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Options And
Solutions For Homeowners In Foreclosure
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The current US housing market and national financial
crisis has caused untold stress and heartache for
many Phoenix metro area families. Foreclosure is one of the
most devastating financial challenges that a family
can face and one that many times can be avoided. The
options for foreclosure are many; following is a
brief explanation of these solutions.
REINSTATEMENT
A reinstatement is the simplest solution for a
foreclosure however it is often the most difficult.
The homeowner simply requests the total amount owed
to the mortgage company to date and pays it. This
solution does not require the lender’s approval and
will ‘reinstate’ a mortgage up to the day before the
final foreclosure sale.
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Does not require Mortgage Company or
lender’s approval. |
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Requires that a homeowner be able to
pay all back payments, fines and
fees immediately. |
FORBEARANCE OR REPAYMENT PLAN
A forbearance or repayment plan involves the
homeowner negotiating with the mortgage company
to allow them to repay back payments over a
period of time. The homeowner typically makes
their current mortgage payment in addition to a
portion of the back payments they owe.
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Allows the homeowner to make back
payments over time. |
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Requires that a homeowner be in a
financial position to pay not only
their current mortgage but a portion
of the back payments owed. Some
mortgage companies will require a
homeowner to ‘qualify’ for
forbearance. |
MORTGAGE
MODIFICATION
A mortgage
modification involves the reduction of one of
the following: the interest rate on the loan,
the principal balance of the loan the term of
the loan or all or any of the above. This
typically results in a lower payment to the
homeowner and a more affordable mortgage.
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Reduces the payment a homeowner is
required to make on a monthly basis
and may reduce the principal balance
of the loan. |
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Requires that a homeowner ‘qualify’
for the new payment and will often
require full documentation. Lender
has to be actively pursuing
modifications. |
RENT THE
PROPERTY
A homeowner
who has a mortgage payment low enough that
market rent will allow it to be paid can convert
their property to a rental and use the rental
income to pay the mortgage.
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Allows homeowner to keep property
indefinitely. |
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The issues that can
arise with a rental property are
many and rent often does not cover
the full cost of property ownership
and maintenance. |
DEED IN LIEU
OF FORECLOSURE
Also known as
a ‘friendly foreclosure’ a deed in lieu allows
the homeowner to return the property to the
lender rather than go through the foreclosure
process. Deed in Lieu requires lender approval
and requires the homeowner to vacate the
property.
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Many times in a successful Deed in
Lieu the lender will forego their
right to a deficiency judgment. |
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Requires that a homeowner vacate
their property and may be reported
to credit bureaus as a foreclosure. |
BANKRUPTCY
Bankruptcy has been marketed by
many as a ‘foreclosure solution’ which in some
states and situations it can be. If the
homeowner has non-mortgage debts whose payments
are causing them to fall short of paying their
mortgage payments and a personal bankruptcy will
eliminate these debts this may be a viable
solution.
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Does not require lender approval. |
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If a homeowner cannot
afford their mortgage payment, a
bankruptcy will only stall not stop
the foreclosure process. Bankruptcy
can be costly. |
REFINANCE
If a homeowner
has sufficient equity in their property and
their credit is still in good standing they may
be able to refinance their mortgage.
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In
some cases will lower payments. |
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In
today’s market a refinance will
almost always raise mortgage payment
and is an expensive process. |
SERVICE
MEMBERS CIVIL RELIEF ACT (MILITARY PERSONNEL
ONLY)
If a member of
the military is experiencing financial distress
due to deployment and that person can show that
their debt was entered into prior to deployment
they may qualify for relief under the Service
members Civil Relief Act. The American Bar
Association has a network of attorneys that will
work with Service members in relation to
qualifying for this relief.
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If
qualified will lower payments on all
consumer debt in addition to
mortgage payments. |
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Must be active military to qualify. |
SELL THE
PROPERTY
If a homeowner
has sufficient equity in their property they can
list the property with a qualified agent that
understands the foreclosure process in their
area and sell their property.
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Allows homeowner to avoid
foreclosure and harvest some of
their equity. |
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In
many cases today homeowners do not
have sufficient equity to sell their
property without negotiating a short
sale (see next solution). |
SHORT SALE
If a homeowner
owes more on their property than it is currently
worth then they can hire a qualified real estate
agent to market and sell their property through
the negotiation of a short sale with their
lender. This typically requires the property to
be on the market and the homeowner must have a
financial hardship to qualify. Hardship can be
simply defined as a material change in the
financial stability of the homeowner between the
date of home purchase and the date of the short
sale negotiation. Acceptable hardships include
but are not limited to: payment increase, job
loss, divorce, excessive debt, forced or
unplanned relocation and more.
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Allows homeowner to avoid
foreclosure and salvage some of
their credit rating card. Keep a
foreclosure off the public record
for an individual. In many cases
will allow homeowner to avoid a
deficiency judgment. Borrower may
qualify for another mortgage in as
little as 24 months (5 years for
foreclosure). |
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Short sales can be trying process in
which a homeowner is best served by
contracting with a qualified real
estate agent to guide the way. |
This
represents only a summary of some of the
solutions available to homeowners facing
foreclosure. Please call us today for a free
confidential evaluation of your individual
situation, property value and possible options.
Complete the form below for assistance
with a Short Sale
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While Short Sales were virtually unheard of only a few
years ago, now the majority of banks and lenders are
negotiating and closing these deals. They allow a homeowner
with a legitimate hardship to sell their property for less
than the balance of their mortgages and avoid foreclosure.
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Buyers pursue short sales to get a good deal.
Making an offer on a pre-foreclosure, short sale home is not
as simple as you may believe, and very few can close in 30
days or less. You want to work with a Phoenix Certified
Distresses Property Expert (CPDE) who is specifically
trained to work through the intense process of assisting you
in securing the home you wish to buy.
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Homeowners who are in the pre-foreclosure process need to
speak with an educated agent as quickly as possible. For
many homeowners foreclosure is not the only option however
most do not get the opportunity to explore solutions.
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 Foreclosure
Vs. Short Sale in Phoenix Arizona - Homeowner
Consequences
Sellers may wonder whether letting a property go
into foreclosure would be easier and smarter than going
through a short sale. A short sale has better a better
outcome on your future home buying, employment and more. |
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Samone
Bollerud-Beitler
GRI. CDPE. Realtor®
Certified Distressed Property Expert
RE/MAX
Desert Showcase
14155 N. 83rd Ave.
Suite 120
Peoria, AZ 85381
Email:
samoneb@remax.net
Phone:602-390-1462
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Phoenix Metro Short Sale Home
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