Did you know we have a Foreclosure Prevention team right here in house at America’s Choice Realty? It is a free service we offer and want to help you make the best decision for you in your situation. Every situation is different and we have several things that can help. Some of the things we can do it:
* Mortgage Forgiveness
* Credit Restoration
* More time in your home without making mortgage payments
* Up to $3,000 in Relocation Money that you do not pay back!
If you are facing foreclosure you are not alone. Over the past 9 years in Las Vegas 1 in 7 homes has either been foreclosed on or is in default and may be foreclosed upon. In every instance the cause of default was the predatory nature of banks and mortgage companies or the crippling decline of the economy. And while caused by the banks and the federal government, little if no help is offered by either entity. As Real Estate Professionals we feel it is our obligation to assist homeowners that are in distress and facing the possibility of foreclosure.
Here are the ways of Foreclosure Prevention:
Deed in Lieu of Foreclosure – Often referred to as a friendly foreclosure it is anything but. The term and process means that the homeowner voluntarily surrenders the property back to the bank/lender and returns the Deed (the ownership documents) in lieu of facing the process of Foreclosure. This was a rather common practice up to the 1970’s as it was often impossible to sell real estate in some parts of the country. If a person wanted to move and there were no buyers the only way to relieve the homeowner of future expense and liability was to return the note (the loan obligation) with the Deed. The bank would accept it and the homeowner could move on. What they forget to tell you is that is still shows as a foreclosure on your credit report. It turns out there was nothing friendly about the Deed in Lieu process.
Mediation – This is an activity that was implemented in 2009 in Nevada. The idea was to force the bank/lender to negotiate with the homeowner and come up with an alternative to foreclosure. The idea was correct but the implementation was a failure as the Nevada legislatures did a poor job of creating a law that forced banks/lenders to negotiate and made it a suggestion that they assist the homeowner. The banks/lenders used this program as a Band-Aid to show they were trying to assist homeowners.
Ultimately the program gives homeowners false hope and generally prolongs the anxiety and uncertainty of foreclosure.
Modification – This was created by the banks in partnership with the Federal Government. Originally the Feds were going to reimburse homeowners out of a fund created by the banks for the federal government called TARP. While the government agreed to lend the banks TRILLIONS of dollars that they were going to borrow from the banks to assist homeowners in distress. The banks lent the money to the government and then kept it for themselves. Once again making more money on their own money.
This created a process where the banks could foreclose on a home, reimburse themselves the full amount for their loss with interest and penalties AND retain ownership of the home which was sold at a discounted price, but represented a 100% profit. This is the same way that organized crime operates.
Foreclosure – This is the legal process that bank/lenders take back ownership from homeowners who have not made payments as required by the mortgage note (obligation). This is a judicial legal process. Foreclosure is the last worst step for both the bank/lender and the homeowner. It is the most costly process for the bank/lender and damages the homeowner’s credit and future financial stability.
Foreclosure should be avoided at all costs.
- Leave the homeowner with the lowest possible credit score.
- Leave the homeowner financially responsible for the original debt.
- Leave the homeowner financially responsible for any deficiency debt when the home is sold.
- Leave the homeowner financially responsible for any fees and penalties.
As a homeowner that is foreclosed upon you may be responsible for the original debt obligation, the fees, deficiency and penalties – an amount greater than your original obligation.
Short Sale – Short sales have been common in the American housing and mortgage/lending industry since its inception. Going back to a time when homeowners would live in their home for years or decades and find themselves in a position that they must move and were unable to sell the home for an amount that would pay the loan in full. Thus, the bank would allow the homeowner to sell the home at a price that was short of a full payment (aka short sale).
In doing so the homeowner would be relieved of all financial obligations and the note (promise to pay) would be shown as paid in full, allowing the homeowner to move and continue in a financially positive direction.
At the beginning of this current housing crisis as housing values declined rapidly many homeowners short sold their homes. As the housing crisis heated up the banks/lenders quickly changed the role and process of short selling a home. For the record between 2010 and 2013 it was almost impossible to get the banks to agree to short sale a home.
Today a short sale is the only method to relieve the homeowner of the financial debt and create a positive credit position to move forward.
What We Can Do For You
We will explore all the possibilities to assist you in finding a remedy to your housing crisis. We will present you with the material that you will need to make a decision to move forward. 95% of homeowners that lose their home to foreclosure do so because they did not make a decision.
You must decide now.
Your Best Options lie in Short Selling your home.
It will allow you time to organize and prepare to move, thus giving you more time in your home. The short sale process is 60 to 120 days but is under your schedule.
- You will be given relocation monies to assist you in finding other housing accommodations.
- Your debt with the bank/lender will be satisfied. Any financial obligation deficiency will be forgiven.
- We may find a buyer that will rent your home back to you so that you do not have to move.
- You may find in the future that the buyer of your home may sell it back to you.
- You will be able to re-establish credit with a short sale faster than any other avoidance program.
We are prepared to help you out of a hard situation and greatly reduce that stress from your life. Please call us today to speak to one of our Foreclosure Prevention specialists. (702) 685-6531