STOP! You May Have Options!

Stop foreclosure! Rather than to lose your home to foreclosure, you may have other options that you may want to explore first. We know how devastating this can be for most people, and many of those people don’t want to just let their home go.. but don’t know what else to do!

CHS_Logo - CERTIFIED HAFA SPECIALIST - MASSACHUSETTS AND RHODE ISLAND

Certified HAFA Specialist
• Short Sales

 Instead of letting the process happen and then finding out later there were things you may have done to change the end result – do some research online or on our website to get educated on the different options you may have. Or, if you just don’t have the strength or time to read through all there is to know & want a professional to assist you, we are here to help!

Let us help you find out if you may be able to do a short sale on your home, rather than accept losing the home to foreclosure! Our agents will help you negotiate with your bank(s) to see if they will consider “selling short” (if applicable). Many banks have setup special departments to help assist with streamlining the short sale process. There are no guarantees that you will qualify, or that the bank will work with you, but we’ll be happy to work with you to see if this may be an option for you.

Complete the contact form to the right and an agent will contact you to discuss the process, and answer any questions you may have. If your not ready to talk to us just yet, don’t worry, we’ll be waiting here when your ready. In the meantime.. Knowledge is Power.. So read on..

 

Step 1: Who owns my Mortgage?

Take a look at your mortgage statement. Who do you make payments to? This may just be the Servicer. But is your mortgage owned by Freddie Mac or Fannie Mae?

Search Tool to help determine if Fannie Mae owns your Loan
Search Tool to help determined if Freddie Mac owns your Loan

 

Step 2: What options are available to you by your Bank?

Don’t avoid calling your lender. Many have them have options available to help you keep your home. But, don’t wait to long! If you wait too long into the foreclosure process, it may be harder to get these options worked out. (In other words, don’t wait until your several months past due, or worse, until the auctioneer is at your doorstep!)

What to do when you Contact your Lender to Avoid Foreclosure
Explore Workout Options your Lender may have to Avoid Foreclosure

Some options May be:

  • Loan Modification: Modifying your loan and possibly lowering your monthly mortgage payment by modifying or refinancing.
  • Principal Reduction: Possibly negotiating to reduce the amount you owe on your home.
  • HAMP/HARP: HAMP (Home Affordable Modification Program) or HARP: Home affordable Refinance Program
  • Assistance for Unemployed Homeowner

Other options may also be available. If all else fails, there is Deed-in-lieu of foreclosure and also a Short Sale Program that may involve assistance in the form of Cash for Keys (or Relocation Assistance) for the occupant of the home. Check with your lender directly as options may vary depending on who owns the mortgage.

For the most in-depth information I highly recommend visiting HUD’s website which is extremely informative and helpful. You can visit it here.

Is your home FHA Insured?
If so, HUD has a National Servicing Center that works closely with customers who have FHA insured loans.

Step 3: Get Help!

Have all of the information, but still don’t want to go through all this alone? No worries!
We’ll be more than happy to help guide you through this process even if your not looking to sell your home via short sale. Agents typically won’t get compensated for any of the above options other than a short sale, but our goal is to help as many people as we can to help them retain their home ownership!! Let us pay it forward, we’d love to help you. Maybe it’s just with a question or two, maybe you don’t understand it and need help step by step.. whatever your needs, please feel free to reach out to us. You can reach us by filling out the form at the right, or calling us at 508-536-5007.

What If I don’t want any of the options above and want a Short Sale?

I Know my options, but I Want Out – How Do I do a Short Sale?

Ok, we get that some people just want out.
Contact us and we will explain the next step.

  • Most importantly, you must be willing to cooperate by letting us show the home to potential buyers (we will make sure to give you enough prior notice for appointments). Why? Because in order to get the bank to even consider selling short.. we have to convince and assure them that you are allowing us to do everything possible to sell the home for the most money and within a reasonable time frame. (If we can’t show the home, the bank may assume that there’s money being left on the table and a low value may be due this).
  • Are you absolutely sure you want a short sale? Do you want to attempt any of the other options above? If you decide later you want the options above and initiate another option at the same time .. the bank may cancel your short sale & the process will have to be started from scratch if you want to resume a short sale later on.

Helpful Resources:

Fannie Mae – Know Your Options
Preforeclosure Sales – Frequently Asked Questions
How To Avoid Massachusetts Foreclosure – HUD

 

 


 

*All Info Deemed reliable, but not guaranteed. Buyers and/or Buyer's Agents should verify all information*
Your #1 Source for REO & Foreclosure listings.
Liz Silva, REO Specialist serving these Massachusetts areas: Greater New Bedford including 02740, 02743, 02744, 02745, 02746.
Fall River, Bristol & Plymouth Counties, Massachusetts. Fairhaven - 02719, Acushnet - 02743, Dartmouth - North Dartmouth 02747, & South Dartmouth 02748
Assonet-Freetown, Plymouth, Rochester, Rehoboth, Lakeville, Padanaram, Marion, Mattapoisett Taunton, Wareham, Westport.

Re/Max Classic - Team Silva Located at 391 Huttleston Ave, Fairhaven, MA. Phone: 508-536-5007.

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