Helping Homeowners Avoid Foreclosure
Specializing in the Inland Empire and Orange County
Forclosure Solutions
Reinstatement
A Reinstatement is when the homeowner agrees to pay the bank what is owed from previous payments. This does not require lender approval, and will simply reinstate the mortgage before the home goes for sale.
Benefits: Does Not Require Lender or Mortgage Company approval.
Drawback: Homeowner must be able to pay ALL back payments, Fees, and Fines.
For More Information call 951-522-2216
Forebearance or Repayment Plan
In a Forbearance or Repayment Plan, the homeowner negotiates with the bank to repay the back payments over a period of time. In addition the homeowner makes their current payment as well as part of the portion owed.
Benefit: Allows the homeowner to get current on their payments.
Drawback: Some mortgage companies require the home owner to quialify for the repayment.
Loan Modification
A Loan Modification is used when the homeowner wants to reduce the interest rate of the loan, reduce the balance of the loan, reduce the term of the loan, or any combination of these. Typically to result in a lower payment.
Benefit: May reduce the payment and the balance.
Drawback: Requires that homeowner must qualify for the payment and often results in the bank requiring full documentation.
Sell The Home
Homeowners with equity can list their home with a qualified agent that understands the foreclosure market in their area.
Benefit: Homeowner avoids foreclosure, and takes any equity that they might have.
Drawback: Most Homeowners are upside down on their mortgage, and can not sell the home without negotiating a shortsale.
Shortsale
A homeowner owes more on the property than it is worth, the homeowner hires a qualified real estate agent to list their home in a shortsale with their bank. The home has to be listed and the homeowner needs to have a financial hardship. A finanacial Hardship is defined by, the material change in financial stability of the homeowner, between the time the home was purchased and the time the homeowner is negotiating the shortsale. Acceptable hardships include but not limited to: Loss of employment, Divorce, Mortgage payment increase, Excessive debt, relocation and more.
Benefit: A shortsale allows the homeowner to avoid foreclosure and salvage some of their credit rating. It avoids a foreclosure on the homeowners public record.
Drawback: A shortsale can be a challenging process in which the homeowner can best be served by contacting a qualified real estate agent.
Certified Distressed
Property Expert
Ayuda En Espanol
Aqui !
Dear Homeowner,
You may have done everthing right, but in todays housing market, it's becoming more common for responsible homeowners to find themselves with an unfforable mortgage.
If you or someone you know is facing foreclosure and does not know what to do, know that there are better options, and very strong reasons to pursue them.
Latest News
Tax Credit Extension relieves
late home buyers
Deadline to close sale and quality for the $8,000 pushed back to Sept 30
NEW YORK, Homebuyers worried about closing their house purchases by the cutoff date can now relax after the government extended the deadline
Congress sent President Barak Obama a plan to give homebuyers an extra three months to finish qualifing for the federal Tax incentives that boosted home sales this spring.
Read the whole Story.
HomesbyJessse.com
RE/MAX
PARTNERS
