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When you are in foreclosure, you could possibly run the risk of being taken advantage of by unethical investors, attorneys, mortgage brokers, real estate agents and even lenders.
It is the goal of the Creative Home Solutions Now, to provide you access to ethical Foreclosure Prevention.
Specialists who are highly trained at solving your problem and offering you a variety of solutions to help you STOP your foreclosure NOW.
We advise you to call Jason @ 920-239-6411 right away in order to avoid the financial ramifications of foreclosure.
TIP #1: SELL YOUR HOME – The BEST way to STOP FORECLOSURE
Selling your home is the very best way to cure a pending foreclosure regardless if you have a lot of equity or you have NO equity in the property. If you have equity, than selling is the best way to get CASH for the equity that you have before the bank get's their hands on it.
If you have NO equity, or even if you owe more than the home is worth, selling your property in conjunction with getting a Short Sale approval might be the best strategy to avoid foreclosure.
BEWARE:
Often real estate agents will try to get you to sign 6 month or longer listing agreements and promise to have a buyer in 30 days, even though they cannot rightfully make such a promise. Once the 30 days has passed, they often tell you that you need to drop your price, remind you the market is slow, and give you a whole bunch of other reasons to stay listed with them, while your potential buyers are buying someone else's home. Remember, no one can predict the future, and your real estate agent cannot either. Many homeowners facing foreclosure have found they simply do not have the time to wait to work with a real estate agent.
The second option is to market your home for sale “By Owner”. The key to every successful home sale is getting your home noticed by enough potential buyers. This means advertising! Additionally, there is the concern of showing the house to potential buyers. This means that the home will always have to be in “visitor ready” condition, should you get that last minute call that an interested buyer is in the area. Not to mention that often times, buyers want to see homes when it's not convenient for you, meaning that you will have to have someone available at all times and especially on weekends when most buyers want to look.
Once you have shown the home to a number of buyers, some even 2 and 3 times as they bring back other family and friends, you must begin the inspection and negotiation process, where they are likely to want detailed home inspections, electrical and plumbing surveys, roof certifications and the like. While this may sound like a simple process, if these inspections find anything of concern, you can bet your buyers will want a big discount and for you to repair the problem before they will agree to go forward with the transaction, and this doesn't guarantee they will close the purchase.
Note:
Creative Home Solutions Now companies are well funded and can purchase your property quickly before the foreclosure sale, and many specialize in Short Sales as well, and can facilitate that process if contacted in time.
There are two ways to sell your home if you are interested in a quick sale. The first involves selling the home through a qualified realtor; the other involves you selling your home yourself, or what's known as “By Owner”. Let's spend a little time discussing both options.
In the first option, you would engage the services of a qualified realtor who specializes in listing homes. Either through a personal contact, or recommendation of a friend or family affiliate, you will likely be able to find one or more realtors to choose from. Make sure that you are asking these realtors to show you their marketing plan before engaging them, as this will tell you if they are a professional at what they do. Often, because of circumstances beyond their control, working with even the best realtor may take 30, 60, 90 or even 120 days or more to find a buyer, and then you begin the tedious process of waiting for the buyer to get qualified for the mortgage and pray that deal doesn't fall through if they don't have perfect credit. It is not unheard of in this economy of hearing that a home falls out of escrow 2 or 3 times before a qualified buyer can be found. Then the process starts all over again.
TIP #2: REFINANCE – Taking out a loan to STOP FORECLOSURE
Another option that most homeowners do not know is available to them is to refinance their existing loan with another lender, or to take out a home equity line of credit to make up the back payments owed to the bank.
Important to remember with this option is that not all lending institutions and brokers are honest, and many of them will try to take advantage of your situation charging you high junk fees and prolonging the lending process so you owe more and they make a bigger commission.
While the cost of refinancing can be very costly, it can even be more costly if the mortgage broker you are dealing with cannot complete the loan! That's right, often mortgage brokers ask for money to start the loan process or for an application fee, and it's very possible you won't get your money back, or the loan completed. What's worse, is if your mortgage broker does not complete the loan, you will find yourself just that much more behind on payments and with that much less time to find a real solution to the problem.
Another concern many home owners find themselves faced with in today's economy, is that there is not enough equity for them to qualify for a loan, or they already have 2 loans on the property and don't have good enough credit to refinance.
Creative Home Solutions Now is familiar with helping homeowners in each of these situations and they are right in your area. Call today so you can speak to someone with the knowledge to help you work through your options. Be sure to contact Creative Home Solutions Now to discuss these options TODAY! Remember, the consultation is free and there is no obligation.
TIP #3: FAMILY/FRIENDS – Help from those who care about you
Borrowing from family and/or friends is without a doubt the very fastest and easiest way to STOP FORECLOSURE. Often times however, the person in need is reluctant to contact one of these caring individuals for fear of what they will think when they find out you are in a tight situation.
So you have decided to approach family and friends what do you do now?
Discreetly contact your family and friends, starting with those closest to you. Arrange to have a cup of coffee with them and explain your situation to them. The more complete your disclosure, the better they will be at seeing if they are in a position to help or not. If not, they can possibly help you brainstorm on some financing sources that you had not even thought of.
You will want to assure your family / friend of your intent to pay them back in full, with interest if necessary, so that they can see your commitment to doing the right thing. Be specific about what you are willing to offer them.
Often times, the challenge with family and friends is that they judge you because of the situation that you are in. Many times, they will use the situation as something they can hold over your head related to something in the past that didn't go their way. While family and friends can be the easiest source of finding money to pay back late payments, it's can be better not to let money get in the way of a relationship.
Don't forget that you've got something working against you that no amount of effort can bring back: TIME. If you think your family or friends might react in this manner then this is not the option for you.
