So, here you are. Suddenly you find yourself in one or more of these situations:
A Loss of income, Divorce, an adjustable mortgage that’s due to reset, an unexpected or sudden increase in medical bills, or loss of job.
You never counted on this happening. You were counting on enjoying the dream that you worked so hard for, in having your own home. Now suddenly everything is upside down, you find yourself experiencing, massive stress, anxiety, regret, uncertainty and confusion.
Your mortgage company calls non-stop, wanting to know when you will make-up the missed payments, and an explanation on why are you are late. Along with the phone calls, the mortgage company sends you application upon application for a possible loan modification.
You begin to ask yourself these questions: “Will a loan modification lower my payments?” “Will my late payments be added on to the life of my loan?” ”Will I get a lower interest rate?” ”Will I be able to keep my home?” ”What if I still can’t afford the new payment?” ”If this is just a trial loan modification, what happens later on?” “Can I even qualify for a loan modification?” You may even think, “why try?”
You decide to go ahead and apply for a loan modification. You work, feverishly to gather all the required information and paperwork to send to your mortgage company in hopes of working something out, hoping to get caught up on your payments.
In the meantime, you are still late on your mortgage, and you don’t see your financial situation improving anytime soon. Maybe you aren’t even late yet, but you are beginning to recognize the fact that you are not going to be able to keep making your mortgage payments in the foreseeable future.
It’s been almost 2 months now since you requested a loan modification, and a total of 5 months since you made your last payment. (If you are reading this, I am guessing that there was something about your request for a loan modification that didn’t quite work out between you and your mortgage holder)
Your mortgage company calls and explains your request for a loan modification has been denied, and by the way, although you have been trying to work out a plan to get caught up on your payments, the foreclosure clock was still ticking.
You start receiving tons of mail with amazing promises of saving your home, and all you have to do is just fill out the form and pay a small fee. You wonder if there is anyone you can really trust, and quickly decide you are alone in this situation.
It’s been a while now and you have been behind on mortgage payment for several months, and things aren’t getting any better, you screen all your calls, and you don’t remember the last time you answered the door.
One day you receive a letter from your Mortgage Company. It’s a “Notice of Default”
The “Notice of Default” tells you that have defaulted on your loan and must pay the amount past due by a certain date or they will begin foreclosure on your property.
You can’t believe it…you are feeling really stressed out now, after all you tried to work things out with your mortgage company, and even attempted a “trial modification”.
Your situation has almost become routine, and sometimes you don’t even think of the future. After all it’s been 3 or 4 months since the “Notice of Default” and nothing has really happened yet. You start to think that maybe the mortgage company isn’t really going to foreclose on your home
Suddenly there is a special letter that comes in the mail…not like all the others you have grown accustomed to. This one is different. It looks serious, something you shouldn’t toss aside.
This letter is a “NOTICE OF TRUSTEE’S SALE” The letter is written in bold lettering…and notifies you that you are in default under a deed of Trust, and that unless you take action to protect your property, it may be sold at a public sale. They even give you the location and date of the sale. You are thinking wow…. are they really going to auction my home while I am still living in it?
Yes, the mortgage company you have tried to reason with, is going to take your home and attempt to sell it on the Courthouse steps to the highest bidder. If they don’t sell it that day, they will keep it and it will then be referred to as a Bank Owned Property.
The mortgage company now has full control. You will receive a visit from the a Sheriff with a notice of demand to vacate the property within 72 hours..
Is this how it ends? It doesn’t have to be! You don’t have to let the bank auction your home or force you to move. You can take charge of your situation. You have the ability to choose when and how you decide to move, and not the mortgage company.
If you take charge, and begin to plan for you and your family’s future, you can actually initiate a short sale of your property. Your first step should be to call a Certified Short Sale Real Estate Agent.
We will review your current loan and income information, along with your particular hardship. If we think a Short Sale is the best course for you, then we will help you list and sell your home. We specialize in negotiating Short Sales with mortgage companies and banks.
THE GOOD NEWS IS..….There is absolutely no out-of-pocket fees to you for our services!
Call today, for a no obligation consultation. We would be happy to discuss your situation, and discuss all your options. (714) 815-6215
