WHAT TO DO WHEN FACED WITH THE POSSIBILITY OF FORCLOSURE? * Sit Back and Take No Action Facing foreclosure is a stressful situation for any homeowner. Often, homeowners will “freeze” up and allow the foreclosure process to run its course. Sitting by and letting foreclosure happen should not be an option – it can be personally and financially devastating. You must be proactive in trying to save your home from foreclosure. Home ownership is the key to financial stability, family health, and a sense of accomplishment. Why do nothing to save your home when our firm can stop foreclosure today with our loan modification process? * Short Sale People often turn to short selling when faced with foreclosure. Banks and lenders will evaluate their financial stake in your home to decide if a short sale will result in a smaller financial loss than foreclosure. Selling a short sale is a near impossible task with properties in foreclosure in every neighborhood. Even though your home is listed as a short sale, you are still responsible for making your payments. Time is of the essence in taking action – short selling is not a feasible option for most home-owners. * Deed in Lieu of Foreclosure When a house in saleable condition has been on the market for at least 30 days without selling, the bank may accept the deed to the house in lieu of foreclosure and forgive the balance of the debt. The bank will usually not proceed with a deed in lieu of foreclosure if the outstanding indebtedness of the borrower exceeds the current fair market value of the property. The borrower is essentially giving back the home to the lending institution. * Bankruptcy Bankruptcy laws have changed. Bankruptcy used to be very popular, but now filing for bankruptcy may not relieve you of your obligation to repay your mortgage and the foreclosure proceedings may still happen. In addition, this option is devastating to your credit, diminishing your borrowing power for years to come. Contact G & R Realty before considering filing for bankruptcy. * Loan Modification Loan modification has recently become the absolute best option for homeowners facing home foreclosure. Loan modification is not the only option for homeowners trying to avoid losing their home due to late mortgage payments. It is the one option that can keep you in your home at a payment you can afford – the true goal of any homeowner.   LOAN MODIFICATION, MITIGATION OR RESTRUCTURING These terms have become very popular in recent times and more and more home-owners are participating in loan modification. With millions of homeowners trapped in “toxic” adjustable rate mortgages and no ways to refinance out of them due to lack of home equity, loan modifications have become the ultimate tool to allowing well-meaning borrowers to remain in their homes Definition: A Loan Modification is a permanent change in one or more of the terms of a mortgagor's loan. This allows the loan to be reinstated, and results in a payment the mortgagor can afford. A modification can lower your rate, reduce the balance of loan, reduce or postpone delinquent fees owed or alter the term of loan. These changes are requested by our firm based on your particular hardship case. After the lender reviews the case that we make on your behalf, they will initiate the changes that will keep you from dealing with inability to keep current on your mortgage and possibility of foreclosure. A Loan Modification will change the existing mortgage note and give the client a fresh new start in managing their home. Accounts will be brought up to date immediately following a successful modification.   HARDSHIPS In order to modify your existing mortgage loan, you will need to demonstrate a hardship. Here is an example list of hardships that lenders consider during the loan workout process: * Adjustable Rate Mortgage Reset * Payment Shock * Illness * Loss of Job * Reduced Income * Failed Business * Job Relocation * Death of Spouse * Death of Borrower or Co-Borrower * Incarceration * Divorce * Marital Separation * Military Duty * Reduced Income * Medical Bills * Damage to Property