If you are struggling to make your mortgage payment or are facing foreclosure, you have options.
Making The Right Decision (insert stock photo)
Keeping Your Home-There are many options available to help you keep your home.
Where To Start??
If you are not yet in Foreclosure and you have equity in your home, you may be eligible to refinance and reduce your monthly payment. You can contact your Patt Drawe with Caliber homes (insert link) to find out if you may qualify.
If you cannot qualify for a refinance, the next Step in trying to keep your home is to educate yourself
- Find Out Who Owns Your Loan (insert Fannie Mae and Freddie Mac lookup
- Call Your Servicer (the Bank that you make your payments to) they can help determine what workout options are available to you.
- Visit www.makinghomeaffordable.gov, www.hud.gov or hopenow.com
Loan Modification Calculator (insert http://www.makinghomeaffordable.gov/tools/payment-reduction/Pages/default.aspx)
Walking Away with Dignity
Short Sale- A short sale occurs when you sell your home and owe more on your home than is worth. Your Lender may agree to accept less than your current loan amount and pay the Closing Costs of the transaction. Many servicers also offer moving incentives to you, the Seller. Many of our prior Short Sale Sellers have received incentived of $1500-$3000 and some of our sellers have walked away with over $10,000. If your mortgage company agrees to a short sale, you can sell your home and pay off your mortgage balance with the proceeds.
A short sale is an alternative to foreclosure and may be an option if:
- You are ineligible to refinanceor modify your mortgage
- You are facing a long-term hardship
- You are behind on your mortgage payments
- You owe more on your home than it’s worth
- You have not been able to sell your home at a price that covers what you still owe on your mortgage
- You can no longer afford your home and are ready or need to leave
Benefits of a Short Sale include:
- Sell your home to avoid foreclosure
- Seller Relocation Incentive $ may be available
- Often times we can extend the time you stay in your home past the initial foreclosure deadline
Deed-In-Lieu-A Deed-in-Lieu of Foreclosure (DIL) is where you, the homeowner, voluntarily transfer the ownership of your property (the title and all property associated with it) to the owner of your mortgage in exchange for a release from your mortgage loan and payments.
A DIL is an alternative to foreclosure and should be considered if:
- You are ineligible to refinanceor modify your mortgage
- You have tried a short sale but were unsuccessful
- You are facing a long-term hardship
- You are behind on your mortgage payments
- You owe more on your home than it’s worth
- You don’t want to sell your home or haven’t been able to sell your home
- You can no longer afford your home and you are ready to leave