Facing Foreclosure can be very frightening. Not only are you faced with the reality of becoming homeless, but the feeling of helplessness and a blemished future can consume you. A Foreclosure will cost a bank $50,000 to $85,000 and stays on a homeowners permanent record.
TO CONTACT ME, CLICK: louann.mueller@gmail.com
My mission is to help the distressed homeowner...and I do this at NO COST to you.
If you want to stay in your home
and cannot afford the payments anymore, my experience helps me negotiate with your mortgage company to reduce your payments and late fees. Banks are more willing today to do a loan modification or forbearance.
If you do not want to stay in the home,
or negotiations are not possible to bring the payments within your means...my experience in Distressed Real Estate marketing and sales will get your home sold before an auction, saving you from having Foreclosure on your permanent record. Again, NO COST. Most homeowners are not aware if you are in this situation, your mortgage company will pay all your closing costs and agent's commission.
- The benefits to trying something, instead of just walking away are numerous.
- When a foreclosure completes the bank will issue a 1099. The amount on your unpaid mortgage may show up as INCOME the next time you do your taxes. Our job is to make this amount as small as possible, and in many cases eliminate it completely.
- A short sale instead of foreclosure will put you in the position of attaining a government backed mortgage in just 2 years.
Please call me with any questions 630-414-0250
9 ALTERNATIVES TO FORECLOSURE
for details on your specific case, please email me louann.mueller@gmail.com
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Reinstatement:
The homeowner pays missed payments, legal fees and late fees -
Forebearance or Re-Payment Plan:
The homeowner pays missed payments, legal fees and late fees over a period of time
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Rent out the Home:
Rental amount may cover full payment, or enough to make the remainder affordable for the homeowner
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Refinance:
Depends on amount in equity on the home and is affected by current market value
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Mortgage Modification:
The bank will modify the loan to make it affordable for homeowner
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Deed-In-Lieu of Foreclosure:
Referred to as a "Friendly Foreclosure" when the homeowner just gives the house to the bank
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Bankruptcy:
Removing and reorganizing debt
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Servicemembers Civil Relief Act (SCRA):
Military member may receive temporoary relief from mortgage payments.
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Short Sale:
Selling the home for less than owed to mortgage company, with bank approval. Reduces and may eliminate 1099. Allows purchase of government backed mrtgages in just 2 years. Most homeowners are unaware the bank will pay their agent and their closing costs.Here's a short Video explaing a Short Sale:
www.cbsnews.com/video/watch/
10 REASONS SHORT SALE IS BETTER THAN FORECLOSURE
|
Issue
|
Foreclosure | Short Sale | |||
| CREDIT SCORE | SCORE MY BE LOWERED 250 TO OVER 300 POINTS- FOR OVER 3 YEARS | updating... | |||
| CREDIT HISTORY | WILL REMAIN ON PUBLIC RECORD ON CREDIT HISTORY FOR 10 YEARS OR MORE | NOT REPORTED ON CREDIT HISTORY-LOAN PAID IN FULL | |||
|
FUTURE LOAN WITH ANY MORTGAGE COMPANY |
MUST STATE ON APPLICATION FOR 7 YEARS | NO DECLARATION NECESSARY | |||
| FUTURE LOAN WITH FANNIE MAE (PRIMARY RESIDENCE) | INELIGIBLE FOR FANNIE MAE BACKED LOAN FOR 5 YEARS | ELIGIBLE AFTER 2 YEARS | |||
| FUTURE LOAN WITH FANNIE MAE (NON PRIMARY) | AN INVESTOR WHO ALLOWS A PROPERTY TO GO INTO FORECLOSURE MUST WAIT 7 YEARS | ELIGIBLE AFTER 2 YEARS | |||
|
CURRENT EMPLOYMENT |
MAY BE GROUNDS FOR IMMEDIATE REASSIGNMENT OR TERMINATION | NOT REPORTED ON CREDIT REPORT AND THEREFORE NOT A CHALLENGE TO EMPLOYMENT | |||
| FUTURE EMPLOYMENT | IN MOST CASES CHALLENGES EMPLOYMENT | NOT REPORTED ON CREDIT REPORT AND THEREFORE NOT A CHALLENGE TO EMPLOYMENT | |||
| SECURITY CLEARANCES | FORECLOSURE IS THE MOST CHALLENGING ISSUE AGAINST A SECURITY CLEARANCE OUTSIDE OF A SERIOUS MISDEMEANOR OR FELONY. POLICE OFFICERS, MILITARY, CIA, OR ANY OTHER POSITION THAT REQUIRES SECURITY CLEARANCEIN MOST CASES WILL BE REVOKED OR TERMINATED | A SHORT SALE ON IT'S OWN, DOES NOT CHALLENGE MOST SECURITY CLEARANCES | |||
| DEFICIENCY JUDGEMENT | IN 100% OF FORECLOSURES THE BANK HAS THE RIGHT TO PURSUE A DEFICIENCY | IN MOST SUCCESSFUL SHORTSALES IT IS POSSIBLE TO CONVINCE THE LENDER NOT TO PURSUE THE DEFICIENCY | |||
| DEFICIENCY JUDGEMENT AMOUNT | RISK HIGHER AMOUNT OWED | IN A PROPERLY MANAGED SHORT SALE THE HOME IS SOLD AT A PRICE THAT SHOULD BE CLOSE TO MARKET VALUE AND IN ALMOST ALL CASES WILL BEAT BANK SALE RESULTING IN LOWER DEFICIENCY | |||
TO CONTACT ME, CLICK: louann.mueller@gmail.com