The longer you wait to “see if things will work out”, the greater the chance you will be left with FEW or NO options at all. Don't wait until the sheriff is literally pounding on your door to throw you and your family on the street. Don't watch a bad situation turn into a public humiliation you (and your family) will never forget.
IF YOU TAKE ACTION NOW, THERE'S AN EXCELLENT CHANCE
WE CAN HELP YOU.
TIP #4: LOAN MODIFICATION / FORBEARANCE
When borrowing from family and/or friends is not an option, working out a loan modification or forbearance agreement with the bank may be possible.
A loan modification is when the lender agrees to modify the interest rate of the loan and re-amortizes the back amount due along with the unpaid loan balance to come up with a new payment that works for the borrower.
Loan modifications are being offered by everyone these days and homeowners need to beware of SCAM artists promising to help you with a loan modification only to take upfront fees and not delivering. While there are legitimate companies offering to help, the fees often range from several hundred to a few thousand dollars, and yet there is no promise of delivery.
Statistics show that approximately 85% of homeowners in Foreclosure do NOT make even the second payment with a forbearance plan.
A forbearance agreement is when the lender agrees to split the amount of back payments over an agreed upon period of time, 3 months, 6 months, 1 year, allowing the homeowner to catch up the payments. The problem for most homeowners is that if they can't afford the current payment, it's unlikely that they can afford the current payment PLUS the forbearance amount for the next 3, 6, 9 months or whatever is agreed. It's often a recipe for disaster. And the worst part is that if you miss a payment then the foreclosure picks right back up from where it left off!
Don't let the lenders get the upper hand! Talk confidentially with the Creative Home Solutions Now associate right in your area NOW, to discuss your options.
Note: our associates do not provide or assist with loan modification services or any dealings with your lender.
TIP #5: Borrow Against 401k / Cash Surrender Value Or Sell Other Assets
Another tactic used by homeowners to STOP FORECLOSURE is the borrow against their 401K / Cash Surrender Value of any Life Insurance they may have, or to sell other valuables that they have to repay the back payments due to the bank.
Many people find that they have either already depleted their 401K in an attempt to save the property or aren't willing to risk the 401K which was being saved for the kids education, not to mention the 10% penalty and taxes you have to pay for early withdrawal.
Remember, that loans from 401K's or Cash Surrender Value seldom get done in a timely basis and both have fees and penalty's if not repaid exactly as agreed.
As for selling other assets, while they may have sentimental, historical or marketable value, you often get far less than they are truly worth, and seldom have the chance to buy them back. Now is not the time to sell your mother's wedding ring.
TIP #6: DEED-IN-LIEU OF FORECLOSURE – Voluntarily giving the property back to the bank
A Deed-in-lieu is a process in which the borrower failing to satisfy the loan obligation hands over his property to the lender. The lender may then sell the property in order to retrieve a part or whole of the amount borrowed from the sale proceeds. In other words this is a Voluntary Foreclosure.
The problem with this is that the bank must agree to the exchange. Today it can be difficult to do so, especially if you have any equity at all, because the bank does not want you to walk away from a debt, if they can hold out and get more. Also, you will be required to prove in many cases, that you have fully exhausted your chances of getting the money to repay from other sources. Finally, if the bank does agree, guess what, you just saved them thousands of dollars in court costs, and it still goes on your credit report for all to see!
Additionally, lenders may often realize more income by allowing the home to go to foreclosure instead of accepting a deed, especially when there are other liens involved and some equity in the property.
Don't take your chances hoping the bank will work with you and accept a deed-in-lieu of foreclosure, know your options by speaking to Creative Home Solutions Now in your area TODAY!
Note: Creative Home Solutions Now does not provide or assist with loan modification services or any dealings with your lender.
TIP #7: BANKRUPTCY – Filing Chapter 7 or Chapter 13
Maybe you're already thinking that the smartest thing you could do is to file bankruptcy and delay the bank of their right to get the property. Bankruptcy could be a valuable option in some cases, however you need to remember that bankruptcy will NOT remove your financial obligation towards your lender and it will add more cost in the process.
WARNING: Be careful here – many of the bankruptcy laws have changed in recent months and years and filing incorrectly, or without proper guidance could be even more costly. Check out the latest information on US Bankruptcy Law at the following website:
http://www.uscourts.gov/services-forms/bankruptcy
Bankruptcy filing may be tricky and will definitely cost between $750 - $2500 or more depending on who you have assisting you with the process.
According to the United States Department of Justice, bankruptcy filings have grown overall from about 110,000 in 1960, to over 1.6 million in 2003 – and what do you think the credit crisis has done to those numbers since then…
And remember this – if the word Bankruptcy has ever been discussed with the lender, you can forget about the possibility of a Deed-in-Lieu of Foreclosure.
What Now?
This is your first step to finding the best solution for your situation.
We encourage you to take the NEXT step of scheduling a free consultation with one of our highly trained and knowledgeable Creative Home Solutions Now associates.
It's time for you to decide if you truly want to take control of your own destiny…or be at the mercy of somebody else's decisions for your life.
There simply isn't any “one size fits all” fix for every Foreclosure situation. That's why it's very important for you to speak to one of your local associates to schedule a free no-cost or obligation evaluation TODAY! - DON'T DELAY!
It's time for you to decide if you want to make it easier on yourself and have one of our associates advise you on the best solution for you… or you take no action and things become much harder for you. It is your choice, make the right one!
Your Past Does Not Have to Equal Your Future
Do you remember a time when you had control of your finances? A time when you weren't being harassed by bill collectors and you actually had some money for recreation and fun? Our affiliates can bring you back to that time.
Creative Home Solutions Now can help you get out from under the burden of your debt and your home often in a matter of days.
Remember these final words:
“You may delay, but time will not.” ~Benjamin Franklin