a loan modification (loan mod), recast their loan, forbearance (limits on how much lender will write off), and ONLY have the options of DEED-IN-LIEU & Short Sale before the trustee's sale at the County Courthouse step the first Tuesday of EVERY month. If they have received the certified mail for the lender's Notice Of Default letter,..they have between 51-82 days MAX to allow me to get an offer on their house to STOP the foreclosure. I CAN GET IT DONE
I am a certified Broker Price Opinion Reator by TheFiveStar conference ( http://thefivestar.com/fsc/ ) in valuation by the best lenders, government agencies, banks and GSEs. Additionally, I was an Analyst for Fannie Mae for three years - in their 90 member (only WITHOUT an Appraiser License) Valuation Department, Credit Division establishing values for Deed-in-Lieu, HAMP's Loss Mitigation options, Bid Instructions for Foreclosure proceedings (both judicial & non-judicial), Short Sales and assets in Fannie Mae’s REO portfolio. Rounding out my DEFAULT experience included being an Asset Manager handling the Bank of America's REO/Foreclosure portfolio with CoreLogic.
Call me today to set up an appointment for me to understand your needs!
254-444-8826 or Billy@BellCountyRealty.com
Bell County Realty, a Mud City Realty Company
Jack Folsom ~ Broker