Are You Facing Foreclosure?
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List for Sale
Creative Financing
Cash Offer
Our company has affiliations with real estate investors that will partner with you financially to get the house listing ready so that you can sell the property for market value. We will then list your property on all marketing channels available. Once sold, we will recoup our investment from the proceeds of the sale, therefore saving your property from foreclosure and your credit from the black mark that a foreclosure will create.
Our company will provide an all cash offer for your property. You will not encounter closing costs or the cost associated with fixing up the property, which will be bought as is. We will also waive the traditional real estate commission and market your property to our affiliate cash buying investors. Closing can be scheduled in as little as 30 days. We will also assist you with relocating to your new residence.
Our company will provide a creative financing offer for your property. This will require your property to be leased to prospective tenants with a lease option to purchase contract. The proceeds of the transaction will be applied to your outstanding debt that is causing the foreclosure proceedings. We will also assist you with relocating to your new residence.
Loan Modification
The most popular program, a Loan Modification is a change to an existing loan to a more affordable level by a lender in response to a borrower's long-term inability to repay it. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan, or a combination of the three. You may qualify if you have recovered from a hardship and can afford the new payment amount. Most lenders can work with home owners, even if they have poor credit and have a foreclosure date since they do not want your home.
Forbearance Agreement
Depending on your situation, your bank may offer you a solution to repay your missed payments and avoid foreclosure with a Mortgage Forbearance Agreement. This agreement is made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on their payments. A Mortgage Forbearance Agreement is a temporary solution for delinquent borrowers designed for borrowers who have short-term financial problems caused by an unforeseen hardship such as health problems or unemployment. Usually Mortgage Forbearance Agreements allow a minimum of 4 months to postpone monthly mortgage payments, all the way up to 12 monthly payments at the maximum.
Principal Reduction
A Principal Reduction is a process whereby your loan modification attorney assists in negotiating down the total amount of the principal that you owe on the loan to reflect current value of the property. Usually the interest rate is reduced to current market rates and your monthly mortgage payment is lower.
However a Principal Reduction is difficult because the bank or lender is not making as much profit, and may even avoid mentioning principal reduction as an option. Just a $200 a month reduction equals tens of thousands of dollars less profit for the bank over the life of the mortgage.
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