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 Do You Know Someone Who is Falling Behind on Their Payments?
I am known as "The Short Sale Queen" and have a proven short sale success record. Part of it is from my experience and strong work ethic and the other is my heart. I have a passion to help home owners recover and stop foreclosure one home at a time! I know you are stressed, your stomach is numb, you can't sleep at night - I am here to help you! I am CDPE certified, which means to you that I have extensive training in short sales and experience in this arena - don't risk your financial future with an agent who does not have the solutions and know how. I was the #2 individual agent in our market center in closed volume last year and the #1 in closed short sale volume over the past 3 years. Just want you to know you are in good hands!
What are my options?
Below are some options I can help you navigate through to see which is best for you. Remember my services are completely free to you! Don't get caught up in scams you receive in the mail with upfront fees. All you have to do is ask your local area expert real estate agent. :o)
Forbearance
Under a forbearance agreement, your lender may allow you to reduce or suspend payments for a short period of time. At the end of the forbearance period, you will begin making regular payments plus an additional amount of the past due payments each month until you are caught up.
PRO: You remain in your home. A temporary reduced or suspended payment provides time needed to save money, pay off other bills, find employment or additional employment, or recover from injury or illness.
CON: At the end of the forbearance period, your payment will be higher due to the past due amounts owed. Your mortgage payments could be 20% - 25% higher for a period of 1-year or more.
Loan Modification
If you can make payments on your loan, but don't have enough money to bring your account current, your lender may be able to change the terms of your original loan to absorb your delinquent payments and make the payments more affordable. Your loan could be permanently changed by adding the missed payments to the back end of the existing loan balance, lowering the interest rate or making an adjustable rate fixed, or extending the number of years you have to repay your loan.
PRO: You remain in your home.
CON: Because of additional debt such as credit cards, car payments, medical bills, and student loans, most people do not qualify for a loan modification. If you purchased your home with little or no money down or your home has depreciated in value at a rate at or near the national average, you may not quality.
Short Sale
If you cannot bring your loan current, afford to make payments moving forward, or are unable to sell the property for the full amount of the loan, your lender may accept less than the amount owed as full payment.
PRO: You could qualify to receive $3000 for moving expenses and the deficiency waived. Under the terms of a short sale, your lender may forgive your mortgage debt in its entirety according to the terms outlined in The Mortgage Debt Relief Act of 2007. Fannie Mae has announced a reduced mandatory waiting period to establish credit history to 2 years after the completion of a short sale. This mandatory waiting period after a short sale is lower than the required 5-7 years following a foreclosure.
CON: You must sell your home.
Deed-in-lieu of foreclosure
If you are unable to bring your loan current or sell your home in a reasonable amount of time, your lender may agree to have you voluntarily transfer the deed to the property to them to help avoid the impact of a foreclosure on your credit rating.
PRO: By voluntarily transferring the deed, you save your lender tens-of-thousands of dollars in foreclosure proceedings. If you are willing to do this, Fannie Mae has reduced the mandatory waiting period to establish credit history to a minimum of 4 years. This mandatory waiting period after a deed-in-lieu of foreclosure is lower than the required 5-7 years following a foreclosure.
CON: Although a deed-in-lieu of foreclosure may have less impact than an actual foreclosure on your ability to establish homeownership in the future, if you are going to cooperate with your lender and take a proactive approach, a short sale is generally the better option.
Do You Qualify for a Short Sale?
Yes if you are in a Hardship - Loss of job, Business Failure, Damage to Property, Death of a Spouse, Illness, Medical Bills, Divorce, Seperation, Mandatory Job Relocation, Two Many Mortgages, Military Service, Reduced Income, Tax Increase, Incarceration, Pament Increase or Mortgage Adjustment, Too Much Debt...
Did You Know?
My services are completely FREE to you. I have helped your neighbors and friends. Contact me for a free, private, and confidential consultation, 404.579.2767 or CheriOconnor@TopProducer.com
Home Affordability Forclosure Alternative- "The HAFA Program"- Launching in April!
http://www.hafaprogram.com/
Testimonial
"I can't say enough about this young lady, she's truly blessed and a true professional, and I'm pretty hard to please.
Cheri worked with me to sell my home, as a Short Sale. I'm sure she had other clients during the same period she worked with me, but I always felt that she was working for me alone.
She magnificiently juggled contact and negotiations between, potential buyers, lenders and my bank to ensure that all was running like a "perfectly oiled machine", and she totally kept me abreast at every turn, she was like a "warrior at battle".
I can only say .......... "IF" she blesses you with the opportunity to work with her, not only take her up, but just watch her work her "MAGIC" ........ I'm forever grateful. " -Ms. Sandy
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